AU Morning Wrap: Gold miners rise; NAB, Whitehaven fall

Moomoo News AU wrote a column · Nov 8, 2022 17:33

G'day, mooers! Check out the latest news on today's stock market!
• Wall St extends gains
• S&P/ASX 200 is up 0.43 per cent in early trade
• Stocks to watch: NAB, Northern Star, Whitehaven
- Moomoo News AU

AU Morning Wrap: Gold miners rise; NAB, Whitehaven fall

Wall Street Summary
US stocks rose for a third session after weathering a mid-session crypto bloodbath. Digital tokens sank after liquidity issues forced the world's two largest crypto exchanges into a hurried merger.

The $S&P 500 Index(.SPX.US)$ rallied 22 points or 0.57 per cent. The $Dow Jones Industrial Average(.DJI.US)$ gained 335 points or 1.02 per cent. The $Nasdaq Composite Index(.IXIC.US)$ put on 52 points or 0.49 per cent.

The market temporarily swooned as a plunge in cryptocurrencies bled into other risk assets. Crypto tokens slumped after Binance and FTX announced a merger to fix a liquidity crunch at FTX.com.

Binance will buy FTX's operations outside the US. FTX sought its rival's support following a "significant liquidity crunch", according to Binance CEO Changpeng Zhao.

Crypto tokens dived when the news broke, dragging other risk assets with them. The S&P 500 and Nasdaq Composite briefly turned negative.

AU Market Watch
The $S&P/ASX 200(.XJO.AU)$ is up 0.43 per cent in early trade, with the materials sector doing much of the heavy lifting as iron ore, gold, and lithium prices firm.

The financials sector is a little lower after NAB dropped 1.8 per cent on its full-year profit report this morning.

Gold miner $Northern Star Resources Ltd(NST.AU)$ has jumped 4.8 per cent to as gold extends gains this week to fetch $US1714 a tonne. $BHP Group Ltd(BHP.AU)$ is up 1.4 per cent, with $Pilbara Minerals Ltd(PLS.AU)$ climbing 1.7 per cent.

Coal miner Whitehaven is down 7.8 per cent after downgrading production due to rains in New South Wales at its Maules Creek mine.

Stocks to Watch
$Medibank Private Ltd(MPL.AU)$: Medibank says cyber criminals have released customer data online.

"This data includes personal data such as names, addresses, dates of birth, phone numbers, email addresses, Medicare numbers for ahm customers (not expiry dates), in some cases passport numbers for our international students (not expiry dates), and some health claims data," the company said.

Medibank said it was working with the Australian Cyber Security Centre and the Australian Federal Police to catch the criminals, but it expected more data to be released.

$National Australia Bank Ltd(NAB.AU)$: National Australia Bank has delivered an 8.3 per cent lift in cash earnings to $7.1 billion on the back of stronger business lending and miniscule bad debts and lifted its dividend, beating market expectations.

But it expects home loan growth to slow this financial year, warning the "impact of a higher cash rate on repayments is accelerating".

$Whitehaven Coal Ltd(WHC.AU)$: Coal miner Whitehaven Coal has lowered its production guidance at its Maules Creek and Gunnedah open cut mines amid persistent wet weather from La Nina.

"As announced in the September quarterly production report, ROM production was lower than planned across all three open cut mines primarily as a result of disruption caused by rain and flooding impacts in September," the company said.

$REA Group Ltd(REA.AU)$: Online property business REA Group reported EBITDA for the September quarter climbed 7 per cent to $169 million on a 16 per cent increase in revenue to $305 million.

Operating expenses were also higher, up 22 per cent to $131 million

$Orica Ltd(ORI.AU)$: Orica reported a 52 per cent lift in full year net profit after tax to $317 million and a 29 per cent jump in sales to $7.3 billion.

The company said it would pay a final dividend of 22 cents per share for the 12-months to September 30 versus 16.5 cents per share a year earlier. Total dividends for the year reached 35 cents per share.

$News Corp(NWS.AU)$: News Corp reported a 15 per cent decline in earnings for the September quarter and a 1 per cent fall in revenue after taking a 6 per cent hit from the strong US dollar.

The company said EBITDA (operating income) finished at $US350 million for the three-month period while revenue came in at $US2.48 billion.

$Pushpay Holdings Ltd(PPH.AU)$: Software player Pushpay has posted a 54 per cent drop in half-year profit to $US8.8 million ($13.5 million) and a 10 per cent increase in revenue to $US103.1 million.

The group that provides online software to churches mainly in the US said total transaction volumes lifted 2 per cent to $US3.6 billion for the six months to September 30.

Ex-dividend: $KMD Brands Ltd(KMD.AU)$, $ResMed Inc(RMD.AU)$, $Waterco Ltd(WAT.AU)$

Dividends Paid: None

Commodities
• Iron ore futures rose 0.85% to US$88.85 a tonne.

Iron ore is up 13% in the last seven sessions from lows of US$78.

"Iron ore prices may fluctuate alongside steel prices amid a further output reduction of steel mills, of which 90% are facing losses." - Mysteel

• Oil prices tumbled after new covid cases jumped in Guangzhou, one of China's major manufacturing hubs.

• Gold prices rallied ahead of the midterm elections and a weaker US dollar.

Gold is up 4.6% in the last three sessions from lows of US$1,636.

"Gold looks like it could be breaking out now and it will just need the macro backdrop to support the move higher. Gold's rally above the $1700 was impressive as it comes before any exit polling data and well ahead of Thursday's inflation report." - Moya

Source: Dow Jones Newswires, AFR

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