Search by ticker code:
Generic filters

ASX 200 morning report – mining and energy boost market

The Australian share market followed Wall Street on Thursday, sharing the American market’s optimism that the Federal Reserve could tame inflation without triggering a recession.

The benchmark S&P/ASX 200 (ASX: XJO) finished Thursday up 0.8% while the broader S&P/All Ordinaries (ASX: XAO) rose just under 1%.

Every sector finished in the green except for financials, which were flat as three of the big banks and Macquarie Group Ltd (ASX: MQG) lost ground. Westpac Banking Corp (ASX: WBC) was down 6 cents to $24.01, Australia and New Zealand Banking Group Ltd (ASX: ANZ) down 47 cents to $26.91, National Australia Bank Ltd (ASX: NAB) eased 19 cents to $32.25, and Macquarie closed $2.07 lower at $202.66. But CBA bucked the financials trend, up 73 cents to $103.71.

Global insurer QBE Insurance Group Ltd (ASX: QBE) improved 5.5% to $12.68 after announcing that its gross written premium rose 19% in the first quarter, compared to a year ago.

Old King Coal in the pink of health

The ASX energy and materials sectors had good days, rising 2.0% and 1.5%, respectively.

The energy names were led by the coal producers, with Whitehaven Coal Ltd (ASX: WHC) jumping 4.1%, New Hope Corporation Limited (ASX: NHC) closing up 5.4%, and Yancoal Australia Ltd (ASX: YAL) surging 7.4%.

Woodside Petroleum Limited (ASX: WPL) gained 2.2% while Santos Ltd (ASX: STO) added 1.4%.

Among the miners, iron ore producer Fortescue Metals Group Limited (ASX: FMG) added 3.5%, BHP Group Ltd (ASX: BHP) edged higher by 5 cents to $47.45 and Rio Tinto Limited (ASX: RIO) advanced 0.4%.

Lithium rise continues

Lithium producers Liontown Resources Limited (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS) were on a tear. Liontown shares jumped 7.7%, with the stock now gaining 250% in a year, as lithium prices have soared. Pilbara Minerals lifted 7.6% to $2.83.

Elsewhere, African-based uranium miner Paladin Energy Ltd (ASX: PDN) was up 5 cents, or 6.5%, to 82 cents.

ASX losers

Among the losers for the day, global funds manager Janus Henderson Group CDI (ASX: JHG) plunged $5.66, or 13%, to a three-month low of $37.76, after reporting that assets under management dropped 8% during the March quarter.

Health and beauty products company BWX Ltd (ASX: BWX) also had a day to forget, slumping 38 cents, or 20.6%, to a three-year low of $1.48 after saying that recent acquisitions and investments in people and marketing had not yet flowed through into revenue growth.

A highlight for the day came in the foreign exchange market, where the Australian dollar posted its biggest daily gain in more than a decade, surging 2.2% to 72.4 US cents.

If you're anything like me, you might be thinking now is a good time to have cash 'sitting on the sidelines'.

Whether you have $2,000 or $50,000, our new analyst report has 11 stock ideas could help transform your portfolio INSTANTLY. Right now, you can get the full analyst report emailed to you for FREE by CLICKING HERE NOW or the button below.

Unsubscribe anytime. Read our TermsFinancial Services GuidePrivacy Policy. We’ll never sell your email address. Our company is Australian owned.

Information warning: The information on this website is published by The Rask Group Pty Ltd (ABN: 36 622 810 995) is limited to factual information or (at most) general financial advice only. That means, the information and advice does not take into account your objectives, financial situation or needs. It is not specific to you, your needs, goals or objectives. Because of that, you should consider if the advice is appropriate to you and your needs, before acting on the information. If you don’t know what your needs are, you should consult a trusted and licensed financial adviser who can provide you with personal financial product advice. In addition, you should obtain and read the product disclosure statement (PDS) before making a decision to acquire a financial product. Please read our Terms and Conditions and Financial Services Guide before using this website. The Rask Group Pty Ltd is a Corporate Authorised Representative (#1280930) of AFSL #383169.