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-- 87.317 AU Morning Wrap: ASX Rises; BHP, Fortescue Metals Shares Rally
G'day, mooers! Check out the latest news on today's stock market!
• Rally in energy, entertainment stocks powers market higher
• ASX rises; miners bounce back from sell-off
• Stocks to watch: Pilbara Minerals, Monadelphous, BHP
- Moomoo News AU
Wall Street Summary
Stocks climbed to start the week, extending the Dow's winning streak to its longest in six years, while a blowout weekend at the box office lifted cinema stocks and pointed to strength in the consumer economy.
The broad $S&P 500 Index (.SPX.US)$ rose 0.4% Monday, and the $Nasdaq Composite Index (.IXIC.US)$ added 0.2%. The $Dow Jones Industrial Average (.DJI.US)$ gained 183.55, or 0.5%, its 11th consecutive day of gains.
AU Market Watch
The $S&P/ASX 200 (.XJO.AU)$ advanced 0.3 per cent, or 23 points to 7329.4 at market open, following Wall Street's gains from overnight.
The materials sector was the best performing, bouncing back from Monday's sell-off. $BHP Group Ltd (BHP.AU)$ shares rallied 2.3 per cent, $Fortescue Ltd (FMG.AU)$ 3.7 per cent and $Rio Tinto Ltd (RIO.AU)$ advanced 2.3 per cent.
Iron ore futures traded higher on the Singapore exchange in early morning trading, up 0.9 per cent to $US113.65 a tonne on the August contract.
Energy stocks also climbed, tracking a higher oil price. $Woodside Energy Group Ltd (WDS.AU)$ shares added 1.1 per cent, $Santos Ltd (STO.AU)$ rose 0.7 per cent and $Ampol Ltd (ALD.AU)$ increased 0.7 per cent.
Gold miner $Newcrest Mining Ltd (NCM.AU)$ edged up 0.7 per cent after reporting that its gold production increased by 9 per cent when compared to the previous period. All in sustaining costs were recorded at $1196 per ounce for the quarter, up 20 per cent from the prior period.
Lithium explorer $Pilbara Minerals Ltd (PLS.AU)$ advanced 2 per cent even as it revealed that it was hit by a 33 per cent drop in spodumene concentrate prices in the June quarter.
Construction company $Monadelphous Group Ltd (MND.AU)$ shares jumped 4.3 per cent after it sealed a $200 million contract with lithium explorer Albemarle.
Stocks to Watch
$Pilbara Minerals Ltd (PLS.AU)$: Pilbara Minerals expects to settle on a new partner in downstream lithium processing within the next five months as it continues to boost production at its Pilgangoora mine in Western Australia.
Dale Henderson-led Pilbara Minerals was hit by a 33 per cent drop in spodumene concentrate prices in the June quarter that took the shine off the company setting new production and sales benchmarks.
$29Metals Ltd (29M.AU)$: 29Metals says total site costs at its flagship Golden Grove mine were lower despite higher production figures in the June quarter.
The company added that total capital costs were tracking towards the bottom end of its 2023 guidance range.
$Monadelphous Group Ltd (MND.AU)$: Construction company Monadelphous has sealed a $200 million contract with lithium explorer Albemarle.
Monadelphous says the contract will be associated with Albemarle's expansion of its Kemerton lithium hydroxide plant in the south-west
region of Western Australia.
$Newcrest Mining Ltd (NCM.AU)$: Newcrest Mining says gold production increased by 9 per cent when compared to the previous period, according to the miner's June quarter report.
All in sustaining costs were recorded at $1196 per ounce for the quarter, up 20 per cent from the prior period. The increase in costs were attributed to higher capital expenditure at its Lihir mine in Papua New Guinea, Cadia mine near Orange in NSW and Red Chris operation in Canada and a lower realised copper price.
Dividends Paid: None
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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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