AU Morning Wrap: ASX Jumps 1.4%, Miners Shine
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• Cruise liners help pull the S&P 500 higher despite surging gas prices
• ASX jumps 1.4%, miners shine
• Stocks to watch: Ramelius Resources, Ramsay Health Care, Qantas
- Moomoo News AU
• Cruise liners help pull the S&P 500 higher despite surging gas prices
• ASX jumps 1.4%, miners shine
• Stocks to watch: Ramelius Resources, Ramsay Health Care, Qantas
- Moomoo News AU
Wall Street Summary
Investors shrugged off rebounding inflation Thursday, scooping up stocks in a bet that a strong U.S. consumer and resilient labor market will keep the market humming.
The $S&P/ASX 200(.XJO.AU$ added 0.8%, with all 11 of its sectors finishing in the green. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ also rose 0.8%, and the $Dow Jones Industrial Average(.DJI.US$ gained 1%.
AU Market Watch
The $S&P/ASX 200(.XJO.AU$ climbed 1.4 per cent minutes after it opened on Friday, tracking a Wall Street rally when hotter-than-expected US economic data eased worries about a recession.
All 11 sectors rose with miners gaining the most after iron ore prices jumped to six- month-highs. $BHP Group Ltd(BHP.AU$, $Rio Tinto Ltd(RIO.AU$, and $Fortescue Ltd(FMG.AU$ stormed more than 3 per cent higher. All the major banks also gained.
Qantas advanced 1.3 per cent defying another blow by the competition regulator. The ACCC has denied Qantas the right to tie up with China Eastern Airlines saying the collaboration would give the airline too much power to drive up prices.
Ramsay Health Care rose 1.1 per cent despite a rating downgrade by Fitch to BBB-.
Wholesale retailer Metcash edged up 0.4 per cent. It reported a small 1.7 per cent gain in total group sales in the first seven weeks of fiscal 2024, saying that the increased cost of living affected shoppers' behaviour.
Gold miner Ramelius Resources jumped 3.1 per cent after reporting encouraging results from its Penny mine site.
Alliance Aviation Services lifted 1.3 per cent after winning a five-year contract extension with BHP Iron Ore.
Stocks to Watch
$Qantas Airways Ltd(QAN.AU$: The Australian Competition and Consumer Commission (ACCC) has denied Qantas the right to tie up with China Eastern Airlines saying the collaboration would give the airline too much power to drive up prices.
$Metcash Ltd(MTS.AU$: Wholesale retailer Metcash posted a small 1.7 per cent gain in total group sales in the first seven weeks of fiscal 2024 as increased cost of living affected shoppers’ behaviour.
Food sales jumped 6 per cent, but tobacco fell 11 per cent due to rising illicit trade and a decline in smoking.
The group declared a record $308 million in underlying profit after tax in fiscal 2023, taking earnings per share up 6.4 per cent to 31.8¢. Dividends climbed 5 per cent to 22.5¢ fully franked.
$Alliance Aviation Services Ltd(AQZ.AU$: Alliance Aviation Services won a five-year contract extension with BHP Iron Ore to provide 14 air services a week between Perth and the mining sites of Coondewanna and Barimunya.
$Ramelius Resources Ltd(RMS.AU$: Gold miner Ramelius Resources reported an 18 per cent increase in the production of one of its mines at the Penny Gold site in June.
Listing: None
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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