AU Morning Wrap: ASX Rises; James Hardie Shares Soar 15%

The climb helped lift the $S&P 500 Index(.SPX.US)$ to a 0.9% daily gain, while the $Dow Jones Industrial Average(.DJI.US)$ added 408 points, or 1.2%. The $Nasdaq Composite Index(.IXIC.US)$ looked set for losses in early trading, dragged lower by Tesla shares that slid as much as 4.4% after the departure of longtime Chief Financial Officer Zachary Kirkhorn. The electric-car maker finished 1% lower, and the tech-heavy index notched a 0.6% advance.

The benchmark $S&P/ASX 200(.XJO.AU)$ bounced back from Monday's losses as mining and technology stocks climbed.

The materials sector rallied 0.9 per cent, led by iron ore giant $Fortescue Ltd(FMG.AU)$. Its shares added 1.8 per cent. $BHP Group Ltd(BHP.AU)$ edged up 0.4 per cent and $Rio Tinto Ltd(RIO.AU)$ up 0.2 per cent.

$James Hardie Industries PLC(JHX.AU)$: Building products group James Hardie says there's an uncertain outlook in the major markets in which it operates, and predicts that in its largest market, North America, the total addressable market will drop between 5 per cent and 18 per cent in calendar 2023 compared with 2022.

$Coronado Global Resources Inc(CRN.AU)$: US-Australian coal miner Coronado Global Resources posted a 24 per cent dip in revenue, while adjusted earnings collapsed 58.4 per cent compared to the previous corresponding period as coal prices continue to slide from historic highs.

$Myer Holdings Ltd(MYR.AU)$: Myer has upgraded its profit expectations by 15 per cent to 21 per cent to a range of $69 million and $73 million for financial year 2023, according to its latest trading update.

$Charter Hall Long WALE REIT(CLW.AU)$: Charter Hall Long WALE REIT has reported a full-year statutory loss of $189 million for the 2023 financial year, down from a $911 million a year earlier after absorbing a hefty writedown in its portfolio values.

$PSC Insurance Group Ltd(PSI.AU)$: PSC Insurance has announced that it will acquire ASX-listed underwriting agency Ensurance for $25.2 million.