ASX 200 falls 1%; real estate, consumer, tech dip

ASX 200 falls 1%; real estate, consumer, tech dip

Roger Pettingell Sarasota Real Estate

The Australian share market opened higher on Friday despite Wall Street witnessing weakness in the last two trading sessions. The global markets have largely remained weak following a 74-basis points interest rate hike from US Federal Reserve on Wednesday.

The ASX 200 index opened 7.10 points, or 0.11% higher at 6,707.30. The benchmark has shed 0.47% in past five days. It has fallen 8.99% in the past 52-weeks, according to the ASX data.

While the All-Ordinaries index was trading 0.088% lower at 6,927.5, the volatility index rose 7.843% at 17.503. On Wednesday, the benchmark index closed 1.6% lower at 6,700.2 points.

However, the benchmark index soon fell and in the first ten minutes of trade, the ASX 200 was trading at 6,636.90, down 63.30 points, or 0.94%.

Meanwhile, on Wall Street, the Dow Jones declined 1%, the S&P 500 dipped 1.1%, and the NASDAQ ended 0.9% lower.

The ASX was closed on Thursday to commemorate the death of Queen Elizabeth II.

In the US, the Dow Jones fell 0.35%, the S&P 500 dipped 0.84%, and the NASDAQ ended 1.4% lower. In Europe, the Stoxx 50 fell 1.9%, the FTSE dipped 1.1%, the CAC dropped 1.9%, and the DAX ended 1.8% lower. MSCI’s gauge of global stock performance fell 1.04%.

Market action

After the first half-an-hour, the benchmark index ASX 200 was trading down 1.10%, or 73.90, or 6,626.30, with most sectors trading weak, led by real estate, consumer discretionary and info tech. Only materials traded higher.

Block shed the most, while Rio Tinto gained the most.

Data Source: ASX (as of 23 September 2022, 10:36 AM AEST) 

Image Source: © 2022 Kalkine Media® 

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Newsmakers

  • Link Administration shares were placed in a trading halt ahead of an announcement with respect to an update on the scheme of arrangement with Dye & Durham.
  • OZ Minerals gave a nod to a new AU$1.7 billion copper-nickel mine in Western Australia.
  • Fonterra announced an 11% rise in total group revenue to NZ$23.4 billion for the financial year ending 31 July 2022.

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