By the end of the day’s trade, benchmark index ASX 200 settled in the red zone. The index slipped by 0.132% and settled at 7110.8. Most indices on ASX settled in the red zone. The performance of ASX 200 during the trading hours was impacted because of a significant drop in the share price of players like Magellan Financial Group Limited (ASX:MFG) and Appen Limited (ASX:APX).
Magellan Financial Group Limited (ASX:MFG) shares slipped over 11% during post the Company updated provided an update related to fund under management. The Company also updated that Chairman and Chief Investment Office requested a period of medical leave to prioritise his health.
On the other hand, GrainCorp Limited (ASX:GNC) shares surged 12.343% post the release of its FY2022 earnings guidance. The Company expects to report FY2022 underlying EBITDA between AU$480 to AU$540 million (FY2021: AU$331 million) and FY2022 underlying NPAT between AU$235 million to AU$280 million (FY2021: $139 million).
Other than the weak sector performance, ASX 200 could be influenced by the weak Asian market performance. US futures were down as well. Hang Seng Index, Japan’s Nikkei 225, and South Korea’s KOSPI also ended in the red zone.
There is also a fear growing in the market that Fed would increase the rates over five times in 2022.
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Market Close Commentary: 7 February 2022
By the end of the day’s trade, benchmark index ASX 200 settled in the red zone. The index slipped by 0.132% and settled at 7110.8. Most indices on ASX settled in the red zone. The performance of ASX 200 during the trading hours was impacted because of a significant drop in the share price of players like Magellan Financial Group Limited (ASX:MFG) and Appen Limited (ASX:APX).
Magellan Financial Group Limited (ASX:MFG) shares slipped over 11% during post the Company updated provided an update related to fund under management. The Company also updated that Chairman and Chief Investment Office requested a period of medical leave to prioritise his health.
On the other hand, GrainCorp Limited (ASX:GNC) shares surged 12.343% post the release of its FY2022 earnings guidance. The Company expects to report FY2022 underlying EBITDA between AU$480 to AU$540 million (FY2021: AU$331 million) and FY2022 underlying NPAT between AU$235 million to AU$280 million (FY2021: $139 million).
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Top performing Sectors for the day:
Worst performing sectors for the day:
Factors influencing ASX 200:
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