AU Morning Wrap: ASX Jumps at Open; Westpac, Lynas Rally

Moomoo News AU wrote a column · May 8, 2023 08:24

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 snaps 4-day losing streak, Apple shares soar on earnings beat
• ASX opens 0.3% higher
• Stocks to watch: Westpac, Lynas Rare Earths, Pilbara Minerals
- Moomoo News AU

AU Morning Wrap: ASX Jumps at Open; Westpac, Lynas Rally

Wall Street Summary

Stocks ripped higher Friday on the back of an upbeat jobs report, capping a tumultuous week that saw regional bank stocks buckle even after JPMorgan ChaseFirst Republic Bank FRCB 8.52%increase; green up pointing triangle

Risk appetite returned after Apple

The $S&P 500 Index (.SPX.US)$ closed up 1.8%. The $Dow Jones Industrial Average (.DJI.US)$ rallied 546.64 points, or 1.7%, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ rose 2.2%.

AU Market Watch

The $S&P/ASX 200 (.XJO.AU)$ jumped 0.33 per cent in the opening minutes of trade, buoyed by energy and materials stocks.

$Westpac Banking Corp (WBC.AU)$ rallied 3.2 per cent to $22.04 after its first-half profit jumped 22 per cent to $4 billion.

Lynas Rare Earths jumped 12.3 per cent to $7.39 after announcing that its Malaysian operating licence to import and process lanthanide concentrate is now valid until January 1, 2024.

ALS fell 0.9 per cent to $12.78 after appointing Malcolm Deane as managing director and chief executive.

GQG Partners firmed 1.4 per cent to $1.44 following its funds under management report which showed net inflows of $US5.4 billion in the first four months of this year.

Lithium stocks climbed as prices of the battery material in China continued to recover amid signs of improvement in the electric vehicle (EV) market; $Pilbara Minerals Ltd (PLS.AU)$ added 6.4 per cent to $4.68 and $Lake Resources NL (LKE.AU)$ climbed 5 per cent to 52.5¢.

Stocks to Watch

$Lynas Rare Earths Ltd (LYC.AU)$: Lynas Rare Earths' Malaysian operating licence to import and process lanthanide concentrate is now valid until January 1, 2024.

This change has been made by the Minister of the Ministry of Science, Technology and Innovation (MOSTI) in response to the appeals filed by Lynas. The MOSTI minister has otherwise dismissed Lynas' appeals.

$Westpac Banking Corp (WBC.AU)$: Westpac has posted a net profit of $4 billion for the first half, up 22 per cent on the same period last year.

The bank's net interest margin was up 5 basis points to 1.96 per cent.

Westpac declared a fully franked interim dividend of 70¢ a share, up 15 per cent on the first half of 2022.

$GQG Partners Inc (GQG.AU)$: GQG Partners reported net inflows of $US5.4 billion in the first four months of this year.

The firm's total funds under management (FUM) increased to $US98.6 billion by April 30, from $US94.5 billion on March 31.

$ALS Ltd (ALQ.AU)$: Testing and certification company ALS has appointed Malcolm Deane as managing director and chief executive, effective immediately.

Mr Deane was most recently the company's global chief strategy officer responsible for corporate strategy, business development and acquisitions.

He will be based in Houston, Texas, and travel to Australia as required to perform his duties.

Trading Ex-div: $NAOS Absolute Opportunities Co Ltd (NAC.AU)$, $NAOS Small Cap Opportunities Co Ltd (NSC.AU)$

Dividends Paid: None

Listing: None

Source: Dow Jones Newswires, AFR

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more