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Markets rally on easing Ukraine fear, ASX 200 climbs 0.2%
Sukriti is a Senior Financial Analyst at Kalkine Media Pty Ltd. She has experience of over 3.8 years in the field of finance, research, reporting standardisation and process developments. She has interned with brands like PepsiCo, Vogue, JBL and Dell…
Covid-19 infections seem to be going down as global cases are falling. Seems like economies can return to normal functioning, supply chains pressures can reduce, and employees can return to work. Consequently, inflation and interest rate concerns can calm. But geopolitical worries have kept investors nervous, especially the ongoing Ukraine crisis. Meanwhile, sinusoidal trends continue in the local and global share markets.
Today, the ASX 200 closed up, gaining 11.90 points or 0.16% to 7,233.60. Over the last five days, the index is virtually unchanged, but is down 2.83% for the last year to date.
On the sectoral front, eight of 11 sectors were higher. Utilities was the best performing sector, gaining 4.06% and rebounding from its recent decline. This sector is off 0.13% for the past five days.
Top gainers & losers
The best performer was The A2 Milk Company (ASX:A2M), up over 10%. It was followed by AGL Energy (ASX:AGL), up 10%. Other top performers of the day were Endeavour Group (ASX:EDV), Chorus Limited (ASX:CNU) and QBE Insurance (ASX:QBE).
On the other side, in the red zone of the ASX 200, Tyro Payments (ASX:TYR) was the top laggard, its stock down 25%. Other stocks in the list were PointsBet Holdings (ASX:PBH), Super Retail Group (ASX:SUL), PolyNovo (ASX:PNV) and Zip Co Limited (ASX:Z1P).
Few stocks that interested investors
Tyro Payments (ASX:TYR) stock by over 28% after it revealed that spending caused overall losses to deepen to A$11.2 million on a normalised basis. Besides, merchants in New South Wales and Australian Capital Territory were significantly impacted by Covid-19 lockdowns.
AGL Energy (ASX:AGL) traded at its highest level since July 2021 after a consortium led by Brookfield along with Mike Cannon-Brookes’ Grok Ventures rejected a A$7.50 a share bid. The Board considers the offer materially undervalued. It has opted to continue its proposed business demerger. AGL will establish two listed entities, AGL Australia and Accel Energy, after this proposed demerger.
OZ Minerals (ASX:OZL) delivered a strong FY21 result, with earnings and profit both jumping. The main catalyst to this was higher production volumes. Revenue rose by A$753 million to A$2.1 billion; EBITDA climbed by A$556.1 million to A$1.16 billion.
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Asian & global market
Just like the Australian share market, other global risk assets reacted to the news that US President Joe Biden and Russian President Vladimir Putin plan to meet. The update seems to have eased fears of an imminent invasion of Ukraine.
MSCI’s broadest index of APAC shares outside Japan trimmed their losses to be down 0.4%. Japan’s Nikkei halved its decline to be down 0.9% and the Topix index dipped 0.36%.
Wall Street ended lower on Friday on Russia-Ukraine tensions. The Dow Jones Industrial Average fell 0.68%, the S&P 500 lost 0.72%, and the Nasdaq Composite dropped 1.23%.
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