ASX Update: Miners, Oilers Lead Reversal as Crude Tests US$123

themarketherald2022-03-24

Australian shares overcame soft leads and early weakness to rise for the sixth time in seven sessions as surging commodity prices lifted miners and oil producers.The S&P/ASX 200 reached mid-session ...

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Comments

tig2021
2022-03-24
tig2021
Ok
Sysy
2022-03-24
Sysy
Gogo
小虎一飞冲天
2022-03-24
小虎一飞冲天
Like pls
Jay88
2022-03-24
Jay88
Ok
SSVC
2022-03-24
SSVC
K
Anselo
2022-03-24
Anselo
The hardest thing to predict is oil prices in my opinion, there so many market movers that individually have a lot of sway over prices. Coupled with the unpredictablility of the politics surrounding oil countries.

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SOUL PATTINSON"},"translate_title":"ASX更新：原油测试美国123美元，矿工、石油商引领逆转","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AVZ.AU":0.9,"BKW.AU":0.9,"JBH.AU":0.9,"JHG.AU":0.9,"NAB.AU":0.9,"RMD.AU":0.9,"SGR.AU":0.9,"SOL.AU":0.9,"SXL.AU":0.9,"XAO.AU":0.9,"XJO.AU":0.9,"XKO.AU":0.9},"content_text":"Australian shares overcame soft leads and early weakness to rise for the sixth time in seven sessions as surging commodity prices lifted miners and oil producers.The S&P/ASX 200 reached mid-session four points or 0.06 per cent ahead after earlier falling 22 points.BHP, Rio Tinto, Newcrest and the oil majors led the turnaround. Gains were kept in check by declines in tech, banking and healthcare stocks.What’s driving the marketAustralia’s status as a resources powerhouse once again shielded the market. Leading overseas indices slumped overnight as rising prices inflamed worries about inflation and growth.The S&P 500 gave up 1.23 per cent. Europe’s Stoxx 600 index dropped 1.01 per cent.“Statements from Russian president Putin that gas exports would now require rouble payment saw European gas prices jump 30%. A surprise drawdown of US crude oil inventories added to concerns around energy supply. Crude oil prices finished the session more than 5% higher, and energy stocks were among the few winners on many bourses,” Michael McCarthy, Chief Strategy Officer at Tiger Brokers Australia, said.Oil‘s breakneck rally continued. Brent crude rose US$1.56 or 1.3 per cent this morning to US$123.16 a barrel.Industrial metals flew higher. The price of nickel reportedly jumped 17 per cent today in Shanghai.Winners from the commodity surge ensured the ASX continued a rally that has lifted the benchmark more than 400 points in two and a half weeks. The energy sector climbed 1.81 per cent. Basic materials gained 1.34 per cent.Not all market commentators are convinced by the recent rebound in equities. Clifford Bennett, chief economist at Sydney’s ACY Securities, believes equity markets are under-estimating the impact of the Ukraine war on the global economy.“It is vitally important that investors consider the Ukraine war has not yet been fully priced by financial markets,” he said.“It is highly likely Oil will exceed $150 barrel in the coming weeks and months. Just how high it can go is an open question?” he added.“Higher sustained oil prices would generate on-going high inflation and much higher interest rates. This represents a major threat to the state of the global economy over the next 2-5 years.”The day’s economic data confirmed the post-lockdown economic rebound remained on track. The composite business gauge from S&P Global climbed to 57.1 this month from 56.6 in February as both manufacturing and services-sector activity expanded. Readings above 50 indicate expanding activity.Going upThe heavyweight mining and energy companies led the advance. Gold miner Newcrest bounced 3.1 per cent. Woodside Petroleum put on 3.13 per cent, Rio Tinto 2.74 per cent, BHP 2.22 per cent and Santos 2.12 per cent.Lithium miner AVZ Minerals climbed 9.71 per cent to an all-time high. A 5.18 per cent advance catapulted Whitehaven Coal to a level last seen in May 2019.Strong sales growth through the third quarter lifted JB Hi-F 4.4 per cent. The retailer’s Australian outlets increased sales by 11.3 per cent. Sales at the company’s New Zealand shopfronts grew 2.9 per cent.Telecommunications infrastructure firm Uniti Group climbed 0.64 per cent after confirming takeover interest from Macquarie Infrastructure and a Canadian pension fund. Uniti said the board was considered a non-binding incomplete and indicative offer to acquire the company at $5 per share.A record half-year profit raised Brickworks 3.49 per cent. Statutory half-year net profit surged 720 per cent to $581 million, thanks in part to a one-off profit for the disposal of shares in Washington H. Soul Pattinson. Underlying profit increased 269 per cent to $330 million.Washington H. Soul Pattinson edged up 2.03 per cent after a result distorted by a goodwill impairment related to the acquisition of rival Milton last year. The investment house reported a $643.1 million first-half loss. Group regular profit (which excluded the impairment charge) jumped 281 per cent to $343.7 million.A whiff of buying interest for Southern Cross Media‘s regional TV assets boosted the media group’s share price by 6.62 per cent. The company said it received unsolicited approaches from several parties, but none were binding or included prices. Grant Samuel was advising. The firm also announced a $40 million on-market share buyback.NAB inched up 0.03 per cent after completing a $2.5 billion on-market share buyback and announcing another for the same amount. The bank expects to launch the new buyback after reporting half-year results on May 5.Going downThis week’s recovery in growth stocks stalled as risk appetite faded once again. Zip Co sagged 6.38 per cent, Life360 5.48 per cent and Block 4.19 per cent.Most of the banks retreated as Australian yields backed off yesterday’s multi-year high. Macquarie Group dropped 1.24 per cent, ANZ 0.72 per cent, CBA 0.52 per cent and Westpac 0.02 per cent.ResMed skidded 3.65 per cent after warning supply-chain issues would make it hard to achieve full-year revenue targets. The company’s US-listed stock shed 8.65 per cent overnight.Star Entertainment Group dropped 0.77 per cent following allegations the group allowed a Chinese “junket” group accused of links to organised crime to run a private gaming room at Star’s Sydney casino.Ali Dibadj will succeed Dick Weil as CEO of Janus Henderson. The asset manager’s share price fell 3.65 per cent during a weak session for the financial sector.Other marketsThe Asia Dow gave up 0.6 per cent. China’s Shanghai Composite dropped 0.52 per cent, Hong Kong’s Hang Seng 0.21 per cent and Japan’s Nikkei 1.19 per cent.US futures were unchanged.Gold rose US$6.70 or 0.35 per cent to US$1,944 an ounce.The dollar eased after breaking 75 US cents overnight for the first time in five months. 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Coupled with the unpredictablility of the politics surrounding oil countries.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9037638824","repostId":1116326470,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":109,"commentSize":8,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1116326470"}