AU Evening Wrap: ASX Hits Two-Month Low as Traders Up Bet for RBA Rate Rise
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• Top gainers: $Imugene Ltd (IMU.AU)$, $Megaport Ltd (MP1.AU)$, $Mercury NZ Ltd (MCY.AU)$
• Top losers: $Whitehaven Coal Ltd (WHC.AU)$, $Bank of Queensland Ltd (BOQ.AU)$, $SkyCity Entertainment Group Ltd (SKC.AU)$
- moomoo News AU
The Australian sharemarket dropped, led by a sell-off in commodity stocks, as traders upped their bets on more rate rises from the RBA and amid concerns about China's economic recovery.
The $S&P/ASX 200 (.XJO.AU)$ lost 1.6 per cent, or 118 points, to 7091.3 points, for its lowest close since March 29 and worst single day loss since March. For the month the index shed 3 per cent.
That's after monthly inflation data for April topped the market's expectations at 6.8 per cent year-on-year and Chinese manufacturing landed weaker than expected.
Mining companies slumped as coal futures extended a 12 per cent loss to fall another 4 per cent and iron ore also hit the skids. $Whitehaven Coal Ltd (WHC.AU)$ sank 6.5 per cent to $5.66, $New Hope Corp Ltd (NHC.AU)$ tumbled 4.2 per cent to $4.61 and $Coronado Global Resources Inc (CRN.AU)$ shed 3.3 per cent to $1.32. Australia's largest miner $BHP Group Ltd (BHP.AU)$ lost 3.4 per cent to $42.02.
Oil companies were also lower as crude fell below $US70 a barrel.
Elsewhere on the ASX, $Bank of Queensland Ltd (BOQ.AU)$ tanked 5.4 per cent to $5.47 after it admitted that money-laundering regulator AUSTRAC and banking regulator APRA had agreed enforceable undertakings against the regional lender.
S&P/ASX 200 Movers for Wednesday (31/5)
How to find the above information in moomoo app:
1. Open moomoo app
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
2. Search for and tap on ".XJO"
3. Roll down to see "Constituent Stocks"
4. You can filter the list based on "%Chg"
10 Top-Traded AU Stocks for Wednesday (31/5)
How to find the above information in moomoo app:
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
1. Open moomoo app
2. Tap your finger on "Market" and "AU"
3. Roll down and tap on "Main Board"
4. You can filter the list based on "Turnover"
Source: Dow Jones Newswires, The Market Herald
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