ASX Close: 2022 Highs in Sight As Mining Rally Rolls on

the market herald2022-04-04

The share market ended within 80 points of this year’s highest close as a mining rally rolled on amid speculation about a commodities “supercycle”.The S&P/ASX 200 rallied 20 points or 0.27 percent to ...

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Comments

SSVC
2022-04-05
SSVC
K
rlgt
2022-04-05
rlgt
K
koolgal
2022-04-04
koolgal
Hurray! The ASX is growing from strength to strength on the back of the phenomenal rise of mining shares! Go ASX! That's why I want a piece of the action by investing in $Ishares Core S&P/Asx 200(IOZ.AU)$
JANICELSJ
2022-04-04
JANICELSJ
Like please
Ivanhojh
2022-04-04
Ivanhojh
Like pls
frusty
2022-04-04
frusty
ok

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The index hit its 2022 closing peak at 7589.8 in the first week of the year and has since traded as low as 6758.The materials sector climbed 1 percent to a record this afternoon. Asset manager Pendal Group surged after a $2.4 billion takeover offer from rival Perpetual.What moved the marketA four-week rally got back on track after a brief wobble at the end of last week. The ASX 200 reversed two days of modest losses across the month-end, resuming an advance that has lifted the index more than 500 points since March 8.Mining stocks once again led the rally. Some analysts believe this year’s strong gains in commodity prices are just the beginning as embargoes on Russia exacerbate pre-existing supply-chain pressures. Goldman Sachs last week claimed, “We’re still only at the first inning of a multi-year, potentially decade-long Commodities Supercycle”.Iron ore, Australia’s most valuable export, pushed close to US$160 a tonne at the end of last week. Chicago grain prices climbed this afternoon after Ukraine’s agriculture minister said a continuation of the war meant higher prices for all countries. Several lithium miners hit records after Allkem upgraded its pricing outlook for this quarter.Takeover action encouraged buyers ahead of tomorrow’s Reserve Bank policy meeting. Pendal Group jumped 18.08 percent to $5.29 following a conditional, non-binding indicative offer from Perpetual to buy the company for $2.4 billion in cash and scrip. Perpetual shares dropped 6.6 percent.TheReserve Bank meets tomorrow under pressure to respond to increases in the cost of living and moves by other central banks to increase rates. While the RBA is expected to leave the cash rate at a record low, central bank-watchers expect an indication rate hikes are likely this year.“Given the data continues to outpace their forecasts with the unemployment rate already at 4% and set to head sub-4% next month, a greater nod to balancing risks in the post-meeting statement would put guidance on a more agile setting, which we think is needed given Q1 CPI is likely to surprise the RBA,” NAB currency strategist Rodrigo Catril said.US and European markets edged higher at the end of last week. The S&P 500 hit a session high in the closing minutes, up 0.34 percent after trading both sides of break-even. The pan-European Stoxx 600 shrugged off a record inflation report, rising 0.54 percent.Winners’ circleLithium was last week’s hottest sub-sector and continued to shine today. Liontown Resources climbed 9 percent, Allkem 7.34 percent and Pilbara Minerals 5.54 percent.Mineral sands miner Iluka Resources rallied 6.08 percent after greenlighting a rare earths refinery in WA. Gold miner De Grey jumped 6.91 percent.A surge in spot iron ore prices towards US$160 a tonne helped BHP and Rio Tinto inch nearer last year’s highs. BHP gained 0.13 percent, Rio Tinto 0.27 percent and Fortescue Metals 3.04 percent.Other heavyweights to advance included Newcrest +0.89 percent, Woodside +1.04 percent and CSL +0.53 percent.Troubled fund manager Magellan caught a lift from takeover interest in Pendal, rising 9.71 percent.A double shot of positive news lifted Telix Pharmaceuticals 10.07 percent. The biotech announced its lead product, a prostate cancer imaging agent, was on sale in the US for the first time. The company was also part of a project that secured $23 million in federal funding.Insurance broker AUB Group rose 1.86 percent after confirming media reports it is interested in London-based wholesale insurance broker Tysers. The company said it had been in contact with Tysers’ owner but discussions had not led to a transaction acceptable to all parties.DoghouseConsumer stocks were the biggest drag ahead of tomorrow’s RBA policy update. At the top end, Aristocrat Leisure declined 3.01 percent, Woolworths 0.86 percent and Wesfarmers 0.38 percent. Breville Group shed 1.94 percent, Domino’s Pizza 1.84 percent and Reece 1.48 percent.Last week’s best performer, Tempest Minerals, dived 27.78 percent after updating the market on drilling at the promising Meleya Project.Air New Zealand sank 22.61 percent as trade resumed after an NZ$2.2 billion recapitalisation project raised funds at a significant discount to the last share price.Other marketsAn improving session in Asia saw the Asia Dow add 0.81 percent, Hong Kong’s Hang Seng 1.77 percent and Japan’s Nikkei 0.07 percent. Trade in China was suspended for a public holiday.US futures reversed direction in afternoon trade. S&P 500 futures climbed nine points or 0.2 percent.Oil also turned higher. Brent crude firmed 57 US cents or 0.55 percent to US$104.96 a barrel.Gold was almost unchanged, ahead 20 US cents or 0.01 percent at US$1923.90 an ounce.The dollar climbed 0.4 percent to 75.14 US cents.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9016336535,"gmtCreate":1649124978241,"gmtModify":1676534456223,"author":{"id":"3574906731000207","authorId":"3574906731000207","name":"SSVC","avatar":"https://static.tigerbbs.com/545a5ea462ff4ac7cc100bd3d8d97f72","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016336535","repostId":1197631166,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9016397207,"gmtCreate":1649124307304,"gmtModify":1676534456062,"author":{"id":"4093342164840720","authorId":"4093342164840720","name":"rlgt","avatar":"https://static.itradeup.com/news/58d2ace40c246b4d062d7966a2cb3d25","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"K","listText":"K","text":"K","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016397207","repostId":1197631166,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9018558218,"gmtCreate":1649068868824,"gmtModify":1676534444372,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","vip":2,"hat":"https://static.tigerbbs.com/0a8758340a08196056f8bc1e54805193","crmLevel":6,"crmLevelSwitch":1},"htmlText":"Hurray!&nbsp; The ASX is growing from strength to strength on the back of the phenomenal rise of mining shares!&nbsp; Go ASX!&nbsp; That's why I want a piece of the action by investing in&nbsp;<a href=\"https://ttm.financial/S/IOZ.AU\">$Ishares Core S&amp;P/Asx 200(IOZ.AU)$</a>","listText":"Hurray!&nbsp; The ASX is growing from strength to strength on the back of the phenomenal rise of mining shares!&nbsp; Go ASX!&nbsp; That's why I want a piece of the action by investing in&nbsp;<a href=\"https://ttm.financial/S/IOZ.AU\">$Ishares Core S&amp;P/Asx 200(IOZ.AU)$</a>","text":"Hurray! The ASX is growing from strength to strength on the back of the phenomenal rise of mining shares! Go ASX! That's why I want a piece of the action by investing in $Ishares Core S&P/Asx 200(IOZ.AU)$","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":29,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018558218","repostId":1197631166,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9018527628,"gmtCreate":1649068056959,"gmtModify":1676534444240,"author":{"id":"3579777216498074","authorId":"3579777216498074","name":"JANICELSJ","avatar":"https://community-static.tradeup.com/news/22bb420ffd42fa4b0fc986abd53b711f","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Like please","listText":"Like please","text":"Like please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018527628","repostId":1197631166,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9018529588,"gmtCreate":1649066191985,"gmtModify":1676534444011,"author":{"id":"3575241823069388","authorId":"3575241823069388","name":"Ivanhojh","avatar":"https://static.tigerbbs.com/a41f0bf4ce9ad13477b3d5ba49c8d025","vip":1,"crmLevel":3,"crmLevelSwitch":0},"htmlText":"Like pls","listText":"Like pls","text":"Like pls","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018529588","repostId":1197631166,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9018520586,"gmtCreate":1649066026783,"gmtModify":1676534443987,"author":{"id":"3555119187338975","authorId":"3555119187338975","name":"frusty","avatar":"https://static.tigerbbs.com/46c85297aaa1b07647be4b2ca33ea8e8","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018520586","repostId":1197631166,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":162,"commentSize":9,"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":"4.24.2","shortVersion":"4.24.2","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/1197631166"}