AU Morning Wrap: ASX Rises, Downer EDI Chairman Resigns
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 rallies on dovish Fedspeak, Tesla investor day disappoints
• ASX up 0.4%, with health and tech stocks leading gains
• Stocks to watch: Downer EDI, Qantas, Mineral Resources
- Moomoo News AU
• S&P 500 rallies on dovish Fedspeak, Tesla investor day disappoints
• ASX up 0.4%, with health and tech stocks leading gains
• Stocks to watch: Downer EDI, Qantas, Mineral Resources
- Moomoo News AU
Wall Street Summary
US stocks turned positive in afternoon trade on hopes of a modest rate hike this month. Atlanta Federal Reserve President Raphael Bostic said he was "firmly" in favour of a quarter-point hike, rather than the half-point increase favoured by some Fed policymakers.
The $S&P 500 Index(.SPX.US$ rallied 30 points or 0.76 per cent. The $Dow Jones Industrial Average(.DJI.US$ gained 342 points or 1.05 per cent following a strong trading outlook from Salesforce. The $Nasdaq Composite Index(.IXIC.US$ added 84 points or 0.73 per cent.
Stocks came under early pressure as a decline in first-time claims for jobless benefits underlined the strength of the jobs market. New applications fell to 190,000 last week from 192,000 the previous week.
AU Market Watch
$S&P/ASX 200(.XJO.AU$ crept 0.4 per cent higher minutes after starting the session, with health and tech stocks leading gains.
Downer EDI fell 0.5 per cent after the sudden resignation of chairman Mark Chellew.
Qantas rose 0.8 per cent amid news it will hire up to 8500 staff including pilots, cabin crew and engineers over the next decade.
$BHP Group Ltd(BHP.AU$ advanced 0.7 per cent and $Oz Minerals Ltd(OZL.AU$ added 0.1 per cent after independent expert Grant Samuel backed BHP's $9.6 billion bid for OZ.
Mineral Resources recoiled 0.9 per cent after extending its offer to buy Norwest.
Stocks to Watch
$Qantas Airways Ltd(QAN.AU$: Qantas will hire 2300 pilots, cabin crew and engineers in the next 18 months as part of a recruitment and training initiative set to see it re-fill thousands of roles cut during the pandemic.
$Mineral Resources Ltd(MIN.AU$: Mineral Resources said its offer to buy the remaining shares of gas explorer $Norwest Energy NL(NWE.AU$ was final, and it would not be increased. The offer was extended to March 16.
Norwest shareholders who accept the deal will receive one fully paid ordinary Mineral Resources share for every 1,300 Norwest shares held. Mineral Resources, which may apply to de-list Norwest from the ASX depending on the result, own around 70 per cent of the gas explorer.
$Pushpay Holdings Ltd(PPH.AU$: Pegasus Bidco, a company associated with the Sixth Street and BGH Capital shareholder consortium, is offering to buy Pushpay shares for $NZ1.34 apiece under a scheme of arrangement.
The price is within the independent adviser's valuation range for Pushpay shares of $NZ1.33 to $NZ1.53 per share.
Pushpay Holdings' board unanimously recommended that shareholders accept the offer.
So far, only 67 per cent of shareholders have voted in favour. The scheme requires at least 75 per cent. More than 50 per cent of the total number of Pushpay shares on issue must also be voted in favour of the scheme.
$Downer EDI Ltd(DOW.AU$: Downer EDI said Mark Chellew has decided to resign from his role as independent non-executive director and chairman, effective immediately.
Deputy chairman Mark Menhinnitt will become acting chairman, effective from today.
Commodities
• Iron ore rose for a second day following confirmation on Wednesday that Chinese factory activity has regained momentum after the pandemic. Buying continued after the steel production hubs of Handan and Tangshan lifted temporary production curbs imposed to improve air quality.
The most-traded May ore futures on the Dalian Commodity Exchange ended daytime trade 1.56 per cent higher at 912.5 yuan (US$132.19) a tonne.
• Oil logged its strongest finish in two weeks as solid US jobless claims data soothed concerns about US demand. Energy prices jumped on Wednesday as data showed the Chinese economy rebounded strongly as pandemic restrictions ended.
Brent crude settled 44 US cents or 0.5 per cent ahead at US$84.75 a barrel.
• Gold's three-day win ended as the US dollar and treasury yields rose. Gold for April delivery settled US$4.90 or 0.3 per cent lower at US$1,840.50 an ounce. The NYSE Arca Gold Bugs Index eased 0.16 per cent
Source: Dow Jones Newswires, AFR
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