AU Morning Wrap: ASX rises; Perpetual hit by ASIC stop orders
G'day, mooers! Check out the latest news on today's stock market!
• Wall Street closed
• ASX rises 0.1%, energy falls
• Stocks to watch: BHP, Perpetual, Blackmores
- Moomoo News AU
• Wall Street closed
• ASX rises 0.1%, energy falls
• Stocks to watch: BHP, Perpetual, Blackmores
- Moomoo News AU
Wall Street Summary
US financial markets were closed for the Thanksgiving holiday. Trading will resume on Friday in New York, though markets will close early at 1pm local time.
US financial markets were closed for the Thanksgiving holiday. Trading will resume on Friday in New York, though markets will close early at 1pm local time.
AU Market Watch
$S&P/ASX 200(.XJO.AU$ opened Friday up 0.12 per cent following gains in Europe on hopes that the US Federal Reserve is nearing an end to its rate-rising cycle.
Tech and consumer discretionary led the gains, each sector rising around 0.8 per cent, while energy fell 0.9 per cent. Oil was little changed as the European Union considered a higher-than-expected price cap on Russian crude and evidence mounted of challenges to demand.
Stocks to Watch:
$BHP Group Ltd(BHP.AU$: Workers at Chile's Escondida mine, the largest copper deposit in the world, turned down an offer by BHP and could stop work on November 28 and 30 if the company does not meet their demands, a union source told Reuters on Thursday.
BHP announced earlier this week that it reached a deal with the union to avert a work stoppage, but the agreement had to be ratified by its members.
$MAAS Group Holdings Ltd(MGH.AU$: Contractor Maas Group will enter the construction materials market in Victoria via an acquisition of southeast concrete producer and supplier Melbourne Dandy Premix.
"This acquisition represents a significant step in the expansion of our construction materials business, establishing a new hub for MGH in Victoria," Maas chief executive Wes Maas said.
$Blackmores Ltd(BKL.AU$: Anne Templeman-Jones will step down as chairman of Blackmores after two years in the role. Independent non-executive director Wendy Stops has been appointed her successor.
$Perpetual Ltd(PPT.AU$: The Perpetual Pure Microcap fund and Perpetual Geared Australian Share Fund have been hit with interim stop orders by the corporate regulator, preventing distribution to retail investors.
This, ASIC said, was due to deficiencies in their target market determinations and prevents Perpetual from marketing the funds for 21 days.
"ASIC is concerned that Perpetual has not appropriately considered these features and risks in determining the wide target markets for the funds," a statement from the regulator said.
Ex-dividend: None
Dividends Paid: $Maggie Beer Holdings Ltd(MBH.AU$, $KMD Brands Ltd(KMD.AU$, $HomeCo Daily Needs REIT(HDN.AU$, $HealthCo Healthcare and Wellness REIT(HCW.AU$
Commodities
• Iron ore futures rose 0.3% to US$92.90 a tonne.
ICBC, the largest bank in China, signed contracts with 12 property developers to provide intentional lines of credit worth up to 655bn yuan (US$91bn) for property development, M&A and mortgages.
China's State Council plans to dispatch inspection teams before the end of November to "enhance the local-level implementation of economic stabilisation policies", according to the South China Morning Post
• Oil stages a tiny bounce but still down around 2.7% for the week.
"Brent crude fell heavily on Wednesday amid reports that the group could settle on a level around $65 which is roughly where they currently sell it at, and with a sizable profit. That would blunt the effectiveness of the cap and ensure we don’t see any shortages in supply." - Oanda senior market analyst, Craig Erlam
• Gold extended gains, now on a three day winning streak, up 1.1%.
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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