AU Evening Wrap: ASX Bounces; South32 Rallies, Gold Miners Fall
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 1.1% higher at 7649.2, with all but one sector in the green, as the market rallied amid signs of no further escalation in Middle East tensions.
Energy stocks fell 1.5%, with losses led by $Woodside Energy Group Ltd (WDS.AU)$, which shed 2.6%. $Karoon Energy Ltd (KAR.AU)$ fell 2.4%. $Boss Energy Ltd (BOE.AU)$ rose 3.7% after saying it had produced its first drum of uranium at its Honeymoon project.
Healthcare was the day's best-performing sector, rising 2.0%, with consumer staples and tech other standouts, both rising 1.5%. Telecom services put on 1.7%, $South32 Ltd (S32.AU)$ was the day's biggest gainer, rising 5.6% after saying it expects restart to Gemco Wharf operations. $The Star Entertainment Group Ltd (SGR.AU)$ fell 1.2% as an inquiry in New South Wales state continues. The ASX 200 fell 2.8% last week.
Top News
Gold Retreats as Middle East Tensions Ease
Gold retreated as geopolitical tensions eased in the Middle East. This pared haven demand and traders looked ahead to US data that will shed light on the outlook for monetary policy.
Air New Zealand Downgrades Earnings, Again
Air New Zealand has blamed weak domestic demand and increased competition on North American routes for another downgrade to earnings guidance this financial year.
Copper Nears $US10,000/Tonne
Copper edged closer to $US10,000 a tonne after an April rally fuelled by bets that a recovering global economy would lift demand for industrial materials.
Source: Dow Jones Newswires, AFR, ASX
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