AU Morning Wrap: ASX Rallies as Miners Jump; Origin Energy Slides

Moomoo News AU wrote a column · Dec 3, 2023 17:41

G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 marks highest close since March 2022
• ASX rallies; Origin Energy shares drop
• Stocks to watch: Origin Energy, Metcash, BHP
- Moomoo News AU

AU Morning Wrap: ASX Rallies as Miners Jump; Origin Energy Slides

Wall Street Summary

Hopes that the Federal Reserve is done raising interest rates turbocharged a broad-based rally, driving prices of everything from stocks to Treasurys and gold sharply higher.

The $Dow Jones Industrial Average(.DJI.US)$ added 2.4 per cent for week, notching a fifth weekly gain to mark its longest winning streak since late 2021. The $S&P 500 Index(.SPX.US)$ added 0.8 per cent and closed at its highest level since March 2022. The tech-heavy $Nasdaq Composite Index(.IXIC.US)$ added 0.4 per cent.

AU Market Watch

The Australian sharemarket rallied at the open, tracking gains on Wall Street, amid growing bets the world's central banks are done with raising interest rates.

The $S&P/ASX 200(.XJO.AU)$ added 1.1 per cent, or 74.8 points to 7148 at the start of trade of Monday, following a robust Friday session in New York on the heels of the S&P 500’s 9 per cent gain in November.

The miners and interest-rate-sensitive technology stocks led the gains in local shares. The materials sector jumped 1.7 per cent, with ASX heavyweight $BHP Group Ltd(BHP.AU)$ up 1.7 per cent and $Rio Tinto Ltd(RIO.AU)$ increasing 1.6 per cent.

Stocks to Watch

$Origin Energy Ltd(ORG.AU)$: Origin Energy dropped 1.5 per cent and was among the worst performers on the ASX 200. Shareholders are expected to reject the proposed $20 billion buyout of the ASX utilities giant by Brookfield and EIG on Monday, ending a protracted battle that failed to overcome the resistance of Origin's No.1 shareholder, AustralianSuper.

$Pact Group Holdings Ltd(PGH.AU)$: Pact Group rose 0.7 per cent after Rich Lister Raphael Geminder extended his lowball takeover bid for the rest of the packaging company again, this time until December 21.

$Metcash Ltd(MTS.AU)$: IGA parent Metcash rallied 2.3 per cent following positive interim results. The retailer declared its fully franked financial year 2024 interim dividend at 11¢ a share. Group revenue increased 1.3 per cent to $7.8 billion.

$Orora Ltd(ORA.AU)$: Cans and bottles maker Orora added 0.7 per cent after it appointed a new non-executive director, Claude-Alan Tardy, as it officially assumes ownership of premium bottlemaker Saverglass, following a $2.16 billion acquisition. Tardy has been an executive with French multinational Saint-Gobain Group for 40 years.