AU Morning Wrap: ASX Jumps as Tech, Real Estate and Mining Stocks Rally

Moomoo News AU wrote a column · Dec 13, 2023 17:41

G'day, mooers! Check out the latest news on today's stock market!
• Dow hits record high
• ASX rallies as miners, tech and real estate stocks jump
• Stocks to watch: Genesis Minerals, Viva Energy, Orora
- Moomoo News AU

AU Morning Wrap: ASX Jumps as Tech, Real Estate and Mining Stocks Rally

Wall Street Summary

Investors searched for hints Wednesday on whether the Federal Reserve might begin cutting interest rates next year. The central bank didn't disappoint.

Stocks hovered near the flatline throughout the trading session until Fed members unanimously voted to hold rates steady and signaled that they could begin easing monetary policy next year. While Chair Jerome Powell left the possibility of additional hikes on the table, markets paid little attention.

The $S&P 500 Index(.SPX.US)$ and tech-heavy $Nasdaq Composite Index(.IXIC.US)$ rose 1.4 per cent apiece. The $Dow Jones Industrial Average(.DJI.US)$ breached 37000 for the first time, settling at an all-time high of 37090.

AU Market Watch

Australian shares have jumped at the open, tracking a rally on Wall Street after the US Federal Reserve kept its key interest rates unchanged and flagged rate cuts next year.

The $S&P/ASX 200(.XJO.AU)$ rose 96 points, or 1.3 per cent, at the open to 7354. The All Ordinaries is also 1.3 per cent higher.

Early in trade, all 11 sectors are pushing higher, led by the rate-sensitive real estate and tech sectors, which are both up 2.6 per cent. Materials stocks are also rallying, boosted by gold and lithium stocks.

Stocks to Watch

$Genesis Minerals Ltd(GMD.AU)$: Genesis Minerals is 12.6 per cent higher at $1.87 after striking a deal to buy the Bruno-Lewis and Raeside gold projects from Kin Mining.

$Woolworths Group Ltd(WOW.AU)$: Australia's consumer watchdog has waved through Woolworths bid for a majority stake in PETstock. Shares are 0.4 per cent higher at $36.59.

$Viva Energy Group Ltd(VEA.AU)$: Viva Energy is up 3.8 per cent to $3.25 after ACCC has also confirmed it will not oppose plans by the petrol retailer to acquire Peregrine Corporation's OTR Group.

$Volpara Health Technologies Ltd(VHT.AU)$: The board of New Zealand-based Volpara Health Technologies has backed a buyout offer from AI cancer detection developer Lunit. Shares have jumped 42.6 per cent to $1.10.

$Orora Ltd(ORA.AU)$: Orora has flagged earnings headwinds that could hurt the outlook for its recently purchased Saverglass business. Shares are 6.3 per cent lower at $2.51.

$Whispir Ltd(WSP.AU)$: Sydney start-up Pendula has offered to buy takeover target Whispir for 57¢ per share, a 19 per cent premium on the price offered by private equity-backed Soprano Design. Whispir shares are 2 per cent higher at 52.5¢.