AU Morning Wrap: ASX Firms, Buoyed by Energy as Oil Prices Jump
G'day, mooers! Check out the latest news on today's stock market!
• US stocks continue rally on hopes of interest-rate cuts
• ASX firms, buoyed by energy as oil prices jump
• Stocks to watch: G8 Education, Azure Minerals, Telix
- Moomoo News AU
• US stocks continue rally on hopes of interest-rate cuts
• ASX firms, buoyed by energy as oil prices jump
• Stocks to watch: G8 Education, Azure Minerals, Telix
- Moomoo News AU
Wall Street Summary
Investors dreaming of interest-rate cuts continued to push stocks higher on Monday.
Coming off its seventh straight week of gains, the $S&P 500 Index(.SPX.US$ rose 0.5 per cent. The tech-heavy $Nasdaq Composite Index(.IXIC.US$ advanced 0.6 per cent, while the $Dow Jones Industrial Average(.DJI.US$ was effectively unchanged, rising roughly one point to just eke out its fourth straight record close.
AU Market Watch
Australian shares nudged up at the opening bell, tracking a Wall Street rally, with energy leading gains after oil prices jumped on fears of supply disruptions.
The $S&P/ASX 200(.XJO.AU$ added 0.1 per cent, or 8.1 points, in the first 10 minutes of trade to 7434.5. Communications and consumer staples were the only two sectors in the red.
Stocks to Watch
$AGL Energy Ltd(AGL.AU$: AGL Energy slipped 0.2 per cent on plans to build a 500 MW battery plant at the company's Hunter Energy Hub in NSW.
$G8 Education Ltd(GEM.AU$: G8 Education vaulted 11 per cent after flagging a "marked" improvement in the second half of 2023 amid a cost discipline, projecting a profit of $62 million to $64 million for the full year.
$Azure Minerals Ltd(AZS.AU$: Lithium explorer Azure Minerals entered a binding deed for Sociedad Química y Minera de Chile (SQM) and Hancock Prospecting to buy all its shares via a scheme of arrangement for a cash amount of $3.70 per share. Shares closed at $3.63 on Friday, before the trading halt.
$Propel Funeral Partners Ltd(PFP.AU$: Propel Funeral Partners was unchanged. The company bought three businesses in Australia and NZ for $10.6 million.
$Telix Pharmaceuticals Ltd(TLX.AU$: Telix Pharmaceuticals dropped 3.7 per cent even though it submitted a license application to the US Food and Drug Administration (FDA) for a radiopharmaceutical imaging agent for kidney cancer.
$Origin Energy Ltd(ORG.AU$: Origin Energy rallied 0.8 per cent after announcing an another £280 million ($530 million) into British energy retailer and tech platform Octopus Energy.
$Allkem Ltd(AKE.AU$: Allkem fell 0.5 per cent ahead of the results of a merger vote at its AGM.
Listing: Enlitic Inc (ENL:ASX)
Economic Calendar (AEST):
11:30 am: RBA Meeting Minutes
2:00 pm: Bank of Japan Interest Rate Decision
12:30 am: Canada Inflation Rate
12:30 am: US Building Permits (Nov)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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