AU Morning Wrap: ASX Adds 0.9%, Incitec Pivot Leads Gainers
G'day, mooers! Check out the latest news on today's stock market!
• US stocks higher as banking crisis fears ease
• Incitec Pivot leads gainers, shares add 0.9%
• Stocks to watch: Incitec Pivot, New Hope, NAB
- Moomoo News AU
Wall Street Summary
The market turmoil that has fueled a surge in bond prices and sent bank shares reeling is hitting stock indexes far more modestly, reflecting an undercurrent of investor optimism that stress in the banking sector can be contained.
Stock indexes have been choppy but resilient. The $S&P 500 Index (.SPX.US)$ climbed 1.4% last week and advanced another 0.9% Monday after Swiss authorities engineered a deal over the weekend for UBS Group AG to take over its longtime banking rival Credit Suisse Group AG. The broad index is down 1% since March 8, the day before Silicon Valley Bank started to face a bank run. The $Dow Jones Industrial Average (.DJI.US)$ has slipped 1.7% since then, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ has ticked up 0.9%.
AU Market Watch
Chemicals business Incitec Pivot is up 5.5 per cent in early trade after the ammonia manufacturing facility located in the United States for $US1.7 billion ($2.5 billion), clearing the road for the company to demerge.
New Hope Coal is also up 5.7 per cent after posting its half-year financial results today.
The $S&P/ASX 200 (.XJO.AU)$ is up 0.91 per cent in early trade with the materials and energy sector rebounding 1.3 per cent and 1.5 per cent respectively after days of falls.
The financials sector including the banks is up 0.9 per cent.
Gold miners are giving back some of yesterday's big gains as the gold price eased back from an overnight high above $US2000 an ounce.
Stocks to Watch
$Incitec Pivot Ltd (IPL.AU)$: Incitec Pivot Limited has sold its ammonia manufacturing facility located in the United States for $US1.7 billion ($2.5 billion), clearing the road for the company to demerge.
Incitec also secured a 25-year ammonia supply agreement between its Dyno Nobel Americas explosives business and the buyer, CF Industries Holdings, valued at $US425 million.
$National Australia Bank Ltd (NAB.AU)$: National Australia Bank has appointed Nathan Goonan as its new chief financial officer to start July 1, 2023. Mr Goonan will replace Gary Lennon.
NAB's chief executive Ross McEwan said, "Nathan is a very talented executive who led the development of our NAB Group Strategy and has played a key leadership role in all our major strategic moves in recent years."
"During his three years on the executive team Nathan has driven a much sharper focus on accountability, performance and execution within NAB and our customers, colleagues and shareholders have experienced the benefits of this."
$Mincor Resources NL (MCR.AU)$: Andrew Forrest's Wyloo Investments has made a $1.40 per share takeover bid for nickel tenement holder Mincor Resources worth $760 million and at a 35 per cent premium to Mincor's last closing price.
Wyloo already has a 19.9 per cent stake in Mincor, which owns a potential nickel project in the Kambalda district of Western Australia. Any deal would expand Mr Forrest’s interests in the fast-growing battery metals sector.
$New Hope Corp Ltd (NHC.AU)$: Mining company New Hope Group has declared a fully franked interim dividend of 30¢ per share in its half-year interim report.
The company reported a 102.4 per cent jump in half year net profit after tax to $668.6 million. Its revenue increased 54.2 per cent to $1.6 billion.
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
4820Followers
6Following
174KVisitors
Follow