AU Morning Wrap: ASX Up 0.8%; Rio, First Quantum to Develop Peru Copper Project
G'day, mooers! Check out the latest news on today's stock market!
• Nasdaq enters bull market, inflation eases in Europe
• ASX rises 0.8%, materials jumps 5%
• Stocks to watch: BHP, Harvey Norman, De Gray Mining
- Moomoo News AU
Wall Street Summary
U.S. stocks closed higher Thursday, extending their gains into a second day, bolstered by waning concerns about global banks and growing hopes that the Federal Reserve could soon pause its interest-rate increases.
The tech-heavy $Nasdaq Composite Index (.IXIC.US)$ rose 87.24 points, or 0.7%, to 12013.47. The broad $S&P 500 Index (.SPX.US)$ added 23.02 points, or 0.6%, to 4050.83. The $Dow Jones Industrial Average (.DJI.US)$ gained 141.43 points, or 0.4%, to 32859.03.
The S&P 500 ended at its highest close since mid February.
AU Market Watch
10 sectors were in the green, with materials performing the best, surging over 5 per cent. The utilities sector jumped 3.7 per cent.
The best performing stock was $De Grey Mining Ltd (DEG.AU)$. Its shares were up 4.4 per cent. Afterpay parent $Block Inc (SQ2.AU)$ rose 3.5 per cent.
Harvey Norman was the worst performing stock, falling 3 per cent. $HMC Capital Ltd (HMC.AU)$ shares dropped 2.7 per cent.
The financials sector gained, $CommBank (CBA.AU)$ shares were up 0.7 per cent. $Westpac Banking Corp (WBC.AU)$ increased 0.2 per cent. $ANZ Group Holdings Ltd (ANZ.AU)$ rose 0.5 per cent. $National Australia Bank Ltd (NAB.AU)$ shares firmed 0.1 per cent.
$BHP Group Ltd (BHP.AU)$ shares were up 2.1 per cent to $47.05.
Stocks to Watch
$Civmec Ltd (CVL.AU)$: Civmec has been awarded $100 million worth of new contracts to carry out manufacturing, construction and maintenance activities for the resources sectors.
That includes three new contracts for Albermarle's proposed Lithium Kemerton Expansion Project, and two packages of work for Fortescue Metals Group.
That brings Civmec's total order book to $1.2 billion as of March 30.
$Rio Tinto Ltd (RIO.AU)$: Rio Tinto and First Quantum Minerals have entered into an agreement to form a joint venture that will work to unlock the development of the La Granja copper project in Peru, one of the largest undeveloped copper deposits in the world.
Under the proposed transaction, First Quantum will acquire a 55 per cent stake in the project for $105 million. It will commit to further invest up to $546 million into the joint venture to fund capital and operational costs to take the project through a feasibility study and towards development.
$Bravura Solutions Ltd (BVS.AU)$: Bravura Solutions has announced chairman Neil Broekhuizen's retirement, with Andrew Russell immediately appointed to replace him as interim chairman.
The company's board thanked Broekhuizen for his "dedicated service" to the business in a statement.
Broekhuizen has served as Bravura chairman since August 2019.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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