AU Morning Wrap: ASX Rises, Miners Extend Losses

The $S&P 500 Index(.SPX.US)$ added 0.6 per cent to close within 0.3 per cent of its record high, set just over two years ago. The $Nasdaq Composite Index(.IXIC.US)$ rose 0.8 per cent and the $Dow Jones Industrial Average(.DJI.US)$ was 0.5 per cent higher. Stocks fell in the first week of 2024 but have regained ground since, with the S&P 500 turning positive for the year on Wednesday.

The $S&P/ASX 200(.XJO.AU)$ opened 0.4 per cent or 25.8 points to 7494.3. The All Ordinaries also rose 0.4 per cent to 7728.7. The main benchmark has closed higher only twice this year and was down 1.3 per cent.

Mining giants came under renewed pressure after a slump in iron ore prices. $BHP Group Ltd(BHP.AU)$ eased 0.4 per cent, $Rio Tinto Ltd(RIO.AU)$ nudged 0.2 per cent lower and $Fortescue Ltd(FMG.AU)$ fell 1 per cent.

$Worley Ltd(WOR.AU)$: Global engineering group Worley tumbled 5 per cent after it denied on Wednesday allegations of corruption made by Ecuador in the United States.

$Coles Group Ltd(COL.AU)$: Supermarkets Coles nudged 0.1 per cent lower after the federal government on Wednesday announced former competition minister Craig Emerson would lead a review of the grocery industry’s voluntary code of conduct with suppliers.

$Pinnacle Minerals Ltd(PIM.AU)$: Pinnacle shares jumped 3.6 per cent after indicating it was cautiously optimistic about the second half of fiscal 2024. It was the biggest outperformer on the index.