The S&P/ASX 200 Index shed 0.08% to close at 7,447 on Monday, as Australian tech names remained under pressure from prospects of higher interest rates, while investors continued to monitor the Covid situation closely. High-growth technology stocks sold off globally at the start of the year amid strong hawkish signals from the US Federal Reserve, which indicated that it could tighten monetary policy more aggressively than anticipated. The biggest decliners in local tech names include Xero Ltd (-2.75%), Afterpay (-2.31%), Wisetech Global (-2.72%), Nextdc Ltd (-1.63%) and Seek Ltd (-0.68%). Healthcare, consumer and financial stocks also fell, while energy and mining firms mostly gained. Meanwhile, authorities in the country reinstated some restrictions to battle a record spike in Covid cases, with an official modeling indicating that the omicron outbreak in New South Wales could peak by the end of January.
Historically, the Australia Stock Market Index (AU200) reached an all time high of 7632.80 in August of 2021. Australia Stock Market Index (AU200) - data, forecasts, historical chart - was last updated on January of 2022.
The Australia Stock Market Index (AU200) is expected to trade at 7311.69 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6902.50 in 12 months time.