Thursday was a disastrous day on the ASX as the S&P/ASX 200 Index (ASX: XJO) recorded one of its worst performances in years.
The index crashed 2.99% to 6,990.6 on the market’s close after Russia invaded Ukraine and some of the exchange’s heavyweights posted disappointing earnings.
According to The Australian, the crash has seen $73 billion of value wiped from the market.
Let’s take a look at closer look at Thursday’s carnage on the market.
Did Russia’s invasion spark an ASX sell off?
The ASX 200 Index tumbled nearly 3% and the All Ordinaries Index (ASX: XAO) fell 2.95% after Russia officially begins military operations in Ukraine on Thursday.
According to live reporting by the ABC, Russian President Vladimir Putin appeared in a televised announcement declaring that the nation would invade Ukraine just before the ASX closed for the day.
Expectations that tensions between the two countries could escalate likely weighed on the market for most of Thursday’s trade after Australia joined nations around the globe in placing sanctions on Russia in an effort to dissuade it from attacking Ukraine yesterday.
Prime Minister Scott Morison also announced that the government would be “fast track[ing]” Ukrainian visa applications ahead of the conflict’s commencement.
The Moscow Exchange suspended all trading for an undetermined amount of time shortly after Putin announced the invasion.
As The Motley Fool Australia reportedly earlier today, experts have previously said a Russian invasion could bring heightened volatility to global markets and cause some commodity prices to surge.
ASX giants tumble on earnings
Additionally weighing on the ASX today, the Qantas Airways Limited (ASX: QAN) share price plummeted 5% after it announced a $5.5 billion after tax loss for the first half of financial year 2021.
The Flight Centre Travel Group Ltd (ASX: FLT) share price also fell 10% on its half year results.
The tech sector was also hammered, with the S&P/ASX All Technology Index (ASX: XTX) tumbling 5.3% and the S&P/ASX 200 Information Technology Index (ASX: XIJ) falling 6.4%.
Both Life360 Inc (ASX: 360) and Appen Ltd (ASX: APX) saw their share price fall 28% on the release of their respective full year results, making them the 2 worst performing ASX 200 shares on Thursday.
Meanwhile, stock in the ASX’s biggest company, BHP Group Ltd (ASX: BHP) fell 6% as it traded ex-dividend.
The post ASX wipes out $73 billion as Russia invades Ukraine appeared first on The Motley Fool Australia.
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More reading
- Why Russia was not the only thing that dragged the BHP (ASX:BHP) share price lower today
- Here are the top 10 ASX shares today
- 5 ASX 200 shares tumbling to 52-week lows today
- Here are the 3 most heavily traded ASX 200 shares on Thursday
- Why Appen, City Chic, Flight Centre, and Life360 shares are sinking
Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Appen Ltd and Life360, Inc. The Motley Fool Australia owns and has recommended Appen Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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