ASX ends session higher
Last updated: 5:05pm AEDT
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The ASX finished the session in the green, following on from yesterday’s gains.
The S&P/ASX200 closed up Wednesday, gaining 20.90 points or 0.31% to 6,800.10, while the broader All Ordinaries also closed up, gaining 23.60 points or 0.34% to 6,999.80.
Utilities was the best performing sector for the day, gaining 0.95%, which takes it to an increase of 3.98% over the past five days. Across the market, nine of 11 sectors ended higher along.
Megaport Ltd. (ASX:MP1) shares closed the day down more than 20%, after the Australian network solutions provider released its Q1FY23 results. Although the earnings report seemed to show improvements in sales and profitability, the market seemed to be hoping for more, and reacted adversely to the results.
Amongst the largest gainers throughout the day, was Chalice Mining (AU:CHN), which saw its shares climb by around 12%. The jump came after the company issued promising exploration drilling results at its nickel-copper-platinum project in Western Australia, bolstering mining ambitions at the site. The stock retreated in the afternoon, finishing the day just over 4.5% higher.
Aussie shares edge higher
Last updated: 1:50pm AEDT
The Australian share market continued to climb in afternoon trading, led by the Utilities and Energy sectors.
The S&P/ASX200 was up for the session, gaining 33.00 points or 0.49% to 6,812.20.
The broader All Ordinaries index was also up, gaining 33.70 points or 0.48% to 7,009.90.
Across the market, nine of 11 sectors were higher, with Utilities the best performing sector, gaining 1.26% for the session and 4.30% for the past five days.
Amongst the largest gaining stocks, was Chalice Mining (AU:CHN), which saw its shares climb by around 12%, after the company issued promising exploration drilling results at its nickel-copper-platinum project in Western Australia, bolstering mining ambitions at the site.
ASX opens up
Last updated: 10:30am AEDT
The Australian share market has opened Wednesday higher.
The S&P/ASX200 was up today, gaining 21.30 points or 0.31% to 6,800.50.
Across the market, seven of 11 sectors were higher. Utilities was the best performing sector, gaining 0.38% for the session, and 3.39% for the past five days.
Morgan Stanley analyst Richard Wiles recently upgraded Australia and New Zealand Banking Group (ASX:ANZ) stock, but downgraded its smaller rival Bank of Queensland (ASX:BOQ).
ASX bank shares remain on many investors’ radars amid increasing interest rates, which can lead to better profit margins in their lending businesses. However, they can prove a double-edged sword, as they have the potential to lead to widespread loan defaults, if rapidly rising rates lead to a recession.
Pre-market breakdown
The ASX is set to open lower, on the back of a volatile session on Wall Street, which saw shares eventually close higher.
ASX futures were up 0.7% to AU$6,733 around 6:30am AEDT.
It follows a strong day on the Australian market yesterday, where the S&P/ASX200 closed up sharply for the session, gaining 1.72% for the session.
Ahead of Wednesday’s local market opening, the Australian dollar was up slightly to 0.07%, sitting at US$0.6302c.
WTI Crude was down around 2.5%, at around US$83.2 a barrel.
Gold was up by 0.06%, at around US$1650 an ounce.
Meanwhile, Bitcoin was up by around 1.9%, to about AU$30,473.
Market watch – banking stocks
Morgan Stanley analyst Richard Wiles has upgraded Australia and New Zealand Banking Group (ASX:ANZ) stock, but downgraded its smaller rival Bank of Queensland (ASX:BOQ).
ASX bank shares are on the radar of many investors amid increasing interest rates, which can lead to better profit margins in their lending businesses. However, they can prove a double-edged sword, as they have the potential to lead to widespread loan defaults, if rapidly rising rates lead to a recession.
