AU Evening Wrap: Rally picks up as rates worries diminish

Moomoo News AU wrote a column · May 18, 2022 01:41

G'day, mooers! Check out the latest news on today's stock market!
• ASX 200 closed up Wednesday, gaining 70.20 points or 0.99% to 7,182.70.
• Top gainers: $Mercury NZ Ltd (MCY.AU)$, $Summerset Group Holdings Ltd (SNZ.AU)$, $Champion Iron Ltd (CIA.AU)$
• Top losers: $Sims Ltd (SGM.AU)$, $Eagers Automotive Ltd (APE.AU)$, $Boral Ltd (BLD.AU)$
- moomoo News AU

Aussie shares rose for a fourth day after a US recovery gathered pace and weaker-than-expected wages growth dampened fears of a bumper rate hike next month.

The $S&P/ASX 200 (.XJO.AU)$ climbed 70 points or 1 per cent to its highest close in a week and a half. The rally extended the benchmark's recovery since Friday to 242 points or almost 3.5 per cent.

Resource stocks led for a second day. $CommBank (CBA.AU)$, $Woodside Petroleum Ltd (WPL.AU)$ and the supermarkets were among the drags.

The return of Andrew Forrest to a more hands-on role helped boost $Fortescue Ltd (FMG.AU)$ by 2.01 per cent. An executive shake-up at the miner brought Forrest across from a non-executive role to Executive Chair. The CEOs of the iron ore miner and its green-energy business will both report to him.

$Eagers Automotive Ltd (APE.AU)$ declined 3.28 per cent after warning delays in obtaining new vehicles will dent its half-year result.

S&P/ASX 200 Movers for Wednesday (18/5)