AU Morning Wrap: ASX rises; utilities, energy stocks lead gains
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street bounced, headlined by energy and growth stocks
• Australian shares opened higher on Wednesday, ASX 200 up 0.27 per cent
• Stocks to watch: Stanmore, Downer, Bendigo and Adelaide Bank, Medibank
- moomoo News AU
Wall Street Summary
A broad-based rally lifted the market as recession and inflation fears temporarily abated. All 11 sectors rose as the major indexes soared back from their heaviest weekly losses since March 2020.
The $S&P 500 Index (.SPX.US)$ climbed 90 points or 2.45 per cent. The $Dow Jones Industrial Average (.DJI.US)$ gained 641 points or 2.15 per cent. The $Nasdaq Composite Index (.IXIC.US)$ added 271 points or 2.51 per cent.
AU Market Watch
Australia's S&P/ASX 200 is on track to open higher, building on its week-opening gains after U.S. stocks rallied. ASX futures are up by 0.7%, suggesting the benchmark index will add to the 1.4% it gained on Monday. A bounce by beaten-down financial, commodity and real-estate stocks snapped the ASX 200's seven-day losing streak that was its longest since early 2020.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.27 per cent to 6541 as of 10:23 am.
A broad-based rally lifted the market as recession and inflation fears temporarily abated. All 11 sectors rose as the major indexes soared back from their heaviest weekly losses since March 2020.
The $S&P 500 Index (.SPX.US)$ climbed 90 points or 2.45 per cent. The $Dow Jones Industrial Average (.DJI.US)$ gained 641 points or 2.15 per cent. The $Nasdaq Composite Index (.IXIC.US)$ added 271 points or 2.51 per cent.
AU Market Watch
Australia's S&P/ASX 200 is on track to open higher, building on its week-opening gains after U.S. stocks rallied. ASX futures are up by 0.7%, suggesting the benchmark index will add to the 1.4% it gained on Monday. A bounce by beaten-down financial, commodity and real-estate stocks snapped the ASX 200's seven-day losing streak that was its longest since early 2020.
Australian shares opened higher this morning. The $S&P/ASX 200 (.XJO.AU)$ gained 0.27 per cent to 6541 as of 10:23 am.
Stocks to Watch
$Stanmore Resources Ltd (SMR.AU)$: Stanmore Resources has hit back at changes to the coal royalty regime announced by the Queensland government as part of its budget. These include three new progressive royalty tiers being introduced in addition to the current structure.
$Downer EDI Ltd (DOW.AU)$: Downer has been awarded two road maintenance contracts by Auckland Transport, valued at approximately $800 million over a maximum term of 10 years.
$Bendigo and Adelaide Bank Ltd (BEN.AU)$: Bendigo and Adelaide Bank has signed a new five-year deal with Australia Post for its Bank@Post services. The arrangement gives the bank’s customers access to banking services at more than 3500 post offices across the country until 2027.
$Medibank Pvt Ltd (MPL.AU)$: Medibank has announced it will return an additional $205 million in COVID-19 permanent net claims savings to customers as part of its broader COVID-19 financial support package and give back program.
Ex-dividend: $Fisher & Paykel Healthcare Corp Ltd (FPH.AU)$, $Vanguard All-World ex-US Shares ETF (VEU.AU)$
Commodities
• Iron ore prices edged higher following a significant drop on Monday. There was an uptick in trading activity for cargoes with late July and early August laycans, sources told Fastmarkets.
• Oil is stabilising around the US$110 level as supply remains tight in the short-term and rising expectations of tougher sanctions on Russia.
• Gold is in wait-and-see mode as investors wait to see just how aggressive central banks will be with their interest rate hikes.
Source: Dow Jones Newswires, AFR
$Stanmore Resources Ltd (SMR.AU)$: Stanmore Resources has hit back at changes to the coal royalty regime announced by the Queensland government as part of its budget. These include three new progressive royalty tiers being introduced in addition to the current structure.
$Downer EDI Ltd (DOW.AU)$: Downer has been awarded two road maintenance contracts by Auckland Transport, valued at approximately $800 million over a maximum term of 10 years.
$Bendigo and Adelaide Bank Ltd (BEN.AU)$: Bendigo and Adelaide Bank has signed a new five-year deal with Australia Post for its Bank@Post services. The arrangement gives the bank’s customers access to banking services at more than 3500 post offices across the country until 2027.
$Medibank Pvt Ltd (MPL.AU)$: Medibank has announced it will return an additional $205 million in COVID-19 permanent net claims savings to customers as part of its broader COVID-19 financial support package and give back program.
Ex-dividend: $Fisher & Paykel Healthcare Corp Ltd (FPH.AU)$, $Vanguard All-World ex-US Shares ETF (VEU.AU)$
Commodities
• Iron ore prices edged higher following a significant drop on Monday. There was an uptick in trading activity for cargoes with late July and early August laycans, sources told Fastmarkets.
• Oil is stabilising around the US$110 level as supply remains tight in the short-term and rising expectations of tougher sanctions on Russia.
• Gold is in wait-and-see mode as investors wait to see just how aggressive central banks will be with their interest rate hikes.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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