AU Morning Wrap: ASX Jumps 1.2%, Whitehaven Rallies 4%

Moomoo News AU wrote a column · Jan 18 17:38

G'day, mooers! Check out the latest news on today's stock market!
• AI optimism lifts S&P 500
• ASX jumps 1.2%, tech in demand, Whitehaven rallies
• Stocks to watch: Whitehaven, Michael Hill International, Mesoblast
- Moomoo News AU

AU Morning Wrap: ASX Jumps 1.2%, Whitehaven Rallies 4%

Wall Street Summary

Rising technology shares powered major indexes higher on Thursday.

The $S&P 500 Index (.SPX.US)$ rose 0.9 per cent, while the $Nasdaq Composite Index (.IXIC.US)$ gained 1.3 per cent. The $Dow Jones Industrial Average (.DJI.US)$ advanced 0.5 per cent, or 202 points, snapping a three-session losing streak.

AU Market Watch

Australian shares jumped, tracking a tech rally on Wall Street after a solid US labour data report bolstered optimism about the economy with investors brushing aside doubts about how soon the Federal Reserve will start cutting interest rates.

At the opening bell, the $S&P/ASX 200 (.XJO.AU)$ climbed 85 points, or 1.2 per cent to 7431.5, pulling away from Thursday's one-month low. The All Ordinaries gained a similar margin.

All 11 sectors flashed green with tech the big winner, up 1.8 per cent. Heavy weight miners $BHP Group Ltd (BHP.AU)$, $Rio Tinto Ltd (RIO.AU)$ and $Fortescue Ltd (FMG.AU)$ advanced more than 1 per cent, likewise for the big banks. $Paladin Energy Ltd (PDN.AU)$ and $Origin Energy Ltd (ORG.AU)$ were among the rare losers.

Stocks to Watch

$Whitehaven Coal Ltd (WHC.AU)$: Whitehaven leapt 4.4 per cent after the company said it was on track to meet full-year coal production guidance, despite geological challenges and a major train derailment in December.

$Synlait Milk Ltd (SM1.AU)$: Synlait Milk rose 0.6 per cent after increasing its 2023/2024 season milk price forecast to $NZ7.50 ($6.98) per kilo milk solid (kgMS) from $NZ7.25 thanks to higher dairy prices.

$Michael Hill International Ltd (MHJ.AU)$: Michael Hill International dropped 2.3 per cent after flagged lower profit margins due to challenging conditions.

$Mesoblast Ltd (MSB.AU)$: Mesoblast leapt 26 per cent after receiving the nod from the US Food and Drug Administration (FDA) for cell therapy Revascor to treat a rare pediatric disease.

Trading Ex-div: $Kelly Partners Group Holdings Ltd (KPG.AU)$

Dividends Paid: $Charter Hall Social Infrastructure REIT (CQE.AU)$

Listing: None

Economic Calendar (AEDT):

10:30 am: Japan Inflation (Dec)

6:00 pm: UK Retail Sales (Dec)

2:00 am: US Consumer Sentiment (Jan)

Source: Dow Jones Newswires, AFR

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