ASX closes higher
The share market closed in positive territory on Monday, gaining 23.50 points or 0.34% to 6,852.20. The market gains reversed some of the losses sustained on Friday, which saw the S&P/ASX200 set a new 20-day low.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
However, today’s upswing wasn’t felt by all. Zip Co Ltd. (ZIP) saw its shares drop more than 4%, following news the BNPL provider will soon lose its place on the ASX 200 index.
Meanwhile, ANZ Bank (ANZ) was down 0.48% to AU$22.60, as it moves towards its acquisition of Suncorp (SUN)
Energy finished the best performing sector, gaining 3.97% for the day, and 0.18% for the past five days.
ASX remains up in afternoon trading
The Australian share market has tracked higher in afternoon trading, increasing 10.30 points or 0.15% – sitting at 6,839.00 just before 1:40pm AEST.
Medical device developer, PolyNovo Limited (PNV) has risen more than 7%, recovering some of its losses after it fell 15% late August in the aftermath of its FY22 results.
Energy has been the best performing sector in early afternoon trading, gaining more than 3% and bouncing back from its recent decline.
ASX opens higher
The S&P/ASX200 has opened the week higher, gaining 9.90 points or 0.14% in early trading, reaching 6,838.60, to bounce back after hitting a 20 day low last week.
The top performing stocks have been LIFE360 (360), up 0.78% and The A2 Milk Company (A2M), rising 0.51%.
Across the market, Consumer Staples has been the best performing sector in early trading – up 1.21% for the past five days.
Pre-market breakdown
The Australian share market is set to open lower, with ASX futures down 0.19 per cent, sitting at 6,795.0 just before 6.30am AEST, as markets anticipate another interest rate rise when the Reserve Bank of Australia (RBA) meets tomorrow.
The RBA is expected to deliver its fourth consecutive 0.5 percentage point increase at Tuesday’s policy meeting, increasing the cash rate to 2.35% from 1.85%.
The S&P/ASX200 closed the week lower on Friday, dropping 16.90 points by 0.25% to 6,828.70 and setting a new 20 day low. The index has lost 3.88% and 9.23% over the last 12 months.
On Wall Street, U.S. stocks fell more than 1% across the board Friday, as the Nasdaq Composite completes a six-session losing streak. Materials and Information Technology names sustained the largest losses last week.
The Australian dollar was sitting around US68.08c at the local close.
Spot gold was sitting at $US1711 an ounce, approaching 7am AEST, up 0.90%. Iron ore was at $US98.00 a tonne, down 1.00%. Brent crude oil was up 0.76% to $US87.2 a barrel. Bitcoin (BTC-USD) was up 0.9 per cent at $US19,916 in early morning trading.
On the agenda
Throughout the day, the market can be expected to take cues from Company Gross Operating Profit figures at 11:30am AEST, released by the Australian Bureau of Statistics (ABS), measuring the total amount of pre-tax profits earned from business activities.
TD Securities Inflation figures are being released at 11am AEST from The University of Melbourne, estimating inflation in the Australian economy. While the ANZ job advertisement figures for August, are set to be released at 11:30am AEST.
