The ASX ends the day down, but the week up
Last updated: 4:35pm AEDT
While the market ended lower on Friday; softer than expected interest rate rises and strong performing energy stocks in recent days, saw the market lock in significant gains for the week.
While the S&P/ASX200 closed 0.80% lower, to finish at 6,762.80 for the day; it was up more than 4.4% for the week.
The broader All Ordinaries index closed lower Friday, dropping 57.40 points or 0.82% to 6,976.10, but was up 4.4% for the week.
Sectors ended mixed, with nine of 11 sectors lower. Energy was again the best performing sector, gaining 1.07% for the day and more than 10% for the past week.
Karoon Energy (ASX:KAR) shares rose nearly 12% throughout the day, and finished the day over 9% higher.
Meanwhile, mineral sands producer, Iluka Resources (ASX:ILU) saw its shares fall more than 6% amid growing recession fears, as central banks continue to hike interest rates in a bid to tame inflation.
ASX remains in the red in afternoon trading
Last updated: 1:50pm AEDT
The Australian share market continued down for the day in afternoon trading.
The S&P/ASX200 was lower, dropping 35.70 points or 0.52% to 6,781.80.
The All Ordinaries was down, dropping 39.30 points or 0.56% to 6,994.20.
Across the market, sectors were mixed. Nine of 11 sectors were lower along with the S&P/ASX 200 Index.
Energy was the best performing sector, gaining 1.07%, and continuing its strong recent run following cuts to global oil production announced this week.
Karoon Energy (ASX:KAR) shares were up more than 8% at midday. The stock earlier rose nearly 12% to hit a day’s high of AU$2.31.
The shares spiked after Karoon announced that the Brazilian government has agreed to reduce its royalty rate in the company’s Baúna project.
ASX drops in Friday morning trading
Last updated: 10:50am AEDT
Australian shares have taken a dip this morning, on the back of a sluggish day on Wall Street, which saw the major U.S. indices drop back.
Australia’s local S&P/ASX200 edged lower this morning, dropping 41.40 points or 0.61% to 6,776.10.
The broader All Ordinaries index dropped 45.90 points or 0.65% to 6,987.60.
Like its counterpart in the U.S., the local energy sector continued its upward momentum today, rising around 1.2%, following on from yesterday, where it gained 2.41% on the back of the OPEC+ oil production cuts.
Australia’s electricity provider AGL Energy (ASX:AGL) gained yesterday, but was down slightly in morning trading trading.
AGL has just earned its place in TipRank’s “Perfect 10” Smart Score rating club, despite a tumultuous year, marked by leadership shakeups and a failed takeover bid.
Pre-market breakdown
The Australian share market is set to slip this morning, after a patchy day on Wall Street, as rising interest rates continue to worry U.S. traders.
ASX futures were down 0.75% to $AU6,769.00 approaching 7am AEDT.
It follows a flat day on the ASX yesterday, but strong gains within the energy sector on the back of a cut to global oil production.
Ahead of Monday’s local market opening, the Australian dollar was around down 1% to $US64.19c.
WTI Crude was up 1.43%, at around US$89 a barrel.
Gold was down by 0.1%%, at around $US1714 an ounce.
Meanwhile, Bitcoin was up by around 0.95%, to about AU$31,253.
Market watch
Australia’s electricity provider AGL Energy (ASX:AGL) has earned its place in TipRank’s “Perfect 10” Smart Score rating club, amidst a tumultuous year, marked by leadership shakeups and a failed takeover bid.
While AGL Energy shares now trade below the takeover price the board rejected earlier this year, analysts remain mostly bullish on the stock.
