AU Morning Wrap: ASX Rises; Endeavour Drops 4% on Woolies Selldown
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 fades easing inflation fueled gains, gold soars
• ASX 200 jumped 0.4 per cent, led by gains across the technology and real estate sectors
• Stocks to watch: Block, Santos, Endeavour.
- Moomoo News AU
Wall Street Summary
A cool down in inflation lifted US stocks to three-month highs before the prospect of another rate hike tonight encouraged traders to book profits. The major indices finished well off intraday peaks amid questions over the top for this rates cycle.
A cool down in inflation lifted US stocks to three-month highs before the prospect of another rate hike tonight encouraged traders to book profits. The major indices finished well off intraday peaks amid questions over the top for this rates cycle.
The $Dow Jones Industrial Average (.DJI.US)$ slashed a 707-point opening charge to 104 points or 0.3 per cent by the close. A 2.77 per cent opening rally in the $S&P 500 Index (.SPX.US)$ faded to 29 points or 0.73 per cent. The $Nasdaq Composite Index (.IXIC.US)$ more than halved its advance to 113 points or 1.01 per cent.
Stocks popped after the consumer price index rose just 0.1 per cent in November from the previous month. Annual headline inflation fell to 7.1 per cent from 7.7 per cent in October. Economists had expected readings of 0.3 per cent and 7.3 per cent, respectively. Core inflation also came in weaker than expected.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ jumped 0.29 per cent in the opening minutes of trade on Wednesday, led by gains across the technology and real estate sectors.
Block rallied 7.1 per cent to $103.30, Brainchip Holdings firmed 3.5 per cent to 74¢ and Novonix rose 3.3 per cent to $1.88.
Endeavour Group dropped 4.3 per cent $6.41 after Woolworths sold a $636 million stake in the company. Woolworths added 0.1 per cent to $34.12.
Stocks to Watch
$Challenger Ltd (CGF.AU)$: Private equity group Apollo has climbed to 19.01 per cent of Challenger's share register, disclosures showed on Tuesday.
$Woolworths Group Ltd (WOW.AU)$: Woolworths has agreed to sell 5.5 per cent of the issued capital of $Endeavour Group Ltd (EDV.AU)$ via a block trade at a price of $6.46 a share, as reported by Street Talk.
$Stockland Corp Ltd (SGP.AU)$: Stockland Group has announced an estimated distribution for the six months to December 31 of 11.8¢ per stapled security.
The distribution will be paid on Tuesday, February 28.
$Santos Ltd (STO.AU)$: Santos has entered into a new gas supply agreement with the Walyering joint venture in the Perth Basin.
Santos will purchase a total of 36.5 petajoules of gas from the Walyering field over five years, commencing in the first half of 2023.
$Medibank Pvt Ltd (MPL.AU)$: Australia's biggest health insurer Medibank said it had received formal notification that class action lawyers from Maurice Blackburn have lodged a complaint with the privacy commission over its data breach, which hit 9.7 million Australians.
Ex-dividend: None
Dividends Paid: $National Australia Bank Ltd (NAB.AU)$, $Graincorp Ltd (GNC.AU)$, $Infratil Ltd (IFT.AU)$, $Oceania Healthcare Ltd (OCA.AU)$
Commodities
• Iron ore futures fell 0.3% to US$108.20 a tonne.
• Oil prices bounced around 3.0%, up close to 6.0% in the last two sessions.
"Crude prices got a boost from a cool inflation report that supports the case that the US economy could still have a soft landing. The oil market can't justify prices below the $70 level even if bumpy times are ahead." - Oanda senior market analyst, Ed Moya
OPEC's monthly oil report left its world oil demand forecast unchanged for 2022 (2.5 million barrels a day) and 2023 (2.2 million barrels a day).
"The year 2023 is expected to remain surrounded by many uncertainties, mandating vigilance and caution." - OPEC
• Gold prices got a massive boost from the cooler-than-expected inflation report.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
4765Followers
6Following
171KVisitors
Follow