ASX Close: Oilers Steer Market to Third Day of Gains

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ASX Close: Oilers Steer Market to Third Day of Gains

the market herald2022-03-18

A third day of gains lifted the share market to its highest close in a month as a rebound in commodity prices boosted mining and energy companies.The S&P/ASX 200 rallied 44 points or 0.6 percent to ...

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dahae
·2022-03-18
A
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SanWangtikup
·2022-03-18
[Smile]
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Remotecam
·2022-03-18
Other than the obvious embarrassment Ukraine has slapped on Kremlin's blitzkrieg, saying outright that there's no progress with war negotiations says their resolve to fulfill Putin's demands. Ultimately Kremlin will show the world needs Russia more than Russia needs the world.
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一初心一
·2022-03-18
Please like thanks
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Bodoh
·2022-03-18
Spoils of war
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47ebd6a1
·2022-03-18
Continue to monitor..
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4
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SPOT_ON
·2022-03-18
Ok
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The index closed less than two points below last month’s high.Woodside Petroleum, Santos and Rio Tinto were the pick of the resource giants following gains in crude, iron ore and metals. Tech and speculative stocks also advanced in a sign of improving risk appetite.What moved the marketThe Australian benchmark logged its highest close since February 17 after Wall Street took the launch of a new rate hiking cycle in its stride and China announced plans to limit the economic impact of Covid controls.“The ASX couldn’t quite reach our 7300 target today, but… it has closed at a 4-week high, with energy stocks putting on a good show today as they bounced in line with oil prices. And a quick look at the sector suggests it has seen its corrective low and momentum has realigned with its bullish trend,” City Index senior market analyst Matt Simpson said.The Dow and S&P 500 climbed 1.23 percent overnight to a third straight gain. The Nasdaq Composite put on 1.33 percent a day after the Federal Reserve lifted its target rate and mapped out plans to raise at each meeting.“Investors seem relieved after they received some clarity regarding Fed’s next steps forward on tightening monetary policy,” Kunal Sawhney, chief executive officer of research group Kalkine, said.“The share market further cheered easing concerns around the prospects of Russian bond default after investors received foreign-debt payments. Russia managed to keep a potential sovereign default at bay by paying a $117 million interest order on dollar-denominated sovereign bonds.”Commodity prices rebounded after Russia hosed down ceasefire expectations. A Kremlin spokesman said reports of “substantial progress” in peace talks with Ukraine were “wrong”.Crude oil jumped back above US$100 a barrel. Natural gas, wheat, gold and most industrial metals also rallied.Risk appetite has recovered strongly this week, but the next few sessions will be crucial, according to the chief economist of ACY Securities. Winners’ circleThe ASX energy sector took the lead, mirroring the sector’s outperformance on Wall Street overnight. Woodside Petroleum climbed 2.68 percent to a four-session high as traders speculated this week’s reversal in crude may have run its course. Beach Energy tacked on 1.62 percent. Santos added 1.89 percent.Uranium miner Paladin Energy climbed 7.01 percent. The price of uranium has jumped around 40 percent since Russia invaded Ukraine. Bannerman Energy gained 10.87 percent, Toro Energy 10.53 percent and Alligator Energy 8.33 percent.AVZ Minerals climbed 8.28 percent, Liontown Resources 7.79 percent and Lynas Rare Earths 3.71 percent. At the heavyweight end, Fortescue Metals put on 2.2 percent, Rio Tinto 1.61 percent and BHP 1.25 percent.Vulcan Energy rallied 5.54 percent to a five-week high after updating shareholders on its Zero Carbon Lithium project in Germany. The miner intends to start commissioning a demo plant by mid-year and finalise a detailed feasibility study by the second half of the year.Beaten-up growth stocks rallied after JPMorgan’s influential stock guru Marko Kolanovic said it was time to buy. Unprofitable “innovation stocks” have fallen up to 80 percent in the US since Kolanovic forecast a correction last year.“We think it is time to start adding risk in many areas that overshot on the downside year-to-date,” Kolanovic said.Here, Afterpay parent Block climbed 7.23 percent, Novonix 6.19 percent and Telix Pharmaceuticals 6.24 percent.QBE added 1.65 percent after a boardroom reshuffle. Yasmin Allen will join as non-executive director. John Green and Stephen Fitzgerald will retire.DoghouseStar Entertainment slumped 3.63 percent to a 17-month low after hearings into the group’s fitness to hold a casino licence in Sydney generated allegations of disguised transactions and potential money laundering.The casino was accused yesterday of reporting gambling funds as accommodation expenses. The company told the ASX it was cooperating with the review and would not comment while hearings were ongoing.News of a share selldown by Megaport founder Bevan Slattery sent the share price down 8.06 percent. Slattery sold three million shares worth more than $39 million. He retained around 8.07 million shares in the company.Abacus Property Group retreated 5.9 percent to $3.35 after raising $200 million from institutional investors at $3.38 per share. The funds will go towards settling acquisitions and expanding the group’s self storage portfolio.Vaccine-maker IDT skidded 10.26 percent after missing out on a government grant to help manufacture mRNA Covid vaccines in Australia. The company said it hoped to secure funds in Round 2 of the Modern Manufacturing Initiative.Among stocks trading ex-dividend, Carsales.com shed 1.77 percent. HUB24 gained 0.8 percent.Logistics firm Qube finished flat after the competition regulator held off on court action over the acquisition of Newcastle Agri Terminal but warned it would monitor developments. The ACCC said the acquisition was completed before it could be properly reviewed.Other marketsAsian markets were mixed. The Asia Dow dropped 0.4 percent, China’s Shanghai Composite 0.22 percent and Hong Kong’s Hang Seng 2.38 percent. Japan’s Nikkei added 0.38 percent.US futures faded after three days of strong gains. S&P 500 futures declined 29 points or 0.66 percent.Oil added to last night’s 8.8 percent rebound. Brent crude rose US$2.36 or 2.2 percent to US$109 a barrel.Gold dipped US$8.40 or 0.43 percent to US$1,934.80 an ounce.The dollar eased 0.02 percent to 73.8 US cents after rising more than 1 percent overnight.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9035624290,"gmtCreate":1647589279735,"gmtModify":1676534248219,"author":{"id":"3560092322694803","authorId":"3560092322694803","name":"dahae","avatar":"https://static.tigerbbs.com/137beae1f6048901843924ba46796740","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3560092322694803","authorIdStr":"3560092322694803"},"htmlText":"A","listText":"A","text":"A","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035624290","repostId":1161023565,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9035623205,"gmtCreate":1647586810223,"gmtModify":1676534247981,"author":{"id":"4087452914358580","authorId":"4087452914358580","name":"SanWangtikup","avatar":"https://static.tigerbbs.com/c7f061d50a9f915d0ce8e8c879871960","vip":1,"hat":"https://static.tigerbbs.com/b073a07f77dbe6b3bec6b12311fde6bd","crmLevel":2,"crmLevelSwitch":0,"idStr":"4087452914358580","authorIdStr":"4087452914358580"},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035623205","repostId":1161023565,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9035668750,"gmtCreate":1647584485597,"gmtModify":1676534247816,"author":{"id":"4093854476996450","authorId":"4093854476996450","name":"Remotecam","avatar":"https://community-static.tradeup.com/news/f856a0a30bd0fa23a086fc678014e48b","vip":1,"crmLevel":6,"crmLevelSwitch":1,"idStr":"4093854476996450","authorIdStr":"4093854476996450"},"htmlText":"Other than the obvious embarrassment Ukraine has slapped on&nbsp;Kremlin's blitzkrieg, saying outright that there's no progress with war negotiations says their resolve to fulfill Putin's demands.&nbsp; Ultimately Kremlin will show the world needs Russia more than Russia needs the world.&nbsp;&nbsp;","listText":"Other than the obvious embarrassment Ukraine has slapped on&nbsp;Kremlin's blitzkrieg, saying outright that there's no progress with war negotiations says their resolve to fulfill Putin's demands.&nbsp; Ultimately Kremlin will show the world needs Russia more than Russia needs the world.&nbsp;&nbsp;","text":"Other than the obvious embarrassment Ukraine has slapped on Kremlin's blitzkrieg, saying outright that there's no progress with war negotiations says their resolve to fulfill Putin's demands. Ultimately Kremlin will show the world needs Russia more than Russia needs the world.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035668750","repostId":1161023565,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9035669769,"gmtCreate":1647583673870,"gmtModify":1676534247731,"author":{"id":"3579259159683278","authorId":"3579259159683278","name":"一初心一","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3579259159683278","authorIdStr":"3579259159683278"},"htmlText":"Please like thanks","listText":"Please like thanks","text":"Please like thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035669769","repostId":1161023565,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9035669223,"gmtCreate":1647583583058,"gmtModify":1676534247723,"author":{"id":"3559859558754319","authorId":"3559859558754319","name":"Bodoh","avatar":"https://static.tigerbbs.com/349218ea2852130ca86ce660b4aa2d59","vip":1,"crmLevel":3,"crmLevelSwitch":0,"idStr":"3559859558754319","authorIdStr":"3559859558754319"},"htmlText":"Spoils of war","listText":"Spoils of war","text":"Spoils of war","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035669223","repostId":1161023565,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9035687439,"gmtCreate":1647583149738,"gmtModify":1676534247679,"author":{"id":"4107653584987280","authorId":"4107653584987280","name":"47ebd6a1","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4107653584987280","authorIdStr":"4107653584987280"},"htmlText":"Continue to monitor..","listText":"Continue to monitor..","text":"Continue to monitor..","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035687439","repostId":1161023565,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9035684885,"gmtCreate":1647582734005,"gmtModify":1676534247643,"author":{"id":"3582922989777578","authorId":"3582922989777578","name":"SPOT_ON","avatar":"https://static.tigerbbs.com/080f029371339d9db26930961de6adb1","vip":1,"hat":"https://static.tigerbbs.com/a3dee1aa3a3a3c1814833a4d3f8a5669","crmLevel":4,"crmLevelSwitch":1,"idStr":"3582922989777578","authorIdStr":"3582922989777578"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035684885","repostId":1161023565,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":55,"commentSize":7,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}