AU Morning Wrap: ASX Gains, Nanosonics Dives 36%

Moomoo News AU wrote a column · Jan 23 17:47

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 bags another record close
• ASX gains, Nanosonics dives 36pc
• Stocks to watch: Nanosonics, Core Lithium, Pilbara Minerals
- Moomoo News AU

AU Morning Wrap: ASX Gains, Nanosonics Dives 36%

Wall Street Summary

The S&P 500 set a third consecutive record Tuesday as earnings season picked up steam.

Investors were quick to reward some companies and punish others, sending shares of United Airlines Holdings up 5.3 per cent and 3M's stock down 11 per cent.

Overall, shares of big U.S. companies edged higher, with the S&P 500 adding 0.3 per cent. The tech-heavy Nasdaq Composite gained 0.4 per cent. The Dow Jones Industrial Average slipped 0.3 per cent, or about 96 points, pulling back after closing above 38000 for the first time Monday. The blue-chip index was stung by the decline in 3M as well as pullbacks in shares of Goldman Sachs Group and Home Depot.

AU Market Watch

Australian shares extended gains at the open as the S&P 500 notched its third consecutive record high amid mixed quarterly reports ahead of the "Magnificent 7" group of megacap companies.

The benchmark $S&P/ASX 200 (.XJO.AU)$ rose 0.2 per cent to 7530 with only two out of the 11 sectors in the green. Miners and energy companies jumped, offsetting losses in tech and healthcare.

$Fortescue Ltd (FMG.AU)$ rallied 2.5 per cent and $BHP Group Ltd (BHP.AU)$ rose 1.8 per cent. $Rio Tinto Ltd (RIO.AU)$ gained 1.6 per cent as it entered a 25-year purchase agreement with European Energy Australia to buy all electricity from the countr's largest solar farm.

Uranium and lithium miners also advanced with $Boss Energy Ltd (BOE.AU)$ up 2.2 per cent and $Core Lithium Ltd (CXO.AU)$ up 5 per cent.

Stocks to Watch

$Nanosonics Ltd (NAN.AU)$: Nanosonics was the biggest laggard, down 36 per cent after missing sales guidance for the six months to December 31.

$BWP Trust (BWP.AU)$: BWP Trust slumped 2 per cent and Newmark Property REIT flew 38 per cent higher after the two agreed terms to an all-scrip merger in a $2.5 billion deal.

$AUB Group Ltd (AUB.AU)$: Listed insurance aggregator AUB Group fell 2 per cent as it completed the refinancing of $850 million of debt.

$Woodside Energy Group Ltd (WDS.AU)$: Woodside Energy edged up 0.2 per cent after posting a record output in 2023 which lifted quarterly revenue to $3.35 billion.

$Northern Star Resources Ltd (NST.AU)$: Northern Star Resources climbed 6.2 per cent after confirming guidance, thanks to an "exceptional" performance at Kalgoorlie which offset cost headwinds.

$Pilbara Minerals Ltd (PLS.AU)$: Pilbara Minerals jumped 6.3 per cent on plans to cut capital expenditure guidance by up to 10 per cent as lithium prices collapse. It also warned it is unlikely to pay a dividend for the six months to December 2023.

Trading Ex-div: $5G Networks Ltd (5GN.AU)$, $Mirrabooka Investments Ltd (MIR.AU)$, $Alternative Investment Trust (AIQ.AU)$

Dividends Paid: $Premier Investments Ltd (PMV.AU)$

Listing: None

Economic Calendar (AEDT):

9:00 am: Australia Manufacturing and Services PMI (Jan)

10:50 am: Japan Balance of Trade (Dec)

8:00 pm: Eurozone Manufacturing and Services PMI (Jan)

2:00 am: Canada Interest Rate Decision

Source: Dow Jones Newswires, AFR

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