AU Evening Wrap: Growth stocks, gold miners lead rally

Moomoo News AU wrote a column · May 5, 2022 01:58

Gold miners, tech companies and small and micro caps outperformed as the $S&P/ASX 200(.XJO.AU)$ rallied 60 points or 0.82 per cent.

The advance broke a three-session losing run in the run-up to and aftermath of Tuesday's rate rise.

Growth stocks rallied with the retreat in long-term borrowing costs. $Novonix(NVX.AU)$ advanced 7.07 per cent, $Imugene Ltd(IMU.AU)$ 5.88 per cent and $Telix Pharmaceuticals Ltd(TLX.AU)$ 5.17 per cent.

Lithium miners pared recent weakness. $Liontown Resources Ltd(LTR.AU)$ put on 7.72 per cent, $Pilbara Minerals Ltd(PLS.AU)$ 7.6 per cent and $Allkem Ltd(AKE.AU)$ 4.79 per cent. Other miners to advance included $Paladin Energy Ltd(PDN.AU)$ +6.45 per cent and $Chalice Mining Ltd(CHN.AU)$ +5.43 per cent.

$National Australia Bank Ltd(NAB.AU)$ dropped 0.59 per cent as increased expenses and margin pressure took some of the shine off strong half-year growth and a dividend increase.

$Qantas Airways Ltd(QAN.AU)$ eased 0.35 per cent after striking a deal to buy Alliance Aviation for $614 million.

S&P/ASX 200 Movers for Thursday (5/5)