AU Morning Wrap: ASX gains 0.5%; Whitehaven and New Hope gained between 2 -3%

Moomoo News AU wrote a column · Nov 22, 2022 07:44

G'day, mooers! Check out the latest news on today's stock market!
• Wall St falls
• ASX gains 0.5 per cent, energy leads
• Stocks to watch: TechnologyOne, Woodside, Whitehaven
- Moomoo News AU

AU Morning Wrap: ASX gains 0.5%; Whitehaven and New Hope gained between 2 -3%

Wall Street Summary
US stocks sank, energy stocks led the sell-off during a volatile session for crude prices.

The $S&P 500 Index (.SPX.US)$ dropped 15 points or 0.39 per cent. The $Nasdaq Composite Index (.IXIC.US)$ shed 122 points or 1.09 per cent. The $Dow Jones Industrial Average (.DJI.US)$ eased 45 points or 0.13 per cent.

AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ rises 0.46% per cent in the opening minutes of trade on Tuesday, with every sector rising despite losses on Wall Street overnight.

Stocks to Watch
$Washington H Soul Pattinson & Co Ltd (SOL.AU)$: Washington H Soul Pattison-backed Brickworks has announced a record underlying net profit of $746 million for FY22, up 159 per cent from the prior year, but flagged a period of softer demand amid higher interest rates.

$Polynovo Ltd (PNV.AU)$: Listed tissue repair group PolyNovo is chasing nearly $50 million in a placement and share purchase plan that launches on Tuesday.

Brokers Bell Potter and Macquarie are on the ticket.

The deal is expected to price at $1.90 a share.

$Bravura Solutions Ltd (BVS.AU)$: Investors in embattled financial services software company Bravura Solutions have voted against its remuneration report, registering a first strike.

Chairman Neil Broekhuizen said the board was "disappointed" with the outcome as it "clearly reflects shareholder dissatisfaction".

$Technology One Ltd (TNE.AU)$: TechnologyOne has booked a 22 per cent lift in net profit to $88.8 million for the year to September 30.

SaaS annual recurring revenue rose 43 per cent to $274.2 million, which the enterprise software group said "exceeded" targets and "ended legacy licences".

Ex-dividend: $Amcor PLC (AMC.AU)$, $Sunland Group Ltd (SDG.AU)$, $Tamawood Ltd (TWD.AU)$

Dividends Paid: $Clover Corp Ltd (CLV.AU)$

Commodities
• Iron ore futures fell 1.2% to US$92.75 a tonne.

• Oil prices fell for a four consecutive day but beginning to show signs of stabilisation. Prices bounced from session lows after Saudi Arabia declined potential production increases.

Brent crude bounced from session lows of -6.2% and currently -0.7%.

"Oil is going to have trouble finding a floor with a deteriorating crude demand outlook for both world's largest economies. Until we get some positive news from either China or the US, the dollar will continue to rebound and crude's path appears to be headed lower." - Oanda senior market analyst, Ed Moya

• Gold extended its skid to four sessions as the US dollar and bond yields bounced.

"If the dollar rally turns excessive, gold could be vulnerable to a plunge towards the $1700 level."- Moya

Source: Dow Jones Newswires, AFR

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