AU Morning Wrap: ASX Firms 0.06%; IAG and Suncorp Hit by NZ Flood Claims
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• S&P 500 higher as tech stocks jump
• ASX creeps cautiously higher
• Stocks to watch: OZ Minerals, IAG, Lynas Rare Earths
- Moomoo News AU
• S&P 500 higher as tech stocks jump
• ASX creeps cautiously higher
• Stocks to watch: OZ Minerals, IAG, Lynas Rare Earths
- Moomoo News AU
Wall Street Summary
US stocks ended a winning week with further gains on Friday as investors assessed inflation data and mixed corporate earnings. The main indices pared gains in the final hour.
The $Nasdaq Composite Index(.IXIC.US$ led with a rise of 109 points or 0.95 per cent. The $S&P 500 Index(.SPX.US$ advanced 10 points or 0.25 per cent. The $Dow Jones Industrial Average(.DJI.US$ edged up 29 points or 0.08 per cent to a sixth straight gain.
Investors welcomed further evidence of cooling inflation. Consumer prices increased a modest 0.1 per cent in December, according to Commerce Department data. The annual rate of price increases slowed to a 15-month low of 5 per cent from 5.5 per cent in November.
Core inflation rose 0.3 per cent, in line with expectations. The annual increase was a 14-month low of 4.4 per cent, down from 4.7 per cent in November.
The report sharpened hopes the Fed will this week downsize the current pace of interest rate hikes after raising by 50 basis points at its last meeting following a run of 75 bps increases.
AU Market Watch
$S&P/ASX 200(.XJO.AU$ rose 0.06 per cent in early trade, dragged higher by tech stocks after a strong Nasdaq finish on Friday.
OZ Minerals edged up 0.1 per cent despite reporting a record copper production.
IAG dropped 3.1 per cent and Suncorp shed 2.1 per cent after both insurers warned the number of claims due to ongoing floods in New Zealand was likely to climb.
Lynas Rare Earths jumped 2 per cent following higher revenues in the December quarter.
Mining giants Rio Tinto, BHP and Fortescue retreated and the major banks were mixed.
Stocks to Watch
$Insurance Australia Group Ltd(IAG.AU$: Insurance Australia (IAG) says it has received more than 5000 claims across its AMI, State and NZI brands from the severe storms and flooding around Auckland.
The number of claims was expected to climb over the coming days, with the event still unfolding and as customers identify damage to their property, the company said.
$Clime Capital Ltd(CAM.AU$: Listed investment company Clime Capital expects to declare a March quarter fully franked dividend of at least 1.32¢ a share, representing a 3 per cent increase on the prior corresponding period.
$Metcash Ltd(MTS.AU$: Metcash has announced that chief executive of its food pillar, Scott Marshall, has resigned to pursue another career opportunity after 30 years with the company.
$Lynas Rare Earths Ltd(LYC.AU$: Lynas Rare Earths said production and sales outcomes in the December quarter recovered following the water supply disruptions experienced in the prior quarter.
The company reported sales revenue of $232.7 million for the three months to December 31, up from $202.7 million in the prior corresponding period.
$Oz Minerals Ltd(OZL.AU$: OZ Minerals reported a 21 per cent lift in copper production in the December quarter, compared to the prior three months, resulting in the company achieving its 2022 group output and cost guidance.
The company's December quarter production of 36,307 tonnes of copper is its highest on record.
$Suncorp Group Ltd(SUN.AU$: Suncorp has received around 3,000 claims and expects the number to increase amid ongoing flooding on the north island of New Zealand.
$Patriot Battery Metals Inc(PMT.AU$: Canadian lithium explorer Patriot Battery Metals has announced it drilled lithium mineralisation at 52.2 metres at 3.34 per cent lithium oxide grade including 15 metres at 5.1 per cent grade in its final drilling campaign at its Corvette project in Canada.
$Core Lithium Ltd(CXO.AU$: Core Lithium said its Finniss operations are managing the weather impacts from tropical cyclone Ellie that brought above-average rainfall during December. It remains on track for commissioning the concentrator with its key contracting partners.
$Pro Medicus Ltd(PME.AU$: Medical software group Pro Medicus won a $12 million 8-year contract with US-based Samaritan Health Services for a could-engineered platform.
The rollout is to start immediately with initial go-lives scheduled in the second half of 2023.
Commodities
• Mining heavyweights BHP and Rio Tinto retreated in overseas trade despite a second day of modest gains in iron ore as trade resumed in Singapore following the Lunar New Year break. Ore fines edged up 0.17 per cent to US$122.70 a tonne.
• Oil retreated ahead of a meeting this week of the Organization of the Petroleum Exporting Countries and allies, and a looming European Union ban on Russian oil imports. OPEC+ holds a committee meeting on Wednesday. The EU ban on Russian imports starts on Sunday.
Brent crude settled 81 US cents or 0.9 per cent lower at US$86.66 a barrel. The US benchmark, West Texas Intermediate, fell 1.6 per cent to US$79.68, its lowest close in a week.
• Gold eased further from a nine-month high earlier in the week. Gold for February delivery settled 60 US cents or less than 0.1 per cent weaker at US$1,929.40 an ounce. The NYSE Arca Gold Bugs Index sank 1.63 per cent.
The yellow metal eked out a weekly gain of less than 0.1 per cent, just enough for a sixth straight weekly advance, the longest run since August 2020.
Source: Dow Jones Newswires, AFR
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