AU Morning Wrap: ASX Rises 0.5%; GrainCorp Hit by Bottlenecks

Moomoo News AU wrote a column · Jan 4, 2023 17:35

G'day, mooers! Check out the latest news on today's stock market!
• Fed Minutes leave more to be desired
• ASX rallies 0.49 per cent minutes after opening, with property and banks leading gains
• Stocks to watch: Whitehaven, Core Lithium, GrainCorp
- Moomoo News AU

AU Morning Wrap: ASX Rises 0.5%; GrainCorp Hit by Bottlenecks

Wall Street Summary

US stocks gave up much of their gains after the Fed dented hopes of an interest rate pivot this year. The minutes from last month's meeting showed none of the central bank's policy-makers expect to cut rates in 2023.

The $S&P 500 Index(.SPX.US)$ trimmed its advance to 29 points or 0.75 per cent. The $Dow Jones Industrial Average(.DJI.US)$ dipped into negative territory before recovering 133 points or 0.4 per cent. The $Nasdaq Composite Index(.IXIC.US)$ gained 72 points or 0.69 per cent.

AU Market Watch

$S&P/ASX 200(.XJO.AU)$ rallied 0.49 per cent minutes after opening, with property and banks leading gains.

Energy stocks dropped 1.6 per cent after oil tumbled more than 5 per cent overnight on global growth worries. $Woodside Energy Group Ltd(WDS.AU)$ fell 2 per cent and $Santos Ltd(STO.AU)$ retreated 1.4 per cent.

$Whitehaven Coal Ltd(WHC.AU)$ skidded 3.1 per cent despite news that China's state planner allowed its top steelmaker to resume coal imports from Australia.

$Core Lithium Ltd(CXO.AU)$ jumped 2.4 per cent after sending its first cargo to China.

Stocks to Watch

$Warrego Energy Ltd(WGO.AU)$: Hancock Energy said Warrego shareholders who accept its takeover offer will receive 36¢ per Warrego share if 40 per cent or more of acceptances are received, in its sixth supplementary bidder's statement.

Hancock, which holds more than 25 per cent of Warrengo, said Warrengo's board has recommended shareholders accept its offer.

$Graincorp Ltd(GNC.AU)$: GrainCorp says rail and road bottlenecks are holding back exports as China and other international customers look to secure food supply and with Australian farmers grinding out one of the country's longest, biggest and most valuable harvests.

$Core Lithium Ltd(CXO.AU)$: Core Lithium has sent its first shipment of spodumene from its Finniss operation to China in what the company described as its maiden revenue event.

The cargo was purchased by a lithium-ion battery supply chain participant in Fangcheng, China, for a price of $US951/dmt. Loading started on 30 December 2022.

Commodities

• Oil closed at its lowest in three weeks, dragged lower by worries about faltering global growth and weakening Chinese demand as Covid spreads.

• Iron ore retreated in choppy trade after data showed Chinese home prices fell at a faster pace last month. The most-traded May ore on China's Dalian Commodity Exchange declined 0.4 per cent in daytime trade to 846.50 yuan (US$122.94) a tonne.

• Gold rallied for a fourth night to its highest in almost seven months. Gold for February delivery settled US$12.90 or 0.7 per cent ahead at US$1,859 an ounce.

Source: Dow Jones Newswires, AFR

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

Translate

Report

81K Views

Comment

Moomoo News AU

Moomoo News Official Account

Australian stock market news that is available at your fingertips

3744Followers

6Following

107KVisitors