Search by ticker code:
Generic filters

ASX 200 morning report – tech & coal shares in focus

The Australian share market was weighed down on Tuesday by concerns that COVID-19 lockdowns have hurt economic growth in China. The benchmark S&P/ASX 200 (ASX: XJO) finished down 0.3% while the broader S&P/ASX All Ordinaries (ASX: XAO) closed 0.35% lower.

Commonwealth Bank of Australia (ASX: CBA) gained 0.6% to $105.09; National Australia Bank Ltd (ASX: NAB) was up 1% to $31.09; Westpac Banking Corp Ltd (ASX: WBC) lifted 0.6% to $23.54; and Australia and New Zealand Banking Group Ltd (ASX: ANZ) added 0.2% to $25.37.

The heavyweight miners had a mixed day, with Rio Tinto Limited (ASX: RIO) putting on 0.9% to $110.47 and Fortescue Metals Group Limited (ASX: FMG) gaining 0.3% to $20.77, while BHP Group Ltd (ASX: BHP) was down 3 cents at $47.80.

The best price action was in the coal stocks, which continued their remarkable renaissance, with New Hope Corporation Limited (ASX: NHC) adding 2.3% to $4.05, Whitehaven Coal Ltd (ASX: NHC) up another 5 cents to $5.20, and Yancoal Australia Ltd (ASX: YAL) up 2.4% to a record high of $5.97. New Hope and Whitehaven are at three-year highs.

Agricultural chemical company Nufarm Ltd (ASX: NUF) fell 14.6% to $14.99 after Japanese chemical giant Sumitomo sold its 15.9% stake in the company on Monday, 12 years after buying into it.

Tech turns down

ASX tech stocks were big sliders, with the official sector index falling 3% on Tuesday. Afterpay owner Block Inc CDI (ASX: SQ2) slid 7.2% and fellow buy now, pay later operator Sezzle Inc (ASX: SZL) slumped 10.5% to a three-year low of 51 cents.

However, Kiwi-based church donation software specialist Pushpay Holdings Ltd (ASX: PPH) surged 15.6% after telling the market it is attracting firm takeover interest.

Tabcorp spin-off debuts

Meanwhile, Tabcorp Holdings Limited (ASX: TAH) spin-off The Lottery Corporation (ASX: TLC) made its debut on the ASX under the stock code TLC, with its shares closing at $4.70. With the keno and lottery businesses stripped out of Tabcorp, Tabcorp shares fell $4.285, or 83%, to $1.055, to reflect the schism.

Elsewhere, Good Drinks Australia Ltd (ASX: GDA) rose 6.7% after the company, which owns Perth brewer Gage Roads, signed a “transformative” deal to exclusively distribute in Australia the beers of American brewing giant Molson Coors, including Miller Genuine Draft and Coors.

ASX 200 today

Looking ahead, the ASX 200 is expected to edge higher when the market opens this morning, despite a mostly negative lead from US stock markets overnight.

Social media giants were heavily sold-off after Snapchat (NYSE: SNAP) warned of a deteriorating macroeconomic environment, with shares tumbling more than 40%.

FREE & NEW: Our Complete Passive Income Strategy

With interest rates UP, now is one of the best times to start earning passive income from a portfolio. Imagine earning 4%, 5% -- or more -- in dividend passive income from the best shares, LICs, or ETFs... it's like free money credited to your bank account.

So how do the best investors do it?

Whether you have $2,000 or $2,000,000, our Chief Investment Analyst Owen Rask has just released his brand new ASX Passive Income Report. Featuring the best dividend ETFs, LICs, funds and shares, this report cannot be missed by anyone wanting passive income in 2022 and 2023.

You can INSTANTLY access Owen's report -- or get it emailed to you -- for FREE by CLICKING HERE NOW or the button below.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.