AU Morning Wrap: ASX Jumps 1%; Fortescue CFO Resigns
G'day, mooers! Check out the latest news on today's stock market!
• US stocks and bonds rally after jobs report
• ASX climbs 1 per cent in a broad rally that lifted 10 of the 11 sharemarket sectors
• Stocks to watch: Core Lithium, Telix Pharmaceuticals, Fortescue
- Moomoo News AU
Wall Street Summary
US stocks jumped after slowdowns in wage growth and services-sector activity encouraged hopes of smaller interest rate increases. The reports came as employment data indicated the labour market remained strong.
The $S&P 500 Index (.SPX.US)$ surged 87 points or 2.28 per cent. The $Dow Jones Industrial Average (.DJI.US)$ added 701 points or 2.13 per cent. The $Nasdaq Composite Index (.IXIC.US)$ put on 264 points or 2.56 per cent.
Investors were cheered by signs wage increases were slowing, easing one of the main drivers of inflation over the last year. Wages grew by 0.3 per cent last month, lower than an expected 0.4 per cent increase.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ climbed 0.94 per cent in the opening minutes of trade in a broad rally that lifted 10 of the 11 sharemarket sectors.
Core Lithium jumped 2.5 per cent to $1.23 after announcing it will relocate its corporate head office to Perth.
Telix Pharmaceuticals rallied 2.8 per cent to $7.61 after announcing it generated unaudited revenue of $76.8 million from sales of its Illuccix kit for prostate cancer imaging in the United States in the fourth quarter of 2022.
Fortescue edged 0.1 per cent lower to $21.78 following the resignation of its long-serving chief financial officer, Ian Wells.
GQG Partners rose 2.1 per cent to $1.44 after reporting a decline in funds under management in December.
Stocks to Watch
$Fortescue Ltd (FMG.AU)$: Fortescue Metals Group has announced the resignation of its long-serving chief financial officer, Ian Wells.
Mr Wells joined Fortescue in 2010 and has held various senior executive finance roles, notably as CFO since 2018.
$Imugene Ltd (IMU.AU)$: Imugene has received Human Research Ethics Committee (HREC) approval to start a Phase I clinical trial of its oncolytic virotherapy candidate, Vaxinia, in Australia.
Car giant Stellantis is set to tip $US30 million into ASX-listed battery materials manufacturer Element 25.
$Element 25 Ltd (E25.AU)$: Stellantis was expected to split the $US30 million in Element 25's high purity manganese sulphate monohydrate processing facility across two tranches.
$Core Lithium Ltd (CXO.AU)$: Core Lithium will relocate its corporate head office to Perth because the city is the "corporate centre" of Australia's lithium industry and will provide the company with better access to mining services providers.
$GQG Partners Inc (GQG.AU)$: GQG Partners' funds under management (FUM) fell to $US88 billion in December, from $US90.7 billion at the end of November.
The company's international equity FUM declined to $US33.1 billion by December 31, from $US34.2 billion at November 30.
$Telix Pharmaceuticals Ltd (TLX.AU)$: Telix Pharmaceuticals generated unaudited revenue of $76.8 million from sales of its Illuccix kit for prostate cancer imaging in the United States in the fourth quarter of 2022.
Commodities
• The prospect of looser restrictions on property developers helped lift iron ore prices on Friday. The most-traded May ore on China's Dalian Commodity Exchange ended daytime trading 1.9 per cent ahead at 855 yuan per metric ton (US$124.72).
• Oil steadied at the end of a losing week. Brent crude settled 12 US cents or 0.2 per cent lower at US$78.57 a barrel. For the week, the international benchmark lost 8.5 per cent.
• Gold sealed a third straight weekly advance following a sharp decline in the greenback and US treasury yields. Gold for February delivery settled US$29.10 or 1.6 per cent higher at US$1,869.70 an ounce. The NYSE Arca Gold Bugs Index lifted 1.88 per cent.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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