What's Affecting Markets Today
Asian markets mixed
In Monday’s trading session, Asia-Pacific stock markets displayed mixed performance as investors braced for a series of key inflation reports across the region. Singapore and Malaysia are slated to unveil their inflation data for February today, with Australia’s figures expected on Wednesday. Additionally, Tokyo’s inflation statistics, a bellwether for Japan’s nationwide inflation trends, are scheduled for release on Friday.
The Hang Seng index in Hong Kong saw a modest increase of 0.36% at the open, contrasting with mainland China’s CSI 300 index, which experienced a 0.4% decline. Japan’s Nikkei 225 retreated by 0.60%, backing down from its record high achieved on Friday, while the broader Topix index recorded a more significant decrease of 0.77%. In South Korea, the Kospi index slightly dipped by 0.17%, despite an initial uptick that nearly reached two-year highs, whereas the Kosdaq index enjoyed a 1.10% gain.
ASX Stocks
ASX 200 - 7,811.9 (+0.5%)
Key Highlights:
On Monday, the Australian stock market approached its all-time high, with the S&P/ASX 200 closing up 41.3 points at 7811.9, driven by heightened investor confidence particularly in the real estate sector. This surge pushed the index above 7800 points, nearing the record intraday high of 7848.7 reached earlier in the month. The positive momentum, building on last week’s 1.3% gain following the Reserve Bank of Australia’s decision to maintain interest rates, was amplified by a less hawkish stance from the RBA. Real estate stocks, notably led by Goodman Group’s 3.7% rise to $33.24, enjoyed a 1.8% sector increase, reflecting a broader market enthusiasm. Energy stocks also advanced with crude oil prices rebounding; Santos and Woodside Petroleum saw gains of 1.1% and 1.2%, respectively. Among other notable market movements, Fortescue Metals Group’s focus on copper development propelled a 3.5% stock increase, while corporate developments included ALS’s acquisition intentions for Nuvisan, McGrath’s takeover endorsement, and MMA Offshore’s offer from Cyan Renewables.
Leaders
MRM Mma Offshore Ltd 10.64%
BFL BSP Financial Group Ltd 4.96%
WAF West African Resources Ltd 4.59%
GMG Goodman Group 3.93%
HGH Heartland Group Holdings Ltd 3.77%
Laggards
ALQ Als Ltd -4.66%
360 LIFE360 Inc -4.16%
WC8 Wildcat Resources Ltd -3.55%
NWH NRW Holdings Ltd -3.41%
BGL Bellevue Gold Ltd -3.18%