ASX Today: Market Rides Miners, Banks to Ten-Week High

The Market Herald2022-03-28

The share market rose for a fifth day as gains in mining and banking companies outweighed declines in growth stocks.The S&P/ASX 200 climbed 40 points or 0.54 per cent by mid-session. The advance ...

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Comments

Jess261
2022-03-28
Jess261
Okay
SanWangtikup
2022-03-28
SanWangtikup
Good
kwk
2022-03-28
kwk
Like
HENRYCSC
2022-03-28
HENRYCSC
Like pls
MamaLee
2022-03-28
MamaLee
Ok
haircut
2022-03-28
haircut
Because of month end?

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The advance ...</p>\n\n<a href=\"https://themarketherald.com.au/asx-update-market-rides-miners-banks-to-ten-week-high-2022-03-28/\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"XKO.AU","symbol_name":"标普/澳交所 300指数","start_time":0,"source_url":"https://themarketherald.com.au/asx-update-market-rides-miners-banks-to-ten-week-high-2022-03-28/","article_id":"1119992199","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1119992199","pubTimestamp":1648434536,"columns":[],"sourceInfo":{"source_id":"lsy1645078131697","name":"The Market Herald"},"weMediaInfo":null,"summary":"The share market rose for a fifth day as gains in mining and banking companies outweighed declines i","collect":0,"end_time":0,"defaultTopTitle":"themarketherald.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"XKO.AU":"标普/澳交所 300指数","XJO.AU":"标普/澳交所 200指数","XAO.AU":"标普/澳交所 普通股指数"},"translate_title":"今日ASX：市场带动矿商、银行升至十周高点","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"XAO.AU":0.9,"XJO.AU":0.9,"XKO.AU":0.9},"content_text":"The share market rose for a fifth day as gains in mining and banking companies outweighed declines in growth stocks.The S&P/ASX 200 climbed 40 points or 0.54 per cent by mid-session. The advance extended a rally that has lifted the Australian benchmark more than 6.5 per cent in less than three weeks.Iron giants BHP, Rio Tinto and Fortescue Metals led the advance, with support from the big four banks. CSL, Telstra and James Hardie were among the drags.What’s driving the marketInvestors found enough positives in Friday’s market action to ignore retreats in US equity futures and crude oil this morning. Miners were boosted by a rally in iron ore back above US$150 a tonne. The financial sector was lifted by a jump in long-term lending rates.US stocks finished mixed but mostly higher on Friday as the market divided into winners and losers from turmoil in bond markets. The S&P 500 put on 0.51 per cent and the Dow 0.44 per cent. 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Brent crude retreated US$3.88 or 3.2 per cent to US$116.77 a barrel.Going upIndex heavyweight BHP climbed 2.21 per cent to a seven-month high as a rally in iron ore continued. The spot price for ore landed at Tianjin climbed back above US$150 a tonne on Friday amid reports of shortages at steel mills.Rio Tinto put on 1.7 per cent, Fortescue Metals 0.93 per cent and Champion Iron 2 per cent. Lynas Rare Earths gained 4.06 per cent, Iluka 2.26 per cent and Mineral Resources 2.2 per cent.The major banks also traded near multi-month highs on the prospect of better returns as rates normalise. CBA tacked on 0.74 per cent, ANZ 0.83 per cent, NAB 1.45 per cent and Westpac 1.01 per cent.AMP inched up 0.26 per cent after completing the sale of its global equities and fixed income business to Macquarie Asset Management. The sale brings the wealth manager a step closer to demerging its private-markets investing business.Star Entertainment inched up 0.15 per cent after a review into The Star Sydney casino claimed its first scalp. Managing Director and CEO Matt Bekier resigned after a week of damaging allegations regarding the enforcement of anti-money laundering laws at the casino.Bekier told the board he was accountable for the company’s “processes, policies, people and culture”. He said “the right thing  to do was for him to take responsibility”.At the speculative end of the market, Tempest Minerals tripled in value after striking visible copper sulphide mineralisation in Western Australia. The first hole at the miner’s untested Orion Target in the Yalgoo region intersected semi-massive sulphides. The share price surged from 2.3 cents to 7.2 cents, a rise of 213 per cent.“This is a spectacular outcome,” Managing Director Don Smith said. “To make a new discovery on our very first hole into an entirely untested region far exceeds our expectations.”Going downGold Road Resources eased 1.92 per cent after a fall in full-year profit prompted a dividend cut. The gold miner’s net profit contracted by 44 per cent to $36.8 million. Shareholders will receive 0.5 cents per share, half last year’s payment.A cut to production guidance pulled St Barbara down 3.29 per cent. The miner said a Covid outbreak had hampered its ability to ramp up production at the Simberi mine in Papua New Guinea. Full-year production was expected to be roughly half previous expectations.Construction group CIMIC looked set to accept a takeover bid from majority shareholder Hochtief after an Independent Board Committee recommended the offer as fair and reasonable.The offer price of $22 per share fell in the middle of the Independent Expert’s takeover “market value” range of $19.26 – $25.05. The share price dipped 0.11 per cent to $22 as the market discounted the likelihood of a better offer.The morning’s worst performers were companies whose valuations were marked down on increased borrowing costs. Xero fell 4.24 per cent, Polynovo 4.05 per cent, Block 3.89 per cent and Tyro Payments 3.71 per cent.At the heavyweight end, James Hardie shed 1.94 per cent, CSL 0.75 per cent and Telstra 0.64 per cent.Other marketsAsian markets started the week on the back foot. 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