AU Morning Wrap: Gold Miners Rally, Genex Soars 30%
G'day, mooers! Check out the latest news on today's stock market!
• S&P 500 hits another record high
• ASX edges up, gold miners rally
• Stocks to watch: Genex Power, Evolution Mining, Fletcher Building
• S&P 500 hits another record high
• ASX edges up, gold miners rally
• Stocks to watch: Genex Power, Evolution Mining, Fletcher Building
Wall Street Summary
The stock market Friday continued playing the hits: Nvidia reached new heights, and the S&P 500 notched its 15th record high of the year. It helped the index log its 16th weekly gain in the past 18 weeks.
All three major indexes traded in the green Friday, opening March on a high note after four consecutive monthly gains. The $Dow Jones Industrial Average(.DJI.US$ rose 0.2 per cent, or 91 points, while the $S&P 500 Index(.SPX.US$ glided 0.8 per cent higher. Thanks largely to semiconductor firms, the tech-heavy $Nasdaq Composite Index(.IXIC.US$ led the pack with a 1.1 per cent climb, also setting a new record.
AU Market Watch
Australian stocks have kicked off the week with minimal fanfare, as the market hovers at the brink of the record highs achieved last Friday.
The $S&P/ASX 200(.XJO.AU$ has opened virtually unchanged, standing at 7745.3, while the All Ordinaries Index mirrors this static opening.
In the early phase of trading, all 11 industry sectors are yet to see significant movement in any clear direction. Energy shares, however, are emerging as the session's frontrunners, following OPEC+'s decision to maintain its oil production cut of 2 million barrels per day until mid-year. This strategic move aims to prevent a worldwide surplus and bolster oil prices. As a result, US crude soared to $80 a barrel for the first time in nearly four months on Friday.
Technology shares are experiencing an uptick as well, buoyed by the tech-centric Nasdaq Composite and S&P 500 indices closing at all-time highs on Friday.
Gold miners such as $Evolution Mining Ltd(EVN.AU$, $Emerald Resources NL(EMR.AU$, and $Perseus Mining Ltd(PRU.AU$ are standing out in the benchmark's performance. This follows an increase in gold prices during the US trading session on Friday after the Institute for Supply Management reported a decrease in its US manufacturing index to 47.8 in the last month, down from 49.1 in January.
Stocks to Watch
$Fletcher Building Ltd(FBU.AU$: Fletcher Building chairman Bruce Hassall has brought forward his exit from the embattled building materials company. Shares are down 0.8 per cent $3.90.
$Nextdc Ltd(NXT.AU$: NextDC is 0.8 per cent higher at $16.91. The Australian Financial Review’s Street Talk column revealed the Craig Scroggie-led digital infrastructure group is seeking to acquire a portfolio of data centres from London-headquartered Global Switch.
$Downer EDI Ltd(DOW.AU$: Downer EDI has put forward its defence against its pending shareholder class action, saying the accounting irregularities were, in part, related to auditor KPMG. Shares are down 0.8 per cent to $4.98.
$Genex Power Ltd(GNX.AU$: Small-cap Genex Power has soared 32.4 per cent to 24.5¢. J-Power, one of Japan's largest energy utilities, has lobbed a $375 million bid to buy Queensland renewables developer.
Dividends Paid: None
Listing: None
Economic Calendar (AEDT):
11:30 am: Australia Building Permits (Jan)
11:30 am: Australian Company Gross Profits (Q4)
Source: Dow Jones Newswires, AFR
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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