ASX200 A.M Wrap 29 Mar 2018

Posted by Billy Macris on 29-Mar-2018 11:09:38

U.S equity markets saw further volatility last night but to a lesser degree than what we have become accustomed to over past few trading sessions. The Dow finished 9.29 points lower or -0.09%, S&P500 -7.62 points or -0.295 and the Nasdaq declined the most with a loss of 59.58 points or -0.85%.

Tesla shares continued to fall amid credit downgrades and autonomous vehicle crash investigations which saw its shares fall another 7.67% last night to close at $257.78 while in after-hours trading shares are down a further 2.05% at $252.50.  Shares in Tesla recently traded at $347.21 on March 12th.  The selling was not limited to Tesla with Netflix also declining 4.96% to close at $285.77, shares fell 4.38% to close at $1431.42 and Intel declined 3.06% to finish at $49.60 to be the worst performing stock in the Dow.

Crude oil prices declined overnight which helped push the energy sector lower as it was the worst performer declining 1.99% followed by materials -1.33 and consumer discretionary which fell 1.24%, Real estate stocks topped the charts with the sector gaining 1.77% followed by telecom +1.64% and consumer staples +1.38%

On the currency front the U.S Dollar index rallied with the front futures contract looking to make a move back towards 90.00 with a close at 89.77. We saw weakness in most major currencies with the USDJPY hitting a high of 107.00 overnight, EURUSD traded back towards 1.2300 and AUDUSD traded back to levels seen last December with a close at 0.7659.

The local markets is trading marginally lower this morning showing a loss of 2.90 points or -0.05% at 5786.60 after starting on a somewhat positive note.  BAL -5.05% and A2M -3.23% continue lower on the back of weakness yesterday while ORE -2.98%, EVN -2.89% and ILU -2.69% are seeing the resource space lower.

Positives so far this morning include INM +3.79%, SUL +1.95% and NEC +1.79% are doing their bit to hold the ASX200 up. The banks are holding ground this morning with NAB +0.28%, WBC +0.45%, ANZ +0.48% and CBA +0.50% so far this morning. 


DOW Intra-day chart attached  


Topics: ASX200, ASX A.M Wrap