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-- 71.860 AU Morning Wrap: ASX rises; Douglass seeks "diversification" in Magellan sell-down
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 rallies ahead of US midterm elections
• ASX 200 rised 0.14 per cent in the opening minutes of trade.
• Stocks to watch: Magellan, Sims, Medibank
- Moomoo News AU
Wall Street Summary
US stocks rallied for a second day as polling suggested the Republican party may gain control of the House of Representatives and possibly the Senate in tonight's midterm elections.
The $S&P 500 Index (.SPX.US)$ climbed 36 points or 0.96 per cent. The $Dow Jones Industrial Average (.DJI.US)$ rose 424 points or 1.31 per cent. The $Nasdaq Composite Index (.IXIC.US)$ added 89 points or 0.85 per cent.
US stocks rallied for a second day as polling suggested the Republican party may gain control of the House of Representatives and possibly the Senate in tonight's midterm elections.
The $S&P 500 Index (.SPX.US)$ climbed 36 points or 0.96 per cent. The $Dow Jones Industrial Average (.DJI.US)$ rose 424 points or 1.31 per cent. The $Nasdaq Composite Index (.IXIC.US)$ added 89 points or 0.85 per cent.
Stocks rose as Republican candidates gained momentum heading into tonight’s midterm elections. The GOP looked likely to regain control of the House of Representatives and perhaps the Senate, hamstringing President Joe Biden’s policy agenda. With inflation hovering near 40-year highs, investors embraced the prospect of political change that could reduce government spending.
Stocks to Watch
$Inghams Group Ltd (ING.AU)$: Inghams said it would not see reduced pricing from high feed costs until late in the 2023 financial year and into 2024.
$Inghams Group Ltd (ING.AU)$: Inghams said it would not see reduced pricing from high feed costs until late in the 2023 financial year and into 2024.
Feed costs had stabilised since the chicken processor reported full-year results in August, and the company witnessed "small declines" in wheat and soymeal.
$Sims Ltd (SGM.AU)$: Scrap metal group Sims says soft market conditions have persisted through the first quarter of the 2023 financial year driven by lower volumes, tighter margins and high inflation.
Underlying EBIT for the first half of FY23 is forecast to be in the range of $65 million to $75 million.
Sims expects costs to remain elevated, saying cost mitigation initiatives implemented in 1Q FY23 have only partially offset inflationary pressures. CEO of almond grower Select Harvests, Paul Thompson, will step down after ten years at the top.
$Composite Alliance Group Inc (CAG.CA)$: The current CEO of New Zealand-based Alliance Group David Surveyor has been appointed his replacement, commencing in early 2023.
$Platinum Asset Management Ltd (PTM.AU)$: A large institutional investor has redeemed $200 million from Platinum Asset Management's funds and is expected to do similar again in November.
Platinum flagged the withdrawal in its October funds under management update which revealed net outflows of $351 million over the month.
$Medibank Pvt Ltd (MPL.AU)$: Criminals claiming to have stolen the personal information of about 10 million Australians from Medibank, including sensitive health data, are claiming that they will release it in the next 24 hours in a post on a website linked to Russia-backed cybercriminal group REvil.
$James Hardie Industries PLC (JHX.AU)$: Wall cladding and plasterboard group James Hardie will deploy excess capital to shareholders via a $US200 million ($308.7 million) share buyback today – instead of paying dividends – after posting a double-digit increase in first-half profit.
Profit after tax rose 22 per cent to $US2.58 million for the half year ending June 30.
$Magellan Financial Group Ltd (MFG.AU)$: Magellan Financial Group has confirmed that co-founder Hamish Douglass sold approximately 13 million shares in Magellan via a family entity.
The sale was executed on Monday night through an after-market block trade at $9.1 per share.
Ex-dividend: $Reckon Ltd (RKN.AU)$
Dividends Paid: $New Hope Corp Ltd (NHC.AU)$
Commodities
• Iron ore futures rose 0.3% to US$87.5 a tonne.
Ex-dividend: $Reckon Ltd (RKN.AU)$
Dividends Paid: $New Hope Corp Ltd (NHC.AU)$
Commodities
• Iron ore futures rose 0.3% to US$87.5 a tonne.
"Northern China, home to large steelmakers, could see winter output cuts from mid-November, especially in the Hebei steel hub," sources told S&P Global, adding that "these curbs are expected to remain smaller than the previous year."
• Oil inched lower as Chinese officials pushed back the idea of easing covid restrictions.
• Oil inched lower as Chinese officials pushed back the idea of easing covid restrictions.
"Crude prices still seemed destined for a move above the $100 a barrel level but that might have to wait until we see a clear peak in cases," - Oanda senior market analyst, Ed Moya.
• Gold eased after a massive rally on Friday.
• Gold eased after a massive rally on Friday.
"The best-case scenario for gold is for a Republican sweep and further signs pricing pressures are easing.Gold looks like it will closely track the dollar and that means it will hinge on this week's inflation report."
Source: Dow Jones Newswires, AFR
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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