AU Morning Wrap: ASX Flat; Austral Surges by 8%

Moomoo News AU wrote a column · Apr 1 18:40

G'day, mooers! Check out the latest news on today's stock market!
• Wall Street finish mixed
• ASX flat; Austral surges by 8%
• Stocks to watch: Aussie Broadband, Austal, Paladin Energy

AU Morning Wrap: ASX Flat; Austral Surges by 8%

Wall Street Summary

US stocks had a mixed finish at the start of Q2 2024 as yields on US treasury bonds increased. On Monday, new data indicated that the US manufacturing sector is currently at its strongest position since 2022. This has led to questions regarding the possible acceleration of the economy and how it might impact the Federal Reserve's decisions regarding interest rates.

The $S&P 500 Index(.SPX.US)$ experienced a 0.2% drop, while the $Dow Jones Industrial Average(.DJI.US)$ saw a 0.6% decline. On the other hand, the $Nasdaq Composite Index(.IXIC.US)$, which is heavily focused on technology stocks, finished slightly higher, but not as high as it was earlier in the session.

AU Market Watch

In the first session of the quarter, the Australian share market has risen above 7900 points, reaching new highs. Although there have been some modest losses, gains in the oil and mining sectors have offset them, with both industries experiencing a 1% increase.

The price of oil rose to a five-month high, with the possibility of reduced crude supplies in the Americas, while an Israeli attack in Syria threatened to escalate the conflict in the Middle East.

Despite a 5% drop in iron ore prices during the Easter Monday holiday, the trading overnight has seen the price rebound back above $US100 per tonne.

Gold miners are currently performing well, with the precious metal reaching a record $US2246.17 per ounce.

The Reserve Bank Board is scheduled to release the minutes of its March 2024 monetary policy meeting at 11.30am.

Stocks to Watch

$Aussie Broadband Ltd(ABB.AU)$ worked to gather buyers for a sell-down of approximately $50 million in Superloop over the long weekend, which is their target for mergers and acquisitions. This move comes after last week's courtroom drama.

$Austal Ltd(ASB.AU)$ has confirmed that it has been offered a takeover bid by Hanwha Ocean, a shipbuilder based in South Korea. The bid is for $2.825 per Austal share in cash. However, Austal has stated that it is uncertain whether the proposed deal would be able to obtain the necessary regulatory approvals to move forward.

$Paladin Energy Ltd(PDN.AU)$ has successfully produced its inaugural shipment of uranium from its Langer Heinrich mine located in Namibia.

Trading Ex-div: $Ridley Corp Ltd(RIC.AU)$