Global market sell-off deepens: ASX set to plummet

10Mar

Global market sell-off deepens: ASX set to plummet

 

It looks like the Australian share market will extend losses this morning as the global economy remains uncertain about the spread of the coronavirus. The market is set to open lower. The Dow Jones Industrial Average sank more than 2,000 points yesterday – that was its worst day since 2008. On the commodities front, oil has plunged adding to the double whammy hitting the markets.

Local economic news 

National Australia Bank releases its February business survey.

Markets

Wall Street plummeted yesterday: The Dow Jones Industrial Average dropped 7.8 per cent to close at 23,851, the S&P 500 lost 7.6 per cent to 2747 and the NASDAQ fell 7.3 per cent to 7951.

European markets closed lower: London’s FTSE lost 7.7 per cent, Paris fell 8.4 per cent and Frankfurt was down 7.9 per cent.

Asian markets closed lower: Tokyo’s Nikkei dropped 5.1 per cent, Hong Kong’s Hang Seng fell 4.2 per cent and China’s Shanghai Composite was down 3 per cent.

Taking all of this into equation, the SPI futures are pointing to a 4.8 per cent fall.

Yesterday, the Australian share market closed 7.3 per cent lower at 5761.

Company news 

Ramelius Resources (ASX:RMS) started ore haulage from its 100 per cent owned Marda Gold Mine to its Edna May Processing Facility, near the town of Westonia in Western Australia. Mining operations have also started earlier than planned at the Greenfinch Open Pitlocated immediately adjacent to the Edna May mill. They will be incorporated into the Life-of-Mine plan to be released in the coming weeks. Shares in Ramelius Resources (ASX:RMS) closed 2. 3 per cent lower at $1.30 yesterday.

Ex-Dividends

EQT Holdings Ltd (ASX:EQT) is paying 47 cents fully franked
Lovisa Holdings Ltd (ASX:LOV) is paying 15 cents fully franked
News Corp (ASX:NWS) is paying 10.355 cents unfranked
Perenti Global Ltd (ASX:PRN) is paying 3.5 cents fully franked
Psc Insurance Ltd (ASX:PSI) is paying 3.5 cents fully franked
Redhill Education (ASX:RDH) is paying 2 cents fully franked
Reliance Worldwide (ASX:RWC) is paying 4.5 cents 20 per cent franked
Sonic Healthcare (ASX:SHL) is paying 34 cents 30 per cent franked
SRG Global Ltd (ASX:SRG) is paying 0.5 cents fully franked

Currencies

One Australian Dollar at 8:35 AM was buying 65.94 US cents, 50.34 Pence Sterling, 67.41 Yen and 57.59 Euro cents.

Commodities

Iron Ore has lost 2.5 per cent to $87.96.
Iron Ore futures suggest a 2.7 per cent fall.
Gold has gained $8.20 to US$1681 an ounce.
Silver has lost $0.25 to US$17.01 an ounce.
Oil was down $11.04 to US$30.24 a barrel.
  
Copyright 2020 – Finance News Network


Source: Finance News Network

Share this post

Related Posts

18Dec

Afternoon update: ASX 200 drops 0.32% amid Real Estate sector losses

18 Dec 2023 - By mid-afternoon, the ASX 200 was down 0.32 per cent. This decline was primarily driven by losses in the real estate sector, particularly Charter Hall (ASX:CHC) and Dexus (ASX:DXS), which lost 1.6 per cent and 1.7 per cent, respectively.

Read More
08Jan

Thorn Group (ASX:TGA) buy back suspended: Aus shares 0.4% higher at noon

08 Jan 2021 - The Australian share market opened slightly lower despite positive leads from Wall Street. It has managed to regain some ground though and is trading 0.4 per cent higher at noon. Tech stocks are leading the way this morning. The sector is up around 2 per cent.

Read More
07Sep

Aus shares rebound: CSL pushes higher after news of government funding for COVID-19 vaccine

07 Sep 2020 - Australian shares are bouncing back from a dip at the open. CSL has risen almost 1 per cent on news of its COVID-19 supply deal with the Federal Government. BHP Group has risen 2.5 per cent and Rio Tinto is up almost 3 per cent. The S&P/ASX 200 index is 25 points up or 0.4 per cent higher at 5950. On the futures market the SPI is 33 points higher.

Read More
06Sep

Construction decline eases in August: ASX tracking 0.5% higher at noon

06 Sep 2019 - The ASX opened higher and continued to rise at the open and is now tracking 0.5% higher at noon. Cooper Energy (ASX:COE) shares shot up almost 10% after their announcement that the exploration well Annie-1 has made a new gas field discovery in the Otway Basin offshore Victoria. Kalium Lakes (ASX:KLL) Beyondie Sulphate of Potash Project has been granted Major Project Status by the Australian Federal Government.

Read More
25Jan

Tech and iron ore miners lift the market, Pfizer vaccine gets provisional approval from TGA: ASX closes 0.4% higher

25 Jan 2021 - The local sharemarket has kicked off the week on a positive footing rising 0.4 per cent or 24 points to 6825. Gains made by tech, consumer-facing companies and iron ore miners offset losses in the energy sector.

Read More
07Sep

Wall St mixed, China’s move and drop in iron ore price, Why Whitehaven is a buy: ASX to fall

06 Sep 2021 - Join me as I cover last week’s move around the globe after the disappointing jobs data in the U.S. Back home, commodity prices fell while materials and energy stocks rose. A deep dive into iron ore and the treasury’s forecast on the iron ore price. What to look out for this week. Why Whitehaven Coal (ASX:WHC) is a buy.

Read More
13Mar

ASX closes in the green: Aus shares close 4.4% higher

13 Mar 2020 - The Australian share market staged a late comeback erasing the day’s losses to finish in the green, closing 4.4 per cent higher. Collins Foods (ASX:CKF) close a Brisbane KFC restaurant after the company confirmed a team member tested positive to COVID-19.

Read More
13Nov

Tech stocks lead the market higher as Treasury yields stabilise

13 Nov 2023 - Stocks rallied Friday, recovering the ground lost in the previous session, as Treasury yields stabilised.

Read More
17Mar

Corporate Travel Management (ASX:CTD) falls on MD shares sale: ASX closed 0.5% lower

17 Mar 2021 - After a drop at the open the Australian share market couldn’t pull back up and at the closing bell the S&P/ASX 200 index closed 32 points lower, or 0.5 per cent lower to finish at 6,795. CIMIC Group’s (ASX:CIM) UGL, as part of an alliance, has reached contract award with Rail Projects Victoria for the Gippsland Line Upgrade.

Read More
22Jun

Taper-talk tumbles Wall St, Why Zip Co is bullish: ASX to fall

21 Jun 2021 - In this report, I cover Wall St's performance on Friday while touching on their weekly performance following US Fed Reserve James Bullard's inflation comment during his interview on CNBC. Why Zip Co (ASX:Z1P) is bullish with a technical chart analysis rated by Sequoia.

Read More