ASX finishes in the green, following Monday’s losses
Last updated: 4:35pm AEDT
The ASX locked in early gains to finish the day higher, buoyed throughout the session by the rally on Wall Street overnight.
The S&P/ASX200 closed up sharply for the session, gaining 114.80 points or 1.72% to 6,779.20.
The broader All Ordinaries index also closed up sharply, gaining 121.90 points or 1.78% to 6,976.20.
Across the market, 10 of 11 sectors ended higher. Information Technology was the best performing sector, gaining 4.19% for the session, to bring it 3.95% higher for the past five days.
Australian miner, Rio Tinto’s (ASX:RIO) stock finished largely flat for the day, after an unspectacular quarterly update, with the company forecasting annual iron ore shipments to come in at the lower end of its guidance.
Meanwhile, St Barbara (ASX:SBM) shares fell steeply, after the Australian gold miner announced a downgrade in production targets due to production issues.
Amongst the top gainers was HUB24 (ASX:HUB), which saw its shares rise more than 14%, after the Australian investment platform provider announced its latest net inflow figures.
ASX remains in positive in afternoon trading
Last updated: 1:53pm AEDT
The Australian share market held onto session gains, led by the A-REIT and Information Technology sectors.
The S&P/ASX200 was up, gaining 80.90 points or 1.21% to 6,745.30.
The broader All Ordinaries was up, gaining 83.00 points or 1.21% to 6,937.30.
Australian real estate investment trusts were top performers, with A-REIT the best performing sector, gaining 2.69% for the session, and 2.99% for the past five days.
Across the market, 10 of 11 sectors were higher, with the Information Technology sector also a top performer, gaining more than 2.5% for the session.
HUB24 (ASX:HUB) shares rose as much as 15% by midday, after the Australian investment platform provider announced its latest net inflow figures.
The company’s platforms delivered net inflows of AU$3 billion for the first quarter FY23. Although that’s down 1.6% from a year earlier, it’s considered strong given the changed market environment. HUB24 now has a total of AU$68.4 billion funds under administration (FUA).
Market gains in morning trade
Last updated: 11:07am AEDT
The ASX has opened higher, on the back of Wall Street gains.
The S&P/ASX200 was up today, gaining 86.80 points or 1.30% to 6,751.20.
The broader All Ordinaries was up, gaining 84.30 points or 1.23% to 6,938.60.
Across the market, 10 of 11 sectors were higher, with Information Technology the best performing sector, gaining 3.12% for the session, and 2.89% for the past five days.
Meanwhile, Champion Iron Ltd. (ASX:CIA) stock has risen more than 4% today, after falling nearly 4% on Monday, amid a broad market selloff.
Analysts believe at current levels the shares present a strong buying opportunity. Champion is now the most-recommended stock to buy on the ASX, according to TipRanks insights.
Pre-market breakdown
The ASX is set to open higher, following a broad rally on Wall Street overnight.
ASX futures were up 0.9% to AU$6,722 around 6:30am AEDT.
It follows a negative day on the Australian market yesterday, where the S&P/ASX200 fell 1.40%.
Ahead of Tuesday’s local market opening, the Australian dollar was down 0.8%, sitting at US$63c.
WTI Crude was up around 0.4%, at around US$85.2 a barrel.
Gold was down by 0.3%, at around US$1647 an ounce.
Meanwhile, Bitcoin was up by around 0.41%, to about AU$31,080.
Market watch – Miner tops most recommended list
While Champion Iron Ltd. (ASX:CIA) stock fell nearly 4% on Monday, amid a broad market selloff, analysts believe at current levels the shares present a strong buying opportunity.
Champion is now the most-recommended stock to buy on the ASX, according to TipRanks insights.
