AU Morning Wrap: ASX Slips; Telix Jumps After IMF Investors Reveal It Was Bullish on the Company

Moomoo News AU joined discussion · Nov 16, 2023 17:48

G'day, mooers! Check out the latest news on today's stock market!
• Dow snaps 4-day win streak
• ASX 200 fell 0.1% lower
• Stocks to watch: AVZ, Niux, Mineral Resources
- Moomoo News AU

AU Morning Wrap: ASX Slips; Telix Jumps After IMF Investors Reveal It Was Bullish on the Company

Wall Street Summary

Earnings selloffs in Cisco Systems and Walmart pulled down the Dow. But the broader market narrowly overcame those drags as well as tumbling energy shares to keep the November rally going.

The $S&P 500 Index(.SPX.US)$ added 0.1%. The tech-oriented $Nasdaq Composite Index(.IXIC.US)$ eked out a smaller gain than that and is now up 9.8% this month. The $Dow Jones Industrial Average(.DJI.US)$ shed about 0.1%, or 46 points.

Despite the muted moves, cooling inflation has many investors convinced that the Federal Reserve is finished raising interest rates and that stocks are set for an extended climb.

AU Market Watch

Australian shares tilted slightly lower minutes after opening, tracking a subdued Wall Street, with energy stocks suffering the most after oil prices tumbled more than 4 per cent overnight.

The $S&P/ASX 200(.XJO.AU)$ inched down 0.1 per cent of 4.4 points to 7054. The All Ordinaries were also 0.1 per cent lower.

Stocks to Watch

$AVZ Minerals Ltd(AVZ.AU)$: AVZ won a temporary suspension from the emergency arbitrator for state-owned Congo's Cominiere to proceed with the termination of its joint venture with the Australian lithium explorer. Its shares have been on halt.

$Nuix Ltd(NXL.AU)$: Niux's federal court hearing will start on November 20 and is expected to last four weeks. The company is being sued by the Australian Securities and Investments Commission (ASIC) over a breach in disclosure in 2021. Nuix disputes the claim.

$Mineral Resources Ltd(MIN.AU)$: Mineral Resources boss Chris Ellison has delivered a $1 billion ultimatum to Western Australia's Labor government over its domestic gas reservation policy.

Mr Ellison said MinRes would not build a large-scale gas plant in the Perth Basin unless the WA government ditched restrictions on the export of gas from onshore projects.

$Steadfast Group Ltd(SDF.AU)$: Steadfast Group completed a $280 million institutional placement by issuing 54.5 million shares at $5.14, representing a 5 per cent discount. Proceeds will finance the acquisition of Sure Insurance and fund growth.

Trading Ex-div: $Washington H Soul Pattinson & Co Ltd(SOL.AU)$