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All Ordinaries (INDEXASX:XAO) rallies: Energy & utilities share price in focus as Origin (ASX:ORG) jumps

The All Ordinaries (INDEXASX:XAO) finished the week on a positive note, gaining 0.1%, once again on the back of a rally in the energy and utilities sectors, which gained 1.3% and 1.6%. The standout was Origin Energy Ltd (ASX: ORG) which added 2.8% as the market continues to digest the likelihood of the most complicated acquisition in recent years. It was a similar story for the energy sector, with Woodside Energy Group Ltd (ASX: WDS) adding 1.4%, as the oil price gained following reports that several OPEC+ members were seeking further output cuts at the next meeting.

Origin Energy share price

Almond producer Select Harvests Ltd (ASX: SHV) fell by more than 10% after Select Harvests reported a 30% reduction in production for the year, blaming poor weather conditions, which sent the company to a $115 million loss as the value of the group’s assets were written down.

Virgin Money UK CDI (ASX: VUK) also fell 6% after the UK bank reported a 42% fall in profit, on the back of a jump in provisions for potential bad debts.

Across the week, the energy sector outperformed, gaining 2.1%, while tech fell 3%, with the S&P/ASX 200 (INDEXASX: XJO) falling 0.1% over the five days.

US markets cap another strong week: NVIDIA weakens

US markets capped a Thanksgiving-shortened session with another gain, as the Dow Jones Industrial Average (INDEXDJX: .DJI) added 0.3%, and the S&P 500 (INDEXSP: .INX), 0.1%.

The Nasdaq Composite (INDEXNASDAQ: .IXIC) weakened 0.1% on the back of a near 2% fall in AI chip giant NVIDIA Corp (NASDAQ: NVDA), despite the company delivering a forecast beating result for the quarter.

NVIDIA share price

Another strong week, which saw the Dow Jones and S&P 500 both gain 1.3% and the Nasdaq 0.9%, capped the best four-week stretch for the market in more than a year.

Among the highlights on Friday was news that European bond yields had fallen on concerns that the German economy may be slowing and rate cuts may lie ahead.

All eyes will be on Black Friday results this week, with many suggesting a return to pre-COVID days, with Inc (NASDAQ: AMZN) finishing flat but both Walmart Inc (NYSE: WMT) and Target Corp (NYSE: TGT) adding 0.9% and 0.7%, respectively.

Power of pension funds grows: Oil remains in focus

Despite reporting record revenue and eye-watering growth, NVIDIA’s result wasn’t enough to spur another rally in the share price, having more than doubled in value already this year.

NVIDIA is expected to continue benefitting from the rollout of AI-powered computing equipment for several decades, but has hit a speed bump this month as investors digest growing uncertainty around the economy.

Australian Super’s power is on full display amid the takeover of Origin Energy, with the group all but forcing either a higher offer or ending of the deal, that they say does not fully value the company.

This is a story that is likely to continue as Australia’s large pension funds grow ever larger with default contributions.

Despite hopes that the energy price may garner less headlines, a falling price is likely to trigger production cuts in the coming months, which may once again pressure prices.

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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.

At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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