AU Morning Wrap: ASX Jumps 1.1% in Broad Rally; Tech Climbs
G'day, mooers! Check out the latest news on today's stock market!
• megacap tech boosts Nasdaq
• ASX jumps 1.1% in broad rally
• Stocks to watch: Alumina, ANZ
- Moomoo News AU
• megacap tech boosts Nasdaq
• ASX jumps 1.1% in broad rally
• Stocks to watch: Alumina, ANZ
- Moomoo News AU
Wall Street Summary
U.S. stocks posted solid gains Monday, easing investor anxieties after the market's rough start to 2024 last week.
Both the $S&P 500 Index(.SPX.US$ and the $Nasdaq Composite Index(.IXIC.US$ logged their best days since November, climbing 1.4 per cent and 2.2 per cent, respectively.
Large technology companies were at the forefront of the rally, just as they were the major driver of last week's declines and 2023's gains. All of the so-called Magnificent Seven stocks climbed more than 1 per cent, with chip maker Nvidia jumping 6.4 per cent.
AU Market Watch
Australian shares opened higher, tracking strong gains on Wall Street after a rebound in the tech sector.
The benchmark $S&P/ASX 200(.XJO.AU$ jumped 80.1 points, or 1.1 per cent, to 7531.6 in the first half an hour of trade as all 11 sectors climbed. The All Ordinaries climbed by a similar amount.
Stocks to Watch
$Alumina Ltd(AWC.AU$: Shares of Alumina have been placed in a trading halt pending an announcement. Bloomberg reported that Alcoa is preparing to announce that production will be curtailed at its Kwinana alumina refiner in Western Australian as part of cost-cutting measures.
Alumina owns a 40 per cent stake in the Alcoa World Alumina and Chemicals, with Alcoa owning the remaining 60 per cent.
Alumina shares will remain in trading halt until either January 10 or when the company makes an announcement to the market.
$Worley Ltd(WOR.AU$: Trading in Worley shares have been temporarily paused pending a further announcement amid reports of allegations of "illegality and bad faith" by an Ecuadorian tribunal.
Last December, Worley said it was reviewing its options after claims of unpaid bills worth $700 million by state-owned Petroecuador to a local subsidiary were dismissed by an international arbitration tribunal.
$ANZ Group Holdings Ltd(ANZ.AU$: ANZ Bank is seeking 10-year Australian-dollar subordinated debt. The tier 2 offer, comprising fixed and floating rate notes, is marketed at a margin around 205 basis points over swap. It is callable after five years and is expected to be rated Baa1 by Moody’s, BBB+ by S&P and A- by Fitch. ANZ is solely leading the transaction.
$Panoramic Resources Ltd(PAN.AU$: Administrators in charge of Panoramic Resources have called a halt to mining as the nickel price further weakens and pressure builds on mines owned by BHP and Andrew Forrest.
Mining will come to a halt at Panoramic's Savannah mine in Western Australia in the next few days with about 140 jobs to go within the company. More than 200 workers employed by contractors also face the chop.
Dividends Paid: None
Listing: None
Economic Calendar (AEST):
11:30 am: Australia Building Permits (Nov)
11:30 am: Australia Retail Sales (Nov)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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