ASX higher as tech gains track Wall Street
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The news: The Australian sharemarket has finished higher, led by tech stocks.
The numbers: The benchmark ASX 200 finished up 0.45% to 7,683.5, with eight out of 11 sectors finishing in green.
The best performing sector was IT, up 1.73%, followed by healthcare (1.22%) and financials (1.1%). Large IT firms Wisetech (2.24%), NextDC (2.32%) and Xero (1.44%) all rose, tracking tech gains on Wall Street ahead of corporate earnings expected this week.
Stockland finished up 0.23% after announcing a deal with Ampol (0.15%) to roll out electric vehicle charging infrastructure in Stockland’s shopping centres.
The Star Entertainment’s shares have closed 0.6% higher amid the NSW casino regulator’s inquiry into the suitability of the casino. Today, its chair David Foster claimed messages sent to the casino’s then-CEO Robbie Cooke around plans to abolish the NSW casino regulator and oust special manager Nicholas Weeks were “heat of the moment comments” and he was “trigger happy”.
Despite the slump in gold prices due to easing tensions in the Middle East, Gold Road Resources finished 1.56% higher after ending discussions over a potential transaction for an interest in Canada’s Greenstone Gold Mines.
Eight out of the 10 worst ASX 200 performers were gold-related companies including Emerald Resources (-7.18%), Capricorn Metals (-5.76%), Genesis Minerals (-4.63%), Ramelius Resources (-4.85%), Newmont Corporation (-4.56%), Silver Lake Resources (-4.18%), and Northern Star (-3.93%). Northern Star also released its third quarter earnings, which its managing director described as “challenging”.
The bottom performing sector was energy, down 0.78%, followed by industrials (-0.29%) and materials (-0.26%). Brambles fell 5.95% after the logistics company flagged ongoing demand weakness due to inventory optimisation by major customers.
The worst performing ASX 200 stock was Lifestyle Communities, down 13.33%, after the affordable housing provider cut its full-year target for home settlements.
The Australian dollar is higher, buying US64.52 cents.
The context: Later this evening will see the latest US manufacturing purchasing managers’ index released.
All eyes will be on the latest CPI figures due to be released by the Australian Bureau of Statistics on Wednesday as it will be an indicator for the Reserve Bank’s next monetary policy decision.
Woodside’s annual general meeting will also be held on Wednesday at a time when the company has been under attack for its lack of climate ambition. Aware Super has said it would vote against Woodside’s chair and climate plan.
Wednesday will also see Tesla and Spotify post earnings.
