ASX ends higher as tech rallies
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket ended higher, following Wall Street gains after US Federal chair Jerome Powell told a panel that the US was back on a disinflationary path.
The numbers: The benchmark ASX 200 gained 0.28% to end at 7,739.9, with seven out of 11 sectors finishing in green.
The best performing sector was IT, up 1.37%, followed by materials (1.11%). Cettire was the best performer across the ASX 200, up 12.35%, as the stock clawed back some losses from last month when it plunged 40%.
The energy sector was one of the best sectors during the trading day until late afternoon with the sector finishing up 0.56%. Oil and gas majors climbed after crude traded close to two-month highs on signs of a drawdown on US stockpiles.
Energy stocks Karoon Energy (1.38%) and Beach Energy (1.01%) ended higher while Woodside (-0.48) and Santos (-0.26%) fell.
The worst performing sector was utilities, down 0.55%, followed by telecommunication services (-0.4%).
Chalice Mining shares plunged 17.82% after flagging a potential partnership with Japan’s Mitsubishi to develop the Gonneville nickel-copper-cobalt project in Western Australia.
Monadelphous ended 4.06% lower as Bell Potter analysts downgraded the engineering firm citing margin pressure amid a slowing project pipeline.
APA Group shares fell 0.88% after the gas transmission major said it would take a profit hit of $145 million after key client Qenos entered voluntary administration.
Ramelius Resources lost 0.53% after it announced a $175 million debt facility agreement with a syndicate of lenders comprising ANZ, Commonwealth Bank, NAB, Westpac and Natixis.
Elsewhere, Guzman y Gomez ended 0.35% lower despite Morgans analysts initiating an ‘add’ rating on the company as they believed the business had significant long-term growth potential.
The context: The latest US unemployment figures will be released tonight while the US Fed meeting minutes will be released early Thursday morning.
Thursday (UK time) will also see Britons head to the polls. The election is widely expected to see the Conservative Party be voted out after 14 years in power and Labour’s Keir Starmer becoming the next prime minister.
