The Australian Securities Exchange opened in the green today (6 August 2024), but quickly reversed the positive trend, with the S&P/ASX200 moving down 5.8 points to 7,643.80 as of 10.22 AEST.
This comes on the back of a new 20-day low. Peak Asset Management says it is the worst two-day decline since at least 2020 when COVID-19 roiled markets.
The volatility index (also known as the ‘fear’ index) yesterday hit a level not seen since COVID and the global financial crisis, according to Peak.
Meanwhile, the early top movers today include Bluescope Steel (ASX:BSL), which was up 1.2% at $20.38 shortly after the opening bell, and BHP (ASX:BHP) with an early gain of 0.6% to $41.36.
The bottom performing stocks to start the day include Alcoa (ASX:AAI), which dipped just under 5% to $42.19 and Bellevue Gold (ASX:BGL), which edged back 2.7% to $1.26.
The Reserve Bank of Australia is meeting today and is expected to keep rates on hold. However, Australian shares are expected to extend their losses as fears that the US is heading towards a recession linger.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the Australian Securities Exchange (ASX) by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Over the last five days, the index has lost 4.33% but is virtually unchanged over the last year-to-date.
Diggers & Dealers is being held in Kalgoorlie, Western Australia from 5-7 August. Mining.com.au is attending this year’s forum.
Write to Angela East at Mining.com.au
Images: Stock
