AU Morning Wrap: ASX Shares Hit Record High, Miners Jump

Moomoo News AU wrote a column · Mar 27 18:39

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 rebounds, all eyes on PCE
• ASX shares hit record high, miners jump
• Stocks to watch: Ramsay Health Care, Mineral Resources

AU Morning Wrap: ASX Shares Hit Record High, Miners Jump

Wall Street Summary

Markets climbed back after a chilly two-day downturn, but sectors like semiconductors stayed lower.

Shortly after close on preliminay figures, the $S&P 500 Index (.SPX.US)$ climbed 0.33% Wednesday. The $Dow Jones Industrial Average (.DJI.US)$ grew by 0.73%, and the $Nasdaq Composite Index (.IXIC.US)$ traded -0.01%.

AU Market Watch

On Thursday, Australian shares reached an all-time high due to an increase in resource prices, specifically for gold, iron ore, and lithium miners. The banking, property, and retail sectors, which are sensitive to interest rate changes, also saw gains as investors anticipated rate cuts in the second half of 2024.

The retail sales data for February is scheduled to be released at 11.30am, and the National Australia Bank is predicting a 0.4 per cent month-on-month increase, citing the end of Black Friday and year-end volatility. This prediction is in line with the market consensus.

Stocks to Watch

Citi's warning regarding the tariff increases for $Ramsay Health Care Ltd (RHC.AU)$'s French hospitals resulted in a slight drop in the company's shares, which traded at $56.24.

$Mineral Resources Ltd (MIN.AU)$, led by Chris Ellison, and $Albemarle (ALB.US)$ are organizing an auction to sell lithium, with the aim of bringing transparency to a market that has been dominated by China and lacks clear pricing benchmarks. The two companies are currently selling lithium at prices well above the spot price.

Trading Ex-div: $Australian Clinical Labs Ltd (ACL.AU)$, $Sigma Healthcare Ltd (SIG.AU)$

Dividends Paid: $Beach Energy Ltd (BPT.AU)$, $Bisalloy Steel Group Ltd (BIS.AU)$, $CommBank (CBA.AU)$, $Newmont Corp (NEM.AU)$

Listing: None

Economic Calendar (AEDT):

11:30 am: Australia Housing Credit (Feb)

11:30 am: Australia Retail Sales (Feb)

11:30 pm: US GDP Final (Q4)

Source: Dow Jones Newswires, AFR

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