AU Morning Wrap: ASX Back Above 7000 as Energy Stocks Gain

Major U.S. stock indexes initially looked set for declines but rebounded in afternoon trading as the Israeli military retook several towns from Hamas control. The $S&P 500 Index (.SPX.US)$ added 0.6%, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ gained 0.4%. The $Dow Jones Industrial Average (.DJI.US)$ rose 0.6%, or 197 points.

The $S&P/ASX 200 (.XJO.AU)$ rose 52 points, or 0.8 per cent, at open to 7022. The All Ordinaries posted similar early gains. All 11 sectors opened in the green, led by utilities stocks, which were up 3.4 per cent.

$Origin Energy Ltd (ORG.AU)$: Origin Energy is up 4.9 per cent. Australia's competition watchdog has authorised the $18.7 billion buyout of ASX energy giant by Brookfield and MidOcean.

$Newcrest Mining Ltd (NCM.AU)$: Newcrest Mining is down 1.3 per cent. The takeover target is set to appear in court for a second time on October 17 to approve its proposed buyout by global gold mining giant Newmont. The deal still requires shareholder approval.

$Lynas Rare Earths Ltd (LYC.AU)$: Chairman of Lynas Rare Earths, Kathleen Conlon is stepping down from her role at the end of November after 12 years with the WA miner.