Energy and mining stocks push ASX higher
Last updated: 4:50pm AEST
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Australian shares settled higher at end of trade today, inching back after heavy losses on Monday, as recession fears continue to worry traders.
The S&P/ASX200 closed up today, gaining 26.80 points or 0.41% to 6,496.20 after setting a new 50-day low yesterday.
The broader All Ordinaries index finished the day in the green, gaining 29.00 points or 0.43% to 6,696.50.
After tumbling yesterday, the Materials and Energy sectors led from the front during today’s trading, with Materials up 2.57% and and Energy gaining 1.72%.
Mining contract labour company, Mader Group (ASX:MAD) was a major gainer. Its shares rose more than 5% to a high of AU$2.85 in morning trading, before ending the day 3.3% higher.
Among energy stocks, Woodside Petroleum (ASX:WDS) recovered some of its losses after plunging by as much as 7% yesterday. Its shares closed 1.55% higher for the day.
ASX slightly up, lifted by mining and energy stocks
Last updated: 1:45pm AEST
The ASX continued in positive territory in afternoon trading, bolstered by the resurgent Materials and Energy sectors.
The S&P/ASX200 was up, gaining 10.10 points or 0.16% to 6,479.50 after setting a new 50-day low on Monday.
The All Ordinaries was up, gaining 9.30 points or 0.14% to 6,676.80.
Materials was the best performing sector, gaining 1.81%, followed by the Energy Sector, which gained 1.52%. Both sectors suffered substantial losses on Monday.
Amongst the resurgent energy stocks, was Woodside Petroleum (ASX:WDS), which was up 1.29% today, after plunging by as much as 7% yesterday.
Mining contract labour company, Mader Group’s (ASX:MAD) shares rose more than 5% to a high of AU$2.85 in morning trading, as it begins its dividends distribution.
Meanwhile, shares in fruit and vegetable wholesaler, Costa Group (ASX:CGC) recovered somewhat, after plunging almost 15% Monday, following the abrupt resignation of its CEO.
Its shares were up almost 3% for the day.
ASX edges up, led by miners
Last updated: 10:30am AEST
The Australian share market opened higher, as the miners bounce back after yesterday’s heavy losses.
The S&P/ASX200 was up, gaining 30.00 points or 0.46% to 6,499.40.
The broader The All Ordinaries index gained 35.60 points or 0.53% to 6,703.10.
8 of 11 sectors are higher, led by miners in the Materials Sector, which was the best performing sector, gaining 0.69%.
Capricorn Metals (CMM) was among the top performing mining companies, up more than 1.3% in early trading.
Shares in fruit and vegetable wholesaler, Costa Group (ASX:CGC) rose over 2% in morning trading, recovering somewhat, after falling almost 15% yesterday, following the abrupt resignation of its CEO.
While Costa Group’s future leadership remains uncertain, analysts are confident about the stock’s long term performance, according to TipRanks insights.
Aussie shares to edge higher, after Monday market losses
Australian shares are expected to edge higher this morning, following heavy losses yesterday.
ASX futures were up 0.22%, to 6,480 approaching 6:30am AEST.
It follows yesterday’s market losses, which saw the S&P/ASX200 close sharply lower, dropping 1.60% for the day, to 6,469.40 and setting a new 50-day low.
The Energy and Materials Sectors sustained the heaviest losses yesterday, falling more than 6% and 5% respectively.
Overnight, U.S. markets fell, as investors try to find ground after last week’s panic due to the 0.75% hike in interest rates.
The Dow Jones Industrial Average (DJIA) dipped 1.1%, while the S&P 500 (SPX) lost 1.02%. Meanwhile, the Nasdaq 100 (NDX) decreased by 0.5%.
Ahead of Tuesday’s local market opening, the Australian dollar was around 1% lower, sitting at US0.65.5c.
Brent Crude was down around 2.6%, at around US$83 a barrel.
Gold was down slightly by about 1%, at around $US1626 an ounce.
Iron ore was down around 3.6% to $US96.05 a tonne.
Meanwhile, Bitcoin (BTC) was up by around 1.6%, to about US$19,115.
Market watch
Eyes will be on Costa Group (ASX:CGC) to see if its shares bounce back today, after falling almost 15% yesterday, following the abrupt resignation of its CEO.
While Costa Group’s future leadership remains uncertain, analysts are confident about the stock’s long term performance, according to TipRanks insights.
