ASX retreats from early gains, but still closes in the green
Last updated: 4:40pm AEST
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The Australian share market slid back in the afternoon, after rocketing-up upon opening, bolstered by gains on Wall Street, which in turn were buoyed by the Bank of England’s moves to sure up the UK market.
The S&P/ASX200 closed the day up, gaining 93.00 points or 1.44% to settle at 6,555.
The broader All Ordinaries index closed up sharply, gaining 100.80 points or 1.51% to 6,760.60.
All 11 sectors ended higher, with Energy the best performer, gaining 3.21% for the day.
Premier Investments (ASX:PMV) was a major gainer, with its shares soaring more than 14%, to hit a day’s high of AU$23.67 upon record sales figures.
The news was announced in the company’s fiscal 2022 results, along with a special dividend and a planned share buyback plan.
Meanwhile, Aussie miner, 29Metals’ (ASX:29M) shares rocketed up as much as 14%, to a high of AU$2.35 in morning trading, before easing back in the afternoon.
ASX continues gains in afternoon trading
Last updated: 1:20pm AEST
Australian shares continued in positive territory in afternoon trading, buoyed by global market movements following the Bank of England’s moves to bolster the shaky UK economy by buying up government bonds.
Locally, the S&P/ASX200 was up sharply from yesterday’s session, gaining 116.70 points or 1.81%, to sit at 6,578.70.
The broader All Ordinaries was up 125.40 points or 1.88% to 6,785.20.
Across the market, all 11 sectors were higher. Energy was the best performing sector, gaining more than 3% and rebounding from its recent decline.
Aussie miner, 29Metals’ (ASX:29M) shares rocketed up as much as 14%, to a high of AU$2.35 in morning trading, before easing back to around 10% in the afternoon.
Today’s price surge came after the company announced the five-year extension of an underground mining services agreement at its Golden Grove mine in Western Australia.
It further bolsters recent gains, with 29Metals shares drawing investors, as the shift to electric vehicles and renewable energy continues to boost demand for copper.
ASX surges upon opening
Last updated: 10:25am AEST
The S&P/ASX200 was up sharply today in early trading, gaining 111.00 points or 1.72% to 6,573.00, after setting a new 50-day low yesterday.
It follows gains on Wall Street overnight, after the Bank of England provided ballast to the shaky UK economy by buying up government bonds.
While recession concerns have kept many local investors in the retail sector on the edge, the latest Australian sales figures for August show consumers are still spending up.
Harvey Norman Holdings Ltd (ASX:HVN), Lovisa Holdings Ltd. (ASX:LOV), and Universal Store Holdings Ltd. (ASX:UNI) are among analysts’ favourite ASX retail shares, according to TipRanks insights.
Pre-market breakdown
Australian shares are set to rise sharply this morning, following gains on Wall Street after the Bank of England provided ballast to the shaky UK economy by buying up government bonds.
ASX futures were up 1.58%, sitting at $AU6,562, approaching 6:30am AEST.
Overnight on Wall Street, the Dow Jones Industrial Average (DJIA) finished up 1.88%, while the S&P 500 (SPX) and the Nasdaq 100 (NDX) both gained 1.97%.
The U.S movements came after the Bank of England stepped in to buy long-term government debt in a bid to restore orderly market conditions.
The Bank of England’s government bond buy-up comes in the wake of the financial meltdown sparked by the UK Government’s ‘mini-budget’.
The move is expected to reverberate across the Australian market today, sending stocks higher, following yesterday’s losses.
Ahead of Monday’s local market opening, the Australian dollar was around 1.38% higher, sitting at around US0.65c.
Brent Crude was up 3.29%, at around US$89 a barrel.
Gold was up by about 1.9%, at around $US1659 an ounce.
Meanwhile, Bitcoin was up by around 0.9%, to about AU$30,002.
Market watch
While recession concerns have kept many investors in the retail sector on the edge, the latest Australian sales figures for August show consumers are still spending up.
Harvey Norman Holdings Ltd (ASX:HVN), Lovisa Holdings Ltd. (ASX:LOV), and Universal Store Holdings Ltd. (ASX:UNI) are among analysts’ favourite ASX retail shares, according to TipRanks insights.
