ASX 200 closed 0.9% lower; IT sector was the top loser
By the end of the trading session on 11 March 2022, benchmark index ASX 200 settled in the red zone. The index settled at 7063.6, down 0.942% from the previous close. 8 of 11 sectors ended lower along with the ASX 200. Utilities was the best performing sector, gaining +0.54% and recovering from its recent decline. This sector has been off 0.51% for the past five days.
The weak ASX 200 was majorly due to a significant drop in the technology and consumer discretionary sector.
The Information Technology sector, which remained the top gainer in the last two days, slipped 3.208% and positioned itself as the worst performer for the day. The sector was driven by the weak NASDAQ-100 and NASDAQ-Composite indexes.
The significant rise in US Inflation also drove most shares on ASX. The US inflation is improved fastest in four decades. Further, the European Central Bank too indicated the possibility of aggressive rate hikes, which might have hurt the investor sentiment, which was already impacted by the ongoing impact of the Russia-Ukraine war.
Allkem Limited (ASX: AKE) and Champion Iron Limited (ASX:CIA) were the top gainers, while Zip Co Limited (ASX: Z1P) and Mesoblast Limited (ASX: MSB) were the top losers.
Russia-Ukraine war has sent shockwaves to financial markets globally as Western allies are imposing sanctions against Russia.
The war between these two countries would have a material impact on economic activities and inflation.
The Hang Seng is down -1.39%, and the FTSE 100 is down -1.27% today.
Top 5 Gainers and Losers:
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ASX 200 closed 0.9% lower; IT sector was the top loser
By the end of the trading session on 11 March 2022, benchmark index ASX 200 settled in the red zone. The index settled at 7063.6, down 0.942% from the previous close. 8 of 11 sectors ended lower along with the ASX 200. Utilities was the best performing sector, gaining +0.54% and recovering from its recent decline. This sector has been off 0.51% for the past five days.
The weak ASX 200 was majorly due to a significant drop in the technology and consumer discretionary sector.
The Information Technology sector, which remained the top gainer in the last two days, slipped 3.208% and positioned itself as the worst performer for the day. The sector was driven by the weak NASDAQ-100 and NASDAQ-Composite indexes.
The significant rise in US Inflation also drove most shares on ASX. The US inflation is improved fastest in four decades. Further, the European Central Bank too indicated the possibility of aggressive rate hikes, which might have hurt the investor sentiment, which was already impacted by the ongoing impact of the Russia-Ukraine war.
Allkem Limited (ASX: AKE) and Champion Iron Limited (ASX:CIA) were the top gainers, while Zip Co Limited (ASX: Z1P) and Mesoblast Limited (ASX: MSB) were the top losers.
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Top 5 Gainers and Losers:
Customer Notice:
Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Maven Capital Pty Ltd (AFSL No. 418504). The information contained in this article is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
Kapitales Research, Suite 1A, Level 2, 802-808 Pacific Highway, Gordon NSW 2072, Australia | 1800 005 780 | info@kapitales.com.au.au