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The Australian markets are trading in red today
The markets couldn’t hold on to gains and reach a 14-month high on the last day of the month
The major losers on the index are Beach Energy, which is down 23.1 per cent after downgrading guidance while ResMed is also trading lower
Seven Group, which has a 28 per cent stake in Beach was also trading in red
Beach Energy (ASX:BPT) was the top laggard in today’s trade after it said that reserves at its oilfields in the country were drying up
Losses in gold stocks also weighing on the benchmark index
Australia and New Zealand Banking Group (ASX:ANZ) lost 0.3% after it warned of a profit hit in the first-half from its exposure to Malaysia’s 1MBD scandal
Tech stocks fell by 0.9% and miners lost 1.3% in trade today
Mesoblast is trading higher on COVID trial results
The 60-day trial of its remestemcel-L drug showed the treatment reduced mortality in COVID patients under the age of 65
Japara Healthcare is up 22 per cent after a takeover bid from Calvary Healthcare
The other losers on the index were ANZ, Afterpay and Appen
Shares of Beach Energy and Mesoblast were the most traded in terms of volume
The ASX 200 opened lower, hit by losses in gold stocks after the bullion dropped, even as the major Wall Street stock indices settled higher overnight
The Australian benchmark equity index ASX 200 dipped 7.50 points or 0.11% to 7,074.80 during the opening and couldn’t hold onto a 14-month high
Over the last five days, ASX 200 index is virtually unchanged, but was currently 0.31% below its 52-week high
Oil prices surged to six-week highs on Thursday on robust US economic data and a better-than-expected demand recovery
Three months Brent crude oil futures traded 0.13 per cent up at US$68.03 per barrel,
June delivery WTI crude oil futures traded at US$64.79 per barrel, down 0.34 per cent
Palladium prices surged to an all-time high peak of US$2,981.99 per ounce on Thursday on robust demand and supply disruptions
Palladium futures crossed the US$2,900 per ounce level mark for the first time
The metal prices have surged by more than 11 per cent this month
Leading market analyst believes that the prices will cross the US$3,000 per ounce mark in the near future
The Australian dollar was trading up 0.05% to 0.7781
The US dollar index rose 0.08%
Iron, nickel, gold and oil are currently trading higher
Following the rebound in US Treasury yields, the gold prices declined
Leading the losses was West African Resources Ltd (ASX:WAF), down 4.6%, followed by Ora Banda Mining Ltd (ASX:OBM)
Gold miners Newcrest Mining Ltd (ASX: NCM) St Barbara Ltd (ASX: SBM), Silver Lake Resources Ltd (ASX:SLR), and Regis Resources Ltd (ASX:RRL) fell as much as 2.45% in the early trade
The 10-year Australian bond yield rose by 2.20% to 1.698
The yield on the benchmark 10-year US Treasury note touched 1.688%, its highest intraday level in more than two weeks, before settling at 1.639%
Bitcoin traded lower by 2% to US$53.676.70
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