iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Australia Market falls to 1-week low amid fears over fuel price surge

7 Mar 2022 , 05:07 PM

The Australian share market suffered another round of selloff on Monday, 07 March 2022, as investors remained wary of the inflationary impact from the record-breaking rises in crude oil prices after some global powers reportedly consider a ban on Russian fuel imports.

At closing bell, the benchmark S&P/ASX200 fell 72.24 points, or 1.02%, to 7,038.59. The broader All Ordinaries index fell 74.13 points, or 1%, to 7,321.19.

The top performing stocks in this index were WOODSIDE PETROLEUM and RAMELIUS RESOURCES, up 9.5% and 6.8% respectively. The bottom performing stocks in this index were UNIBAIL-RODAMCO-WESTFIELD and IMUGENE, down 9.46% and 8.16% respectively.

The threat of a potential ban on Russian oil imports spurred a surge in energy prices that investors worry could smother economic growth. Crude oil prices soared, with global benchmark Brent crude jumping 5.7% to $124.87 a barrel. Earlier Monday, it topped $130, the highest level since July 2008. The U.S. equivalent, West Texas Intermediate, rose 5.8% to $122.46.

The war in Ukraine, now in its 12th day, has roiled commodity markets, increased tensions between Moscow and the West and led to Russia being unplugged from much of the global financial system.

Shares of financials went down, with ANZ, NAB and Westpac declining 1-2%, while Block Inc. led tech stocks lower to end down more than 10%.

Energy and metals sectors continued to soar on firmer commodity prices, with BHP and Fortescue Metals Group rising 0.9% and 1.8%, respectively. Oil and gas explorer Woodside Petroleum surged 9.5% and Santos added 5.3% as oil prices spiked to 2008 highs.

CURRENCY NEWS: The Australian dollar was at $0.7408, following a general upward trek last week from below $0.72.

Powered by Capital Market – Live News

Related Tags

  • capital market
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.