ASX ends the day up, as energy stocks lead the charge
Last updated: 4:30pm AEST
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The Australian share market staged somewhat of a comeback, following heavy losses on Wednesday.
The S&P/ASX200 closed up, gaining 14.30 points or 0.21% to 6,842.90.
The All Ordinaries closed higher, climbing 10.70 points or 0.15% to 7,082.50.
Energy was the best performing Sector, gaining 3.60% and 3.54% for the past five days.
Among the Energy Sector’s top gainers was Woodside Energy Group (ASX:WDS), which shot up almost 5%, after a top Citigroup analyst upgraded the stock to a Buy, and assigned it a price target, indicating it has further room to run.
Meanwhile, Silk Laser Australia (ASX:SLA) shares finished the day up more than 7%. after two of its company directors bought up new bundles of the SLA stock, sending positive signals to investors.
ASX afternoon remains in the green, led by energy stocks
Last updated: 1:30pm AEST
The Australian market remained in positive trading in the afternoon, with the S&P/ASX200 gaining 42.10 points or 0.62% to 6,870.70.
The All Ordinaries was up, gaining 37.80 points or 0.53% to 7,109.60.
Across the market, eight of the 11 sectors were higher. Energy was the best performing sector, gaining 3.81% and 3.75% for the past five days.
Silk Laser Australia (ASX:SLA) shares rose more than 7% after two of its company directors bought up new bundles of the SLA stock, sending strong signals to the market.
Meanwhile, the latest national labour force figures showed the jobless rate in August unexpectedly moved higher, to 3.5% from the previous month of 3.4% – overshooting analysts’ forecasts of no change.
ASX opens trading higher
Latest update: 10:40 am AEST
The Aussie market opened up today, after sustaining large losses yesterday.
The S&P/ASX200 is up today, gaining 13.70 points or 0.20% to 6,842.30.
Across the market, five sectors are higher and six are lower. Utilities is the best performing sector, gaining 0.31% and 1.29% for the past five days.
With a drop of around 20% in the global iron ore price over the last 12 months, local investors will be searching for strong value buying opportunities amongst ASX iron ore miners.
The local iron ore space drew investor attention yesterday, with Rio Tinto announcing it has entered into a AU$3 billion iron ore production joint venture project, with China’s biggest state-owned steel maker, Baowu.
Pre-market breakdown
Australian shares are set to open higher, after a choppy, but strong finish to the day on Wall Street.
ASX futures were up slightly by 0.03%, sitting at $6,836.00 approaching 7am AEST.
The ASX will open today’s trading after plunging yesterday and seeing around $AU60 dollars wiped from the market. The S&P/ASX200 closed sharply yesterday, dropping 181.10 points or 2.58%
Today, the local market will again take its cues from Wall Street, which finished a choppy trading session in the green. The Dow Jones Industrial Average (DJIA) gained 0.1%, while the S&P 500 (SPX) closed 0.34% higher. Meanwhile, the Nasdaq 100 (NDX) led the indices with a 0.84% jump.
The Australian dollar was around US67c at the local close.
Gold was down 0,2%, to 94.676, Brent crude was up 1.57%, to $US94.6 a barrel.
Bitcoin was down around 1%, sitting at $US19,931.
Market watch
With the global iron ore price having dropped around 20% in the last 12 months, investors are looking for strong value opportunities amongst ASX iron ore miners.
It comes following yesterday’s announcement that Rio Tinto has entered into a AU$3 billion iron ore production joint venture project in Western Australia, with China’s biggest state-owned steelmaker, Baowu.
On the agenda
Australian consumer inflation expectations are set to be delivered at 11am AEST by the Melbourne Institute.
The national August labour force figures will be released at 11.30am AEST by the Australian Bureau of Statistics.
