AU Morning Wrap: ASX Rises; GQG Partners Shares Rally Over 5%
G'day, mooers! Check out the latest news on today's stock market!
• A soft corporate-earnings season poses next test for stock market rally
• ASX rises; GQG Partners, Block shares rally
• Stocks to watch: De Grey Mining, GQG Partners, Block
- Moomoo News AU
Wall Street Summary
The market faces its next test this week when the quarterly earnings season kicks off and investors begin to assess whether U.S. stocks can defend their rally against a backdrop of depressed corporate profits.
Companies have been battling persistent inflation, strained consumer demand and the Federal Reserve's interest-rate increases for more than a year. Investors are looking to this next round of reports for insights into how corporate profits are holding up and whether that makes stocks look expensive relative to their value.
U.S. stocks have defied expectations to rally in 2023, with the $S&P 500 Index (.SPX.US)$ up 15% and the $Nasdaq Composite Index (.IXIC.US)$ up 31%, logging its best start to a year in four decades.
AU Market Watch
The Australian sharemarket rebounded at the opening bell on Monday after having been hit hard on Friday.
The benchmark $S&P/ASX 200 (.XJO.AU)$ index was up 0.5 per cent or 31.6 points to 7073.9 at market open, buoyed by the materials and energy sectors.
Mining stocks rallied 1 per cent after gold producers reported strong gains. $De Grey Mining Ltd (DEG.AU)$ shares rose 3 per cent, $Regis Resources Ltd (RRL.AU)$ increased 2.8 per cent, $Newcrest Mining Ltd (NCM.AU)$ was up 1.8 per cent and $Silver Lake Resources Ltd (SLR.AU)$ jumped 3.3 per cent.
Iron ore giants were also in the green. $BHP Group Ltd (BHP.AU)$ shares rose 0.9 per cent, $Fortescue Ltd (FMG.AU)$ climbed 0.9 per cent, $Rio Tinto Ltd (RIO.AU)$ added 0.6 per cent.
The energy sector was up 1.2 per cent. $Woodside Energy Group Ltd (WDS.AU)$ shares rallied 1.3 per cent, $Santos Ltd (STO.AU)$ rose 1.1 per cent, $Yancoal Australia Ltd (YAL.AU)$ added 1.5 per cent and $Whitehaven Coal Ltd (WHC.AU)$ climbed 1.5 per cent.
Fund manager GQG Partners shares rallied 5.8 per cent after it reported a $US5.6 billion ($8.4 billion) boost to its funds under management for the month of June. Total funds under management was at $US104.1 billion, up from the $US98.5 billion recorded in May.
Stocks to Watch
$GQG Partners Inc (GQG.AU)$: Fund manager GQG Partners has reported a $US5.6 billion ($8.4 billion) boost to its funds under management for the month of June.
Total funds under management was at $US104.1 billion, up from the $US98.5 billion recorded in May.
GQG says its net outflows were at $US6.2 billion as of June 30, down from the $6.3 billion for the same period in 2022.
$Patriot Battery Metals Inc (PMT.AU)$: Lithium producer Patriot Battery Metals has entered into a trading halt to respond to speculation that it's in talks to merge with the larger Pilbara Minerals.
$Westpac Banking Corp (WBC.AU)$: Westpac is replacing Bill Evans as its chief economist, appointing Reserve Bank assistant governor Luci Ellis. Evans has been the bank's chief economist since 1991.
$Tivan Ltd (TVN.AU)$: Critical minerals hopeful Tivan has entered into a trading halt.
Its securities are expected to remain in trading halt until Wednesday.
It was granted a parcel of land by the Northern Territory government in June as part of the Middle Arm Point sustainable development precinct.
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
Comment
Sign in to post a comment
Moomoo News Official Account
Australian stock market news that is available at your fingertips
4182Followers
6Following
124KVisitors
Follow