AU Morning Wrap: ASX Flat; Paladin Energy Bounces Back

Moomoo News AU wrote a column · May 31, 2023 19:34

G'day, mooers! Check out the latest news on today's stock market!
• US debt ceiling clears first hurdle
• ASX flat; Paladin Energy bounces back
• Stocks to watch: Paladin Energy, Allkem, Ampol
- Moomoo News AU

AU Morning Wrap: ASX Flat; Paladin Energy Bounces Back

Wall Street Summary

Major stock indexes fell Wednesday as economic concerns and fears of a Federal Reserve rate increase remained on investors' minds.

The $S&P 500 Index(.SPX.US)$ and $Nasdaq Composite Index(.IXIC.US)$ both retreated 0.6%, while the $Dow Jones Industrial Average(.DJI.US)$ was 0.4% lower.

AU Market Watch

The $S&P/ASX 200(.XJO.AU)$ slipped 0.1 per cent, or by 7.3 points to 7089.1 at market open off the back of the prospect of higher local interest rates and weak overseas sentiment.

The financials sector was among the worst performing sectors, down 0.2 per cent. $CommBank(CBA.AU)$ shares fell 0.2 per cent. $Westpac Banking Corp(WBC.AU)$ fell 0.2 per cent. $National Australia Bank Ltd(NAB.AU)$ slipped 0.2 per cent. $ANZ Group Holdings Ltd(ANZ.AU)$ retreated 0.3 per cent.

The energy sector also slipped, down 0.1 per cent. $Woodside Energy Group Ltd(WDS.AU)$ shares were down 0.6 per cent. $Santos Ltd(STO.AU)$ declined 0.6 per cent.

$Ampol Ltd(ALD.AU)$ shares rallied 1.9 per cent. $Washington H Soul Pattinson & Co Ltd(SOL.AU)$ increased 1.1 per cent. $Paladin Energy Ltd(PDN.AU)$ shares bounced back, up 8.7 per cent.

Stocks to Watch

$Lynch Group Holdings Ltd(LGL.AU)$: Flowers wholesaler Lynch Group has upgraded its full-year earnings guidance to be in the range of $42 million to $43 million.

The company's previous guidance was $36 million to $40 million.

In Lynch's latest trading update, the business said its revenue was expected to increase 5 per cent following a "strong performance in sale or return stores".

$Whitehaven Coal Ltd(WHC.AU)$: Whitehaven Coal managing director Paul Flynn has urged the Albanese government to consider coal's role in powering defence allies like Japan and South Korea when reviewing its list of minerals that are "critical" to economic growth and national security.

Coal is not among the 26 minerals considered "critical" by the Australian government although coking coal for steelmaking is one of the 34 minerals considered "critical" by the European Commission.

The Albanese government is expected to publish its new critical minerals strategy within weeks and Mr Flynn said the government should consider the heavy reliance on Australian coal in nations like India, Japan and Korea when striking enhanced defence pacts and strategic alliances.

$Fonterra Shareholders Fund(FSF.AU)$: Dairy producer Fonterra has announced that former Air New Zealand exec Anna Palairet will step into the position of acting chief operating officer.

Bowen Coking Coal says its Isaac River coal mine has been formally granted approval from the federal environment department.

The proposed mine is 28 kilometres east of Moranbah in Central Queensland.

The company said the Commonwealth government's environmental approval process had taken almost two years.