AU Morning Wrap: Gold Miners Shine, Healius Up 11% on New CEO
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 retreats from record
• ASX nudges lower, gold miners shine
• Stocks to watch: Healius, St Barbara, Telix
Wall Street Summary
Major U.S. stock indexes pulled back Monday, weighed down by declines in the "Magnificent Seven" tech stocks.
The $S&P 500 Index (.SPX.US)$ slipped 0.1 per cent, while the tech-heavy $Nasdaq Composite Index (.IXIC.US)$ dropped 0.4 per cent. The $Dow Jones Industrial Average (.DJI.US)$ fell roughly 98 points, or 0.2 per cent. All three are coming off their fourth straight month of gains, with the S&P 500 and Nasdaq both ending last week with new records.
AU Market Watch
Shortly after the day's trading commenced, Australian stocks witnessed a slight decline, echoing a downward shift on Wall Street as market participants anticipate the announcement of China's economic growth objectives.
The $S&P/ASX 200 (.XJO.AU)$ experienced a modest drop of 0.3 per cent, or 20 points, to sit at 77715.8, backing down from the record intraday high it reached on Monday. Similarly, the All Ordinaries index saw a 0.3 per cent decrease.
The utilities sector faced the heaviest losses, while materials, energy, and healthcare sectors managed to stay in positive territory. Support came from gold mining companies, as gold prices soared to a three-month peak, helping to mitigate broader market declines.
Amongst gold miners, $St Barbara Ltd (SBM.AU)$ soared 6.2 per cent, $Ramelius Resources Ltd (RMS.AU)$ climbed 5 per cent, and $Evolution Mining Ltd (EVN.AU)$ grew by 4.2 per cent. Mining giants $BHP Group Ltd (BHP.AU)$, $Rio Tinto Ltd (RIO.AU)$, and $Fortescue Ltd (FMG.AU)$ each saw gains exceeding 1 per cent, contrasting with a pullback among the major banking stocks.
Stocks to Watch
$Healius Ltd (HLS.AU)$: Healius was the index's top performer, up nearly 12 per cent after Paul Anderson will step in as chief executive, following Maxine Jaquet's resignation from the troubled pathology group.
$Telix Pharmaceuticals Ltd (TLX.AU)$: Pharmaceutical group Telix eged up 0.6 per cent on plans to buy Canadian tech ARTMS in a $126 million deal.
$Link Administration Holdings Ltd (LNK.AU)$: Share registry company Link Administration inched up 0.2 per cent after announcing that it redress scheme following the collapse of LF Woodford Equity Income will become effective on Tuesday.
Listing: None
Economic Calendar (AEDT):
12:45 pm: China Services PMI (Feb)
2:00 am: US ISM Services PMI (Feb)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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MikeOxMaul86 : this is good yeah a slight peak in the market of steel
EvanderAU : Gold miners are really friendly options.