AU Evening Wrap: ASX 200 Hits Record on Metal and Oil Surge
Market Performance
Australia's $S&P/ASX 200(.XJO.AU$ rose 0.3% to 8114.7, closing at a record high for the second consecutive day after the U.S. Federal Reserve indicated a potential interest rate cut next month.
Nine of the 11 ASX 200 sectors advanced, with real estate, tech, and energy leading the gains. Major real-estate companies $Stockland Corp Ltd(SGP.AU$, $Scentre Group(SCG.AU$, and $Goodman Group(GMG.AU$ rose between 0.2% and 3.8%. Software providers $WiseTech Global Ltd(WTC.AU$ and $Xero Ltd(XRO.AU$ increased by 1.4% and 1.5%, respectively. Energy companies $Santos Ltd(STO.AU$, $Woodside Energy Group Ltd(WDS.AU$, and $Beach Energy Ltd(BPT.AU$ added between 0.6% and 2.0% due to higher oil prices. Meanwhile, the financial sector saw a pullback, with $Westpac Banking Corp(WBC.AU$, $CommBank(CBA.AU$, and $National Australia Bank Ltd(NAB.AU$ declining between 0.3% and 1.4%.
Top News
Oil Prices Rise Amid Geopolitical Tensions Following Assassination
Oil prices continued to climb after the assassination of Hamas' political chief in Tehran, with Iran's supreme leader vowing revenge on Israel. Helima Croft of RBC Capital Markets warned that the situation could escalate into a wider conflict, potentially disrupting regional energy supplies. Brent crude increased by 1% to $81.54 a barrel, following a 2.8% gain in the previous session. Energy stocks on the ASX rose 1.2%, with Woodside leading at a 1.5% increase to $28.02.
Competition Watchdog Clears Louis Dreyfus' Namoi Cotton Acquisition
Australia's competition watchdog approved Louis Dreyfus' proposed acquisition of $Namoi Cotton Ltd(NAM.AU$, despite earlier concerns about reduced competition in the cotton-ginning services sector. Shares rose 7.4% to 73¢.
DroneShield Completes $120M Capital Raise, Shares Drop 14.8%
Defence tech dealer $Droneshield Ltd(DRO.AU$ completed a $120 million capital raise at $1.15 per share. Following the resumption of trading on Thursday, shares fell 14.8% to $1.19.
Bravura Solutions Up 2.2% on Potential $75.3M Shareholder Return
$Bravura Solutions Ltd(BVS.AU$, a provider of back-office software for financial services, saw its shares rise 2.2% to $1.17 after suggesting it could return up to $75.3 million to shareholders.
Monadelphous Group Drops Following Contract Termination
$Monadelphous Group Ltd(MND.AU$ shares fell 4.9% to $12.33 after the termination of its contract with Albemarle, due to the mining giant halting its lithium-processing expansion in WA.
Source: Dow Jones Newswires, AFR, ASX
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