ASX ends week on a high as materials gain
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The news: The Australian sharemarket ended the week higher as materials led gains.
The numbers: The benchmark ASX 200 rose 0.77% to end at 7,921.3, with 10 out of 11 sectors finishing in green.
The best performing sector was materials, up 1.42%, followed by real estate (1.3%). Coronado Global Resources lifted for a second straight session, up 5.32%, after analysts upgraded earnings estimates for the company following a solid quarterly performance.
Mineral Resources shares rose 3.1% after the mining group posted a boost to full-year production volumes and met FY24 guidance.
Gold producer Capricorn Metals' shares gained 1.33% after it reported improved production at its Karlawindi gold project in Western Australia, helping it achieve full-year guidance.
A rise in global oil prices pushed ASX energy majors higher today, after stronger-than-expected economic data in the US heightened expectations for increased oil demand. Oil majors Karoon Energy (5.75%), Ampol (1.63%), Santos (1.57%), Beach Energy (1.22%) and Woodside Energy (0.37%) all closed higher.
Monadelphous Group shares rose 2.15% after the engineering firm said it had been awarded a $200 million construction contract by oil and gas giant Woodside.
Regal Partners shares climbed 1.92% after it recorded an increase to funds under management during the June quarter, and upgraded its expectations for half-year performance fee revenue.
Cochlear shares advanced 1.73% as Macquarie analysts hiked their price target on the company, and as it also announced changes to its executive team.
Macquarie Group ended 1.72% higher after analysts retained their ratings and price targets for the company after it posted a “broadly in line” Q1 result.
The worst performing sector was consumer staples, down 0.22%, followed by telecommunication services (0.05%).
The worst performer across the ASX 200 was Bellevue Gold, plunging 20.77% following the completion of an institutional capital raise that was a 15.3% discount to its closing share price on Wednesday.
Elsewhere, Energy Resources Group fell 2.94% after an announcement that the NT government had declined to renew its Jabiluka lease.
The Australian dollar is higher, buying 65.53 US cents.
The context: Tonight will see the latest US personal consumption expenditure index figures, the US Fed’s preferred inflation gauge, released ahead of the central bank’s next interest rate decision on Thursday.
Next week will be a heavy Australian economic data week, with the release of building approvals, quarterly CPI, international trade figures, lending indicators, producer price indexes and household spending indicator figures.
Earnings season also kicks off with companies reporting including Rio Tinto, Champion Iron and Pinnacle in Australia. Major US tech companies Microsoft, Amazon and Apple will also report earnings.
