Australian Stock Market Today – Monday September 19: What You Need to Know

ASX closes out Monday lower

Last updated: 4:40pm AEST

Looming interest rate rises continue to set the tone for the Australian share market, which closed lower again today.

The S&P/ASX200 dropped 19.20 points, or 0.28% to 6719.90, hitting a two month low.

Link Administration Holdings (ASX:LNK) saw its shares plunge as much as 5.5% today, to a low of AU$3.28, before ending the day at AU$3.39.

The stock declined after Link’s board rejected a revised buyout offer from Canada’s Dye & Durham.

While Link’s stock took an immediate tumble, analysts remains mostly bullish on the company over the longer term, according to TipRanks.

Six of the 11 sectors closed lower today. The Utilities, Information Technology, Energy and Health Care Sectors were the worst performing, all falling more than 1%.

A-REIT was the best performing sector, gaining 0.92%.

Meanwhile, AGL Energy (ASX:AGL) shares dropped by 1.97% after new chairperson, Patricia McKenzie was announced in the role, in a long-awaited board overhaul. 

ASX tracks lower in afternoon trading

Last updated 1:45pm AEST

The ASX slipped into negative territory in afternoon trading, as market sentiment remained lukewarm ahead of further forecasted interest rate rises.

The S&P/ASX200 was down a touch, by 0.04%, or 2.70 points, to 6,736.40.

The broader All Ordinaries Index headed lower, dropping 8.80 points or 0.13%, to 6,966.40.

GWA Group Limited (ASX:GWA) shares rose about 4% to hit AU$1.99 in morning trading, ahead of the building fixture and fittings supplier’s investor market briefing presentation on Wednesday.

Across the market, the Australian Real Estate Investment Trust (A-REIT)  Sector was the best performer, gaining around 1.1%.

The Information Technology Sector was the biggest loser, falling around 1.3%.

ASX opens, edging up

Last updated 10:40am AEST

The ASX edged up slightly upon early trading, with market sentiment remaining subdued, as further interest rate hikes loom.

The S&P/ASX200 was up just 0.04%, or 3.00 points to 6,742.10.

The All Ordinaries was up just 0.07%, or 4.70 points to 6,979.90.

GWA Group Limited (GWA) was a major gainer, up more than 4%.

While, Auswide Bank Ltd. (ABA) was a major loser, dropping around 16%.

Materials was the best performing sector, gaining 0.16% and rebounding from its decline at the end of last week.

While retail shares have dropped steeply in 2022 amid ongoing market volatility, analysts remain bullish on a number of select ASX retailers.

These include Adairs (ADH), City Chic Collective (CCX), and Michael Hill (MHJ), which all offer more than 40% upside potential, according to TipRanks insights.

Pre-market breakdown

The ASX is poised to open slightly lower as high inflation and future interest rate rises continue to weigh down global market sentiment.

ASX futures were down 0.03% to $AU6,737 around 6:30am AEST.

The ASX ended Friday in negative territory, with the S&P/ASX200 closing lower, down 1.40% to 6,747.00 for the day.

Following Australian market close, U.S. stocks fell across the board on Friday, as the S&P 500 declined 4.8% last week.

The declines were once again lead by fears that rising inflationary pressures could lead the U.S. Federal Reserve to continue raising interest rates when it meets later this week.

The Australian dollar was sitting at around US0.67c at U.S. market close.

Approaching 7am AEST, Brent Crude was up around 0.99%, to about US$91 a barrel.

Gold was up around 0.6%, sitting at about US$1675 an ounce.

Iron ore was down around 2.8%, to be at US$101 a tonne.

Bitcoin was lower by about 1.8%, sitting at around US$19,735.

Market watch

While retail shares have dropped steeply in 2022 amid ongoing market volatility, analysts remain bullish on a number of select ASX retailers over the long term.

These include, Adairs (ADH), City Chic Collective (CCX), and Michael Hill (MHJ), which all offer more than 40% upside potential, according to TipRanks insights.

Disclosure