ASX closes higher for fourth consecutive day
Last updated: 4:40pm AEST
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The Australian market continued its gains on Tuesday, with the S&P/ASX200 closing up by 45.20 points or 0.65%, to end the day at 7,009.70, and crossing above its 20-day moving average.
ASX metals and mining shares have continued their strong gains over the past week, with Mineral Resources Limited (ASX:MIN) and Pilbara Minerals Limited (ASX:PLS) continuing to be among market favourites.
Meanwhile, Link Group (LNK) plunged more than 20%, amid fears a proposed $AU2.5 billion buyout by Canada’s Dye & Durham may be scuttled by a British financial regulator demand.
Ramsay Health Care (RHC) plunged more than 10%, after a consortium led by KKR said it was unwilling to lift its takeover bid for the healthcare provider.
ASX gains continue into afternoon trading
Last updated: 1:20pm AEST
The S&P/ASX200 remained in positive territory in afternoon trading, continuing on from its gains over recent days.
The S&P/ASX200 was up 42.10 points or 0.60% to 7,006.60, while the All Ordinaries gained 45.00 points or 0.62% to 7,253.20.
Chalice Mining Limited and Hub 24 (HUB) were top performers, up 9.33% and 5.29% respectively.
Vulcan Energy Resources (ASX:VUL) shares eased in afternoon trading, after rising more than 8% in the morning, to climb as high as AU$8.60, following a key update on its lithium production project in Germany.
ASX opens higher, continues run of gains
Latest update: 10:45am AEST
The Aussie market opened higher again today, taking its lead from Wall Street gains overnight, which is hopeful aggressive interest rate rises may be curbed on the back of upcoming U.S consumer and business confidence data.
The S&P/ASX200 gained 43.80 points or 0.63% to 7,008.30 in early trading. Over the last five days, the index has gained 2.66%, but is down 5.86% for the last year to date.
Energy was the best performing sector, gaining 1.53%, and bouncing back from its recent slump.
The All Ordinaries was up, gaining 42.80 points or 0.59% to 7,251.00, and crossing above its 20-day moving average.
Ramsay Health Care (RHC) shares fell more than 13%, after a consortium led by KKR said it was unwilling to lift its takeover bid for the healthcare provider.
Meanwhile, investors have been watching a number of ASX solar stocks recently, amid Australia and New Zealand’s moves to rapidly expand their renewable energy capacity.
Origin Energy (ASX:ORG) and Contact Energy (ASX:CEN) are positioning themselves to benefit from the shifting energy market landscape, and have both been receiving significant market attention of late.
Pre-market breakdown
The ASX is set to open higher this morning, on the back of strong Wall Street gains, ahead of the release of U.S consumer and business confidence data, which if positive may lead to a curb in the recent aggressive interest rate polices.
Approaching 7am AEST, the ASX futures was up 0.67%, sitting at 0.6888.
It’s been helped up by the overnight movements on Wall Street, which closed higher. Stock indices finished trading session well in the green. The Dow Jones Industrial Average, the S&P 500, and the Nasdaq 100 increased by 0.71%, 1.06%, and 1.2%, respectively.
Locally, the S&P/ASX200 is set to pick up where it left off yesterday, after closing 1.02% up, to finish the day at 6,964.50 – making it the third consecutive session the local market has finished in positive territory.
The Australian dollar was up 0.67%, sitting at 0.6886.
Brent crude was up, sitting at $US 87.916 a barrel, while gold was up about 0.5%, sitting at $US 1724.47 an ounce.
Bitcoin was up over 2.5%, siting at $US22,401.
On the agenda
The local market is set to take cues from the National Australia Bank’s Business Conditions report for August. Released today at 11:30am AEST, it gauges trading, profitability and employment conditions in Australia.
Market watch
As Australia and New Zealand seek to rapidly expand their renewable energy capacity, a number of ASX solar stocks are receiving intensified market interest.
Origin Energy (ASX:ORG) and Contact Energy (ASX:CEN) are positioning themselves to benefit from the shifting energy market landscape, and are both receiving significant investor attention.
