AU Morning Wrap: ASX Gains as Miners Rally; Magellan Sinks 5% on CEO Exit

The three major stock indexes opened in the green and didn't look back. The $Dow Jones Industrial Average(.DJI.US)$ edged higher 0.6 per cent, about 200 points. The $S&P 500 Index(.SPX.US)$ climbed 0.7 per cent while the tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose 0.9 per cent.

The $S&P/ASX 200(.XJO.AU)$ opened 37.4 points, or 0.6 per cent, higher at 6894.3 points. The All Ordinaries is 0.5 per cent higher.

Materials stocks are the best performing at the open of trading, up 1.7 per cent. Iron ore miners have surged: $BHP Group Ltd(BHP.AU)$ rose 2.4 per cent, $Fortescue Ltd(FMG.AU)$ gained 2.8 per cent and $Rio Tinto Ltd(RIO.AU)$ gained 1.8 per cent.

$Kogan.com Ltd(KGN.AU)$: Kogan says its sales figures returned to a growth in the September quarter, despite sales continuing to fall in annual terms. Shares are up 5.2 per cent.

$Woolworths Group Ltd(WOW.AU)$: Woolworths Group CEO Brad Banducci says food inflation costs hitting the supermarket giant's prices had further eased in July-September. Group sales in the first quarter of financial 2023 rose 5.3 per cent compared with the year-earlier period. Shares have dipped 0.5 per cent.

$Magellan Global Fund(MGF.AU)$: Magellan shares are 5 per cent lower after chief executive David George announced he was stepping down. Board director Andrew Formica will assume the role as executive chairman as the embattled fund manager searches for a replacement.

$Corporate Travel Management Ltd(CTD.AU)$: Corporate Travel Management has risen 3.4 per cent after the company said it would conduct an on-market buyback for $100 million worth of its shares from November 15.

$Super Retail Group Ltd(SUL.AU)$: Super Retail Group's sales growth inched higher in the first quarter of FY24. In the first sixteen weeks of FY24, sales rose 4 per cent and like-for-like sales increased 2 per cent, on the year-earlier period. Shares are 3.6 per cent higher.

$Ampol Ltd(ALD.AU)$: Petrol and diesel supplier Ampol has reported surging earnings in the third quarter, driven in part by stronger refiner margins. The group's refining margins rose to $US19.69 per barrel from $US15.46 per barrel a year ago. Shares have jumped 5.9 per cent.

Trading Ex-div: $GQG Partners Inc(GQG.AU)$, $Lion Selection Group Ltd(LSX.AU)$

Dividends Paid: $Horizon Oil Ltd(HZN.AU)$, $Reece Ltd(REH.AU)$