AU Morning Wrap: ASX Rises; Health Care Stocks Rally
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 finishes higher for fifth straight week
• ASX rises, buoyed by health care and consumer staple stocks
• Stocks to watch: United Malt, Karoon Energy, Star Entertainment
- Moomoo News AU
Wall Street Summary
The S&P 500 notched its fifth consecutive weekly gain, the longest such streak since autumn 2021, before the Fed began raising borrowing costs to cool inflation. The tech-loaded Nasdaq Composite had its eighth consecutive weekly gain, which hasn't happened since early 2019, according to Dow Jones Market Data.
On Friday, the $S&P 500 Index (.SPX.US)$ shed 0.4%. A decline in tech stocks outweighed gains in utilities, materials and consumer staples. The $Dow Jones Industrial Average (.DJI.US)$ fell 0.3%, or about 109 points. The $Nasdaq Composite Index (.IXIC.US)$ lost 0.7%.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ rose 0.2 per cent, or 12.1 points to 7263.3 at market open, buoyed by health care and consumer staple stocks.
The health care sector rallied over 1 per cent, led by gains in $CSL Ltd (CSL.AU)$. CSL shares rose 1.5 per cent and was among the best performing large cap stocks. $ResMed Inc (RMD.AU)$ increased 1.1 per cent, $Cochlear Ltd (COH.AU)$ rose 0.6 per cent. $Fisher & Paykel Healthcare Corp Ltd (FPH.AU)$ rose 0.9 per cent.
Consumer staple stocks rose 1.2 per cent. $Woolworths Group Ltd (WOW.AU)$ added 1.6 per cent. $Coles Group Ltd (COL.AU)$ increased 1 per cent. $Treasury Wine Estates Ltd (TWE.AU)$ shares were up 1 per cent.
$The Star Entertainment Group Ltd (SGR.AU)$ shares jumped 5.2 per cent.
$Karoon Energy Ltd (KAR.AU)$ rose 2.5 per cent after the oil producer revised its FY23 production guidance. The company is now forecasting production of 7 to 7.1 million barrels of oil. That compares to a previous guidance of 7 to 7.7 MMbbl.
$United Malt Group Ltd (UMG.AU)$ shares were up 2.8 per cent after The Australian Financial Review's Street Talk column revealed overnight that the company's KKR-backed suitor Malteries Soufflet is expected to take until the end of June – at the earliest – to complete due diligence, as shareholders sit tight ahead of a binding bid.
Stocks to Watch
$Austal Ltd (ASB.AU)$: Ship builder Austal has announced that its United States division has won a $US71.7 million ($104 million) contract with the US Navy for the construction of a Navajo class ship.
The company is now under contract for five of these ships.
$Pointsbet Holdings Ltd (PBH.AU)$: PointsBet board says it will engage with $DraftKings (DKNG.US)$, following the latter's last-minute $US195 million ($283 million) proposal to acquire Pointbet's US business.
DraftKings emerged as a late bidder on Friday evening for PointsBet's business in the United States, lobbing an offer that tops a previous bid, a $US150 million offer from Florida-headquartered Fanatics.
$Pantoro Ltd (PNR.AU)$: Eastern Goldfields miner Pantoro has announced that it has secured a four-year $55 million loan facility with Nebari Partners to replace existing debt facilities held by the company and Tulla Resources.
$Regis Healthcare Ltd (REG.AU)$: Aged care provider Regis Healthcare has entered into a binding agreement with Hesperia to sell its Hollywood retirement village in Western Australia and a neighbouring development site for $53 million.
$Hansen Technologies Ltd (HSN.AU)$: Hansen Technologies has announced that long-term chief executive officer Andrew Hansen will transition into the role of chief financial officer.
The company says Hansen will remain as managing director of the company in order to "focus on Hansen's strategic growth activities."
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Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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