AU Morning Wrap: ASX Rises 0.8%; Pilbara Minerals Shares Jump
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 relief rally, US inflation slows to 6.0%
• ASX rises 0.75%, Pilbara shares jump
• Stocks to watch: Liontown Resources, Block, Northern Star Resources
- Moomoo News AU
Wall Street Summary
U.S. stocks ended sharply higher in volatile trade on Tuesday, rebounding from their steep losses in the aftermath of the failure of Silicon Valley Bank, as investors digested February inflation data which matched estimates and suggested pressure on prices may be easing.
The $Dow Jones Industrial Average (.DJI.US)$ rose 336.26 points, or 1.1%, to end at 32,115.40. The $S&P 500 Index (.SPX.US)$ gained 64.80 points, or 1.7%, to finish at 3,920.56. The $Nasdaq Composite Index (.IXIC.US)$ climbed 239.31 points, or 2.1%, ending at 11,428.15.
AU Market Watch
Australian shares rose 0.75 per cent at the open.
Commodities were one of the best performing sectors with $Liontown Resources Ltd (LTR.AU)$ shares up 5.8 per cent, $Pilbara Minerals Ltd (PLS.AU)$ shares rose 4.1 per cent and $Lake Resources NL (LKE.AU)$ shares increased by 3.7 per cent.
Afterpay parent $Block Inc (SQ2.AU)$ was the second best performing stock. Its shares surged 4.6 per cent.
Among the worst performing were $Northern Star Resources Ltd (NST.AU)$ , its shares fell 2.3 per cent. $TPG Telecom Ltd (TPG.AU)$ shares were down 2.7 per cent.
Stocks to Watch
$Northern Star Resources Ltd (NST.AU)$: Gold mining company Northern Star Resources says it will halt production at its Pogo mine in Alaska, United States following damage to a piece of machinery.
Northern Star said towards the end of a routine mill shutdown last week, its employees discovered damage to the ball mill motor when it tripped during restart.
The miner expects repairs to take up to six weeks and for production to be impacted by 20,000-40,000 ounces in FY23.
$Life360 Inc (360.AU)$: Tracking software Life360 has regained access to funds stored in Silicon Valley Bank following the bank’s closure.
The company said as of Monday 13, the business could access its funds in SVB accounts and was now transacting normally.
$Enero Group Ltd (EGG.AU)$: Marketing company Enero Group has secured all of the funds that were deposited with Silicon Valley Bank following the bank’s collapse.
Enero says the $US7.82 million ($11.7 million) of cash is now held at another major US financial institution, and has no remaining exposure to SVB.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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