ASX snaps two-day fall as energy stocks rally
Make us a preferred source
Make us a preferred source on Google
The news: The Australian sharemarket ended higher, breaking a two-day fall, as oil stocks rallied on signs of lower US production.
The ASX 200 gained 0.33% to end at 8,178.3, with eight out of 11 sectors finishing in green.
Biggest movers:
- Energy sector (2.12%) — Best performing sector after a strong rally from oil stocks with Ampol (2.77%), Santos (2.04%) and Woodside (1.66%) led gains. Brent crude gained as much as 0.93% to USD62.73 ($96.69) per barrel while West Texas International gained as much as 1.1% to USD59.74 after news that the US and China would start trade talks this weekend, Reuters reported. Boss Energy surged 12.43% after it told the Macquarie conference that uranium was exempt from US tariffs and that it was well positioned to benefit from rising long-term prices.
- Zip (13%) — Reaffirmed its earnings guidance and reported strong growth in US transactions.
- Nuix (-16.03%) — Withdrew its estimated target on annualised contract values, citing uncertainty and volatility in the geopolitical and global economic landscape.
Other news:
- MedAdvisor (halted) — Shares surged 30% on news of an acquisition proposal but the stock is now in a trading halt ahead of a further announcement on the bid.
- National Stock Exchange (4.17%) — Raised $1.3 million as part of a capital raise to provide working capital for the company.
- MA Financial (2.37%) — Has formed a joint venture with Monroe Capital and Sumitomo Mitsui Banking Corporation to invest up to $2.61 billion in senior secured loans to US middle market borrowers.
- Macquarie (0.94%) — The Australian Securities and Investments Commission has imposed additional conditions on its financial services licence after multiple and significant compliance failures on futures and over-the-counter derivatives.
Earnings:
- Temple & Webster (7.95%) — Reversed earlier losses as it reported strong sales growth so far in the second half and said the US-China tariff war had been positive for its business.
- Nine Entertainment (2.03%) — CEO Matt Stanton has told investors he is confident that CoStar’s pursuit of Domain, which Nine controls with a 60% stake, will be finalised.
- NAB (1.62%) — Posted a better-than-expected first-half profit on the back of underlying profit growth and lower credit impairment charges but margins narrowed in a competitive market.
- Scentre Group (0.82%) — Reaffirmed full-year guidance after a strong first-half-to-date at its Westfield shopping centres as a result of increases in customer visits and retail partner sales.J
- JB Hi-Fi (-0.15%) — Reported higher group sales for the third quarter sales despite difficult retail conditions.
What’s ahead: Overnight will see the US Federal Reserve make its next interest rate decision.
Thursday will see the last day of the Macquarie conference while ANZ, News Corp, and Orica post latest earnings.
