The ASX 200 is up by 0.19 per cent and is currently at 7,108.70. The index hit an all-time high on 10th May before nosediving for two weeks into this week where it slightly went up.
Australian Data Outlook
The ASX 200 reacted to the surge in the Wall Street. The benchmark index closed in 0.2 per cent higher on Wednesday. Most companies that depend on consumer spending as well as retailers recorded solid gains. Financial stocks also helped push the index higher.
The United States futures were below 0.2 per cent which hinted a loss in the index.
As the ASX 200 edged higher, Victoria was put on a seven-day lockdown to curb the Corona virus outbreak. Several flights have been cut with Tasmania and WA shutting their borders. This may slightly influence the country’s economy. Investors expect the Victorian lockdown to bring down the index.
Energy stocks lead the gains in the ASX 200 index. Energy stocks recorded a 0.4 per cent rise. Oil was also on the rise as data showed that its demand grew stronger. Contrast to oil stocks, gold stocks tumbled by more than 1.2 per cent. Gold miner, Ora Banda Mining Ltd, recorded the most losses of about 6.8 per cent.
Major Australian miners surged 0.8 per cent boosting the index. Iron ore being Australia’s largest export, the treasury predicts that the commodity’s prices will increase to $136 billion this year. With a surge in the commodity prices, the miners’ profits will also increase and so will the amount of tax and royalties to the government. Iron ore miner, Champion Iron Ltd, led the gains with a 6.2 per cent increase.
Iron mining companies recorded the most gains in the index. Pilbara Minerals rose by 6.2 per cent as Fortescue Metals went up by 5 per cent. AMP was up by 8.5 per cent. Technology stocks were also on the lead with Nuix up by 4.4 per cent.
Costa Group Holdings dropped by 24.1 per cent. Fisher & Paykel Healthcare also fell by 6 per cent.