ASX 200 trims gain as banks, health stocks weigh; Elders rallies on earnings beat
ASX trims gains as a China Covid surge spooks traders. Geoff Wilson against AGL demerger, Codan up on profit beat, Incitec slips on demerger plans and outgoing Star chair gives evidence.
Welcome to the Trading Day blog for Monday, May 23. ASX trims earlier gains as a Covid surge in China spooks traders. Geoff Wilson against AGL demerger. Elders, Codan up on profit outlook. Star's new chair and acting CEO. Incitec slips.
The S&P/ASX 200 index was down by 0.1 per cent to 7140.2 at 3pm AEST.
In the US, stocks finished largely unchanged on Friday after a heavy week of losses.
The Dow Jones Industrial Average and the S&P 500 both closed up less than 0.1 per cent while the tech-heavy Nasdaq slipped 0.3 per cent.
Among commodities, global oil prices climbed Friday amid the prospect of an European ban on Russian oil imports. US Nymex crude oil added 0.9 per cent to $US113.23 a barrel.
Iron ore added 2.5 per cent to $US134.36 a tonne, boosted by China’s cut in the benchmark rate for mortgages.
The Australian dollar was trading near 70.35 US cents at the US close.
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