AU Morning Wrap: ASX jumps on energy, banks, miners

Moomoo News AU wrote a column · Oct 14, 2022 07:37

G'day, mooers! Check out the latest news on today's stock market!
• Wall St stages massive reversal despite hot inflation print
• Shares follow Wall St higher; jump 1.8%
• Stocks to watch: Woodside, Virgin Money
- moomoo News AU

AU Morning Wrap: ASX jumps on energy, banks, miners

Wall Street Summary
US stocks roared back from losses sparked by a hot inflation reading on speculation the yearlong selloff had potentially reached a bottom.

The $Dow Jones Industrial Average (.DJI.US)$ ended the day up 827.87 points, or 2.8%, to 30038.72, its largest one-day percentage gain since November 2020. The $S&P 500 Index (.SPX.US)$ rose 92.88 points, or 2.6%, to 3669.91. The $Nasdaq Composite Index (.IXIC.US)$ advanced 232.05 points, or 2.2%, to 10649.15.

AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ is up 1.79 per cent in early trade as the energy sector surges 3.1 per cent on strength in the oil price overnight. Every sector is higher in a relief rally over US inflation data not running out of control for September.

Shares in packaging business $Amcor PLC (AMC.AU)$ are up 4.8 per cent, with oil and gas giant $Woodside Energy Group Ltd (WDS.AU)$ adding 4.2 per cent.

Healthcare giant $Cochlear Ltd (COH.AU)$ has jumped 4.2 per cent.

British bank $Virgin Money UK PLC (VUK.AU)$ has soared 9.5 per cent as the Bank of England again moved to prop up the UK pension market.

Stocks to Watch
Broker Jarden has run the ruler over upcoming AGMs and said $Magellan Financial Group Ltd (MFG.AU)$ and $Myer Holdings Ltd (MYR.AU)$ are two to watch.

According to Jarden, embattled Magellan is set to unveil a rehashed strategy at its October AGM.

"We will be looking for significant changes across the board covering the multiple issues within the business and hope it will be a reflection of the change in management/governance practice," Jarden said. "If there are no major changes, this would point again to poor governance overall "

On retailer Myer, the broker suggests Solomon Lew is likely to feature front and centre again at its November 10 AGM.

Ex-dividend: $Lion Selection Group Ltd (LSX.AU)$, $Harvey Norman Holdings Ltd (HVN.AU)$

Dividends paid: $Imperial Pacific Ltd (IPC.AU)$, $Gale Pacific Ltd (GAP.AU)$, $London City Equities Ltd (LCE.AU)$, $Caravel Minerals Ltd (CVV.AU)$, $HUB24 Ltd (HUB.AU)$, $Link Administration Holdings Ltd (LNK.AU)$, $Peet Ltd (PPC.AU)$, $29Metals Ltd (29M.AU)$, $Pepper Money Ltd (PPM.AU)$, $Super Retail Group Ltd (SUL.AU)$

Commodities
• Iron ore futures fell 1.2% on Thursday to US$94.9 a tonne.

The daily consumption of of imported iron ore sintering fines at 64 Chinese steelmakers recorded in Mysteel's regular survey eased to 500,300 tonnes a day during 8-12 October, down 9.5% week-on-week or a fresh two month low.

• Oil prices rallied after a mixed EIA report and the hotter-than-expected inflation print。

"The headline draw was mainly driven by a massive SPR draw and many energy traders are concerned with the low diesel inventories heading into the winter," said Oanda senior market analyst, Ed Moya.

"The crude demand outlook is going to see massive downgrades over the coming months, but right now it seems the market will remain tight.”

• Gold inched lower as bond yields rallied.

Source: Dow Jones Newswires, AFR

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