ASX 200 drops as global markets fall on oil surge; Woodside hits two-year high
ASX lower as investors sell tech and health stocks. Qantas dives on oil surge as Woodside hits two-year high, AGL slips on rejected bid and Rio Tinto fined.
Welcome to the Trading Day blog for Monday, March 7. ASX ends lower as offshore markets dive amid surging oil prices as the US considers an embargo on Russian oil. Woodside hits two-year high as oil prices soar, while Qantas tumbles as a result.
The S&P/ASX 200 index ended down by 1 per cent to 7038.6.
The Dow Jones Industrial Average dropped 0.5 per cent, the S&P 500 lost 0.8 per cent while the tech-heavy Nasdaq slid 1.3 per cent.
The US Nymex crude price jumped 6 per cent to $US115 a barrel and the Brent crude price rallied 6.9 per cent to US118.11 a barrel amid fears the West will slap direct sanctions on the Russian oil sector, the world’s second largest exporter.
Base metals advanced by as much as 7 per cent led by a rally in nickel. Gold climbed. Iron ore, meanwhile, fell 0.4 per cent to $US152.40 a tonne.
ASX ends flat with CSL the main drag
The local share market closed flat as CSL dives after its results, Macquarie jumps on its trading update, gold miners up as gold hit a record, SGH soars on strong results, Nine, Seven West Media up on positive signs for advertising. Australian carveout on Trump tariffs 'under consideration'.
ASX 200 down as Trump tariffs loom; tech sector hit
Steel, aluminum producers mixed after latest Trump tariff threat. Is JB Hi-Fi topping out? Car Group, JB Hi-Fi and WiseTech leading losses. In contrast, Star and Ansell find support.