AU Morning Wrap: ASX Rallies; CBA Rises on A$2.5bn First Quarter Profit

Moomoo News AU wrote a column · Nov 13, 2023 17:53

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 holds steady
• CBA reports A$2.5bn first quarter profit
• Stocks to watch: CBA, OFX Group, ALS
- Moomoo News AU

AU Morning Wrap: ASX Rallies; CBA Rises on A$2.5bn First Quarter Profit

Wall Street Summary

A large order for jets helped boost Boeing shares Monday in an otherwise quiet day for U.S. markets ahead of key inflation data.

Given a lift by Boeing, the $Dow Jones Industrial Average(.DJI.US)$ rose 0.2 per cent, or roughly 55 points. The $S&P 500 Index(.SPX.US)$ slipped 0.1 per cent, while the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ fell 0.2 per cent.

AU Market Watch

$S&P/ASX 200(.XJO.AU)$ rallied 0.8 per cent minutes after trading opened, buoyed by a rebound in commodity prices as investors await key US inflation data for clues on whether interest rates have peaked.

Ten out of the index's 11 sectors flashed green, with energy and materials leading gains. Utilities was the only underperforming category.

Shares in mining giants BHP Group, Rio Tinto and Fortescue lifted more than 1 per cent each. Gold and lithium producers also rose. On Monday, iron ore futures extended gains into a fourth straight session on optimism about China's troubled property sector.

The major banks advanced except NAB which slumped 2.6 per cent.

Stocks to Watch

$CommBank(CBA.AU)$: Shares in Commonwealth Bank gained 0.9 per cent after it lifted statutory profit by 1 epr cent to $2.5 billion in the September quarter even as its profit margin was crunched further.

$Telstra Group Ltd(TLS.AU)$: Telstra edged up 0.4 per cent after it confirmed underlying earnings of $8.2 billion to $8.4 billion for fiscal 2024.

$OFX Group Ltd(OFX.AU)$: Online foreign exchange and payments company OFX Group dropped 8.5 per cent as investors shrugged off a 5 per cent gain in statutory profit in the six months to September.

L $ALS Ltd(ALQ.AU)$: aboratory services giant ALS jumped 6 per cent. It posted a nearly 10 per cent drop in statutory net profit in the first half of fiscal 2024, and lowered its dividend and guidance.

$Telix Pharmaceuticals Ltd(TLX.AU)$: Telix Pharmaceuticals gained 2.1 per cent as it is planning to buy US-based therapeutic company QSAM Biosciences for a total of $US123 million ($193 million) in cash and equity.

$Bank of Queensland Ltd(BOQ.AU)$: Bank of Queensland (BoQ) advanced 0.5 per cent. The regional lender plans to redeem $100 million of capital notes originally issued by Members Equity in 2018.

$Origin Energy Ltd(ORG.AU)$: Origin Energy shed 1.7 per cent following another twist in its takeover battle. An eleventh-hour effort by Origin's two North American suitors to overcome the stubborn opposition of Origin’s biggest shareholder, AustralianSuper, to their $20 billion takeover by bringing it into the bid consortium has foundered just hours after the offer was made.