AU Evening Wrap: ASX Drops, New Hope Powers Up on Profit Stand-out

Moomoo News AU wrote a column · Sep 19, 2023 02:40

G'day, mooers! Check out the latest news on today's stock market!
• Top gainers: $Coronado Global Resources Inc(CRN.AU)$, $Johns Lyng Group Ltd(JLG.AU)$, $BlueScope Steel Ltd(BSL.AU)$
• Top losers: $Imugene Ltd(IMU.AU)$, $Chalice Mining Ltd(CHN.AU)$, $Novonix(NVX.AU)$
- moomoo News AU

The $S&P/ASX 200(.XJO.AU)$ closed 0.5 per cent lower on Tuesday, ahead of the US Federal Reserve's policy meeting, which is expected to reaffirm the "higher-for-longer" message on interest rates. The All Ords also slipped 0.5 per cent.

All the major banks declined. Mining companies slumped after iron ore prices pulled away from six-month highs on worries about China's deepening property crisis.

Heavyweights $BHP Group Ltd(BHP.AU)$ dropped 1.4 per cent, $Fortescue Ltd(FMG.AU)$ shed 1.1 per cent and $Rio Tinto Ltd(RIO.AU)$ eased 0.7 per cent.

Undermining the mood were minutes of the Reserve Bank's September meeting showing the central bank is considered raising rates. Earlier this month the RBA kept, as expected, the cash rate at 4.1 per cent for the third consecutive meeting, but said it was ready to lift it again should inflation prove more persistent.

On the ASX, all sectors, except energy were in the red, with materials leading losses.

Yet shares in $New Hope Corp Ltd(NHC.AU)$ jumped 2.1 per cent and hit their highest since January, after posting a $1 billion profit on strong coal demand and record high prices.

Explosives giant $Orica Ltd(ORI.AU)$ rallied 1.4 per cent. It has ramped up its targets for direct emissions reduction and has introduced an "ambition" to cut indirect emissions, bucking the broader trend for energy-intensive companies to dial back on near-term climate commitments.

Gold miner takeover target $Newcrest Mining Ltd(NCM.AU)$ advanced 1.4 per cent after US miner Newmont received the nod from Australia's Foreign Investment Review Board (FIRB) to proceed with its planned acquisition. The deal needs more regulatory approvals to go ahead.

Logistics group $Qube Holdings Ltd(QUB.AU)$ fell 1 per cent after reporting the death of an employee following an incident at its forestry harvesting operations in South Australia.

Asset management company $Pacific Current Group Ltd(PAC.AU)$ fell 0.6 per cent on plans to buy a stake of up to $62 million in US-based Avante Capital Partners, a private credit investment outlet.

Energy shares, however, were among the rare winners as oil prices topped a fresh 10-month high amid tight supply.

$Santos Ltd(STO.AU)$ jumped 0.9 per cent and $Beach Energy Ltd(BPT.AU)$ rose 0.3 per cent, but $Woodside Energy Group Ltd(WDS.AU)$ edged 0.1 per cent lower. Meanwhile, $Whitehaven Coal Ltd(WHC.AU)$ rallied 1.2 per cent.

Gold miners also rose on expectations the Fed will stand pat on rates.

S&P/ASX 200 Movers for Tuesday (19/9)

AU Evening Wrap: ASX Drops, New Hope Powers Up on Profit Stand-out

How to find the above information in moomoo app:

1. Open moomoo app

2. Search for and tap on ".XJO"

3. Roll down to see "Constituent Stocks"

4. You can filter the list based on "%Chg"

10 Top-Traded AU Stocks for Tuesday (19/9)

How to find the above information in moomoo app:

1. Open moomoo app

2. Tap your finger on "Market" and "AU"

3. Roll down and tap on "Main Board"

4. You can filter the list based on "Turnover"

Source: Dow Jones Newswires, AFR

Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more

Translate

Report

53K Views

Comment

Moomoo News AU

Moomoo News Official Account

Australian stock market news that is available at your fingertips

3402Followers

6Following

97KVisitors