AU Morning Wrap: ASX Rises, Imugene Powers Up After FDA Approval

Moomoo News AU joined discussion · Nov 27, 2023 17:52

G'day, mooers! Check out the latest news on today's stock market!
• US stocks slip, pausing November rally
• ASX rises, Imugene powers up after FDA approval
• Stocks to watch: Collins Foods, Westgold Resources, Imugene
- Moomoo News AU

AU Morning Wrap: ASX Rises, Imugene Powers Up After FDA Approval

Wall Street Summary

U.S. stocks inched down Monday, interrupting their November rally.

The $S&P 500 Index(.SPX.US)$ declined 0.2 per cent. The $Dow Jones Industrial Average(.DJI.US)$ pulled back about 57 points, or 0.2 per cent. The $Nasdaq Composite Index(.IXIC.US)$ edged less than per cent 0.1% lower.

All three major U.S. stock indexes are on track for the best monthly performances in more than a year after four consecutive weeks of gains. Monday's market action follows the Thanksgiving holiday and a shortened Black Friday session.

Investors have pushed stocks higher in recent weeks, hoping that the Federal Reserve's aggressive interest-rate increases have slowed the U.S. economy enough to cool inflation, but not enough to trigger a recession. Traders are betting the Fed is likely done raising rates and could cut rates by the first half of next year.

AU Market Watch

The Australian sharemarket rose 0.3 per cent, buoyed by gains in real estate and healthcare stocks, with investors awaiting retail sales to gauge whether high interest rates are successful in slowing down consumer spending.

The $S&P/ASX 200(.XJO.AU)$ gained 24 points to 7011.6. The All Ordinaries also edged up 0.3 per cent.

The main benchmark gauge was on track to post a 3.5 per cent jump in November, the second-largest monthly rise this year.

Energy was the only sector in the red, weighed by a third consecutive day of decline in oil prices as oversupply signals outweighed expectations of OPEC production cuts at its meeting later this week. Brent crude settled at $US80 andWest Texas Intermediate just below $US75.

Gold miners rallied, after the precious metal price climbed over $US2000 on expectations of a pause in the Federal Reserve's monetary tightening.

Stocks to Watch

$Collins Foods Ltd(CKF.AU)$: Collins Foods jumped nearly 8 per cent after lifting interim dividends to 12.5¢.

$Endeavour Group Ltd(EDV.AU)$: Endeavour Group rose 0.4 per cent on plans to keep the investment pipeline intact despite higher costs, the company said at the Financial Review CFO Summit.

$Westgold Resources Ltd(WGX.AU)$: Westgold Resources leapt 3.2 per cent after receiving board approval to expand its Big Bell project in WA.

$Imugene Ltd(IMU.AU)$: Imugene exploded 24 per cent higher on news it has been granted Fast Track designation from the US Food and Drug Administration (FDA) for the clinical evaluation of its metastatic advanced solid tumours programme against a new form of cancer.

$Synlait Milk Ltd(SM1.AU)$: Synlait Milk was unchanged despite increasing its milk price forecast for the 2023-2024 season to $NZ7.25 ($6.69) per kilogramme milk solid from $NZ7.

$Pointsbet Holdings Ltd(PBH.AU)$: PointsBet rose 1.4 per cent after confirming it is on track to deliver revenue growth of between 10 per cent and 20 per cent in fiscal year 2024.

$Latitude Group Holdings Ltd(LFS.AU)$: Latitude Group Holdings gained 0.4 per cent following the extension of its current chairman Mike Tilley’s term to April 2025.

Trading Ex-div: $Beacon Minerals Ltd(BCN.AU)$