ASX closes 0.4% higher as US futures rise

By Finance News Network | More Articles by Finance News Network

by Peter Milios


The S&P/ASX 200 index finished 0.4 per cent higher at 7,220 points as a result of the rise in US futures due to Apple’s better-than-expected results. This gain in the index followed a decline of up to 3 per cent from its peak on Monday, which was triggered by concerns over US banks and an unexpected rate hike by the Reserve Bank of Australia.

Furthermore, the S&P 500 closed 0.7 per cent lower, the Nasdaq Composite index fell 0.5 per cent, and the Dow Jones Industrial Average lost 0.9 per cent on Wall Street on the same day. Lastly, the Australian dollar is trading close to US67.40c.


The Dow Jones futures are pointing to a rise of 65 points.
The S&P 500 futures are pointing to a rise of 13.75 points.
The Nasdaq futures are pointing to a rise of 52.50 points.
The SPI futures are pointing to a rise of 23 points when the market next opens.

Best and worst performers

The best-performing sector was REITs, up 2.04 per cent. The worst-performing sector was Information Technology, down 0.31 per cent.

The best-performing large cap was Pilbara Minerals (ASX:PLS), closing 4.02 per cent higher at $4.40. It was followed by shares in Allkem (ASX:AKE) and Liontown Resources (ASX:LTR).

The worst-performing large cap was Whitehaven Coal (ASX:WHC), closing 3.00 per cent lower at $6.80. It was followed by shares in Yancoal Australia (ASX:YAL) and Aristocrat Leisure (ASX:ALL).

Asian markets

Japan’s Nikkei has gained 0.12 per cent.
Hong Kong’s Hang Seng has gained 0.58 per cent.
China’s Shanghai Composite has lost 0.49 per cent.

Company news

Splitit Payments (ASX:SPT, OTCQX:SPTTY), announces it has signed a new two-year partnership agreement with Visa. Through this collaboration, participating acquirers and merchants gain access to a Buy Now Pay Later payment option offering a single point of integration for credit card instalments. Splitit CEO and MD, Nandan Sheth said, “By providing consumers with an optimised, simplified instalment experience, merchants can enjoy improved sales conversion and increased order size.” Shares closed 4.4 per cent higher at 12 cents.

ImpediMed (ASX:IPD) announced the clearance of SOZO Pro, the company’s next BIS system, by the U.S. FDA. MD and CEO, Richard Valencia commented, “[the deal] offers several new features which will improve clinical workflow and expand SOZO testing to more patients.” Shares closed 2.78 per cent lower at 17.5 cents.

Magnetite Mines (ASX:MGT) announced the signing of a MOU with the District Council of Peterborough in support of the Razorback Iron Ore Project. Magnetite Mines CEO Tim Dobson commented: “Magnetite Mines is determined to role model sustainability leadership through all phases of the Razorback Project and this unique MOU is an example of that commitment.” Shares closed 1.75 per cent lower at 56 cents.

Commodities and the dollar

Gold is trading at US$2,054.40 an ounce.
Iron ore is 2 per cent lower at US$104.05 a tonne.
Iron ore futures are pointing to a 1.2 per cent fall.
Light crude is trading $0.72 higher at US$69.28 a barrel.
One Australian dollar is buying 67.39 US cents.

About Finance News Network

Established in 2006, the Finance News Network is one of Australia's largest providers of online business and finance news. Our news is distributed across some of Australia’s most prominent investment platforms. The network connects investors with investment opportunities, the latest ASX news, CEO and fund manager interviews and investor webinars. Keep your finger on the pulse and stay abreast of markets. Tune in to FNN. FNN is a subsidary of Sequoia Financial Group

View more articles by Finance News Network →