AU Morning Wrap: ASX seesaws; Pointsbet soars 11%

Wall Street Summary
US stocks steadied at the end of a week dominated by a jumbo rate rise, weakening economic signals and heavy selling on equity markets. The main indices ended mixed in choppy trade during a "quadruple witching" session as four types of futures and options contracts expired.

The $S&P 500 Index(.SPX.US)$ eked out a rise of eight points or 0.22 per cent. The $Dow Jones Industrial Average(.DJI.US)$ slipped 38 points or 0.13 per cent. The $Nasdaq Composite Index(.IXIC.US)$ led with a rise of 152 points or 1.43 per cent.

AU Market Watch
Australia's S&P/ASX 200 is on track to fall at the open, adding to losses racked up over its worst week since March 2020. ASX futures are down by 0.3%, suggesting the benchmark--which lost 6.6% last week--may struggle to end a run of six straight losses.

Australian shares opened flat this morning. The $S&P/ASX 200(.XJO.AU)$ gained 0.02 per cent to 6476 as of 10:21 am.

Stocks to Watch
$Vicinity Centres(VCX.AU)$: Vicinity Centres has upgraded its FY22 guidance and announced a $245 million uplift in its preliminary valuations for the six months ending June 30.

$Austal Ltd(ASB.AU)$: Austal has been awarded two contracts worth over $300 million combined, which the company says helps diversify its long-term revenue base.

$APA Group(APA.AU)$: APA Group has executed a 30-year gas transportation and storage agreement and a development agreement with Snowy Hydro, to commence the development of a pipeline connection, called the Kurri Kurri Lateral, to the Hunter Power project.

$Shopping Centres Australasia Property Group(SCP.AU)$: Shopping Centres Australasia Property Group has entered into an agreement with Centuria Capital’s subsidiary, Primewest, to acquire five convenience-based shopping centres across Australia for a combined purchase price of $180 million.

$Cooper Energy Ltd(COE.AU)$: Shares in Cooper Energy will be placed in a trading halt, pending an announcement by the company regarding arrangements concerning the Orbost Gas Processing Plant.

$Iluka Resources Ltd(ILU.AU)$: Iluka Resources has released information regarding the proposed demerger of Sierra Rutile Holdings. The demerger will result in two independent ASX-listed companies.

Commodities
• Iron ore futures fell sharply on Friday amid worsening sentiment cause by poor downstream steel markets, sources told Fastmarkets.
• Oil prices dipped as the US dollar rallied and as recession fears grow. Russia also signalled that oil exports should increase.
• Gold is struggling for upside amid a stronger US dollar and expectations of more aggressive interest rate hikes.

Source: Dow Jones Newswires, AFR