ASX Update: Banks Rebound; Miners Rise for Fourth Day

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ASX Update: Banks Rebound; Miners Rise for Fourth Day

The Market Herald2023-03-03

The share market rose as the heavily-weighted financial sector bounced off an eight-week low and China-reopening optimism lifted miners for a fourth session.The S&P/ASX 200 rallied 26 points or 0.35 ...

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WooSM
·2023-03-03
Wow
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Jeffso
·2023-03-03
Ok
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LiuJune
·2023-03-03
Ok
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TKY1978
·2023-03-03
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Utilities and property stocks trailled.What’s driving the marketMarket sentiment has improved this week, but likely not by enough to avert a fourth straight weekly loss. Three gains over the last four sessions have not been enough to turn around an 82-point dive on Monday after a rebound in inflation torpedoed Wall Street late last week. At mid-session, the ASX 200 was on track for a weekly deficit of 26 points or 0.35 percent.Domestic sentiment was boosted mid-week by a triple dose of market-friendly developments. Reports showed inflation cooled more than expected in January, economic growth softened enough in the December quarter for the Reserve Bank to reassess the outlook for interest rates, and the Chinese economy gathered strength this month after the pandemic slowdown.US stocks steadied overnight as investors welcomed calls from a Federal Reserve policymaker for “slow and steady” rates policy. 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Things are expected to become a little predictable only after the Fed’s March rate announcement.”Going upSeveral of the big four banks edged off their lowest levels since October. The financial sector slumped yesterday after soft housing approvals implied there will be fewer mortgages to drive profits in coming months.Commonwealth Bank bounced 0.46 percent. NAB gained 0.68 percent.Westpac inched up 0.42 percent. ANZ rallied 0.97 percent from an eight-week low.The major miners rose for a fourth day as iron ore prices lifted again in China. The most-traded ore contract on the Dalian Commodity Exchange firmed 0.65 percent this morning, adding to yesterday’s 1.56 percent rise.Rio Tinto advanced 1.55 percent. BHP tacked on 0.58 percent. Lithium, coal and some gold miners also made headway. Liontown Resources jumped 6.94 percent, Ramelius 4.57 percent and New Hope 1.93 percent.OZ Minerals inched up 0.07 percent after an independent expert concluded a $9.6 billion takeover offer from BHP was fair and reasonable. Grant Samuel said the offer of $28.25 per share was in the best interests of shareholders in the absence of a superior proposal. Oz directors have unanimously recommended the offer.Nickel Industries advanced 0.48 percent to $1.04 after raising $34.6 million from shareholders at $1.02 per share.Norwest Energy firmed 7.81 percent after Mineral Resources extended its takeover offer for the firm, declaring the deal on the table “best and final”. Mineral Resources said it held voting power for approximately 70 percent of Norwest shares. MinRes shares lifted 0.86 percent.Afterpay owner Block was the pick of the tech stocks, rising 3.59 percent. WiseTech added 1.95 percent, Megaport 2.29 percent and Altium 0.83 percent.Going downDowner EDI slid 0.3 percent after the sudden resignation of Chair Mark Chellew. The chairman’s departure follows the exit of Chief Financial Officer Michael Ferguson earlier this week. The engineering group’s shares have fallen heavily this year following an accounting scandal and two downgrades to its full-year profit forecast.Dividend payments continued to sap the market. Ampol shed 5.83 percent as it traded ex-dividend. Nine Entertainment lost 1.96 percent. Treasury Wine Estates shed 1.85 percent.Other notable falls this morning included Capricorn Metals -3.72 percent, Silver Lake Resources -3.27 percent and Centuria Capital -3.11 percent.Other marketsA strong morning on Asian markets saw the Asia Dow gain 1.25 percent, China’s Shanghai Composite 0.14 percent, Hong Kong’s Hang Seng 1.29 percent and Japan’s Nikkei 1.24 percent.US futures faded after Federal Reserve Governor Christopher Waller said recent data showed the central bank had not made as much progress on cooling inflation as it previously thought. S&P 500 futures declined seven points or 0.18 percent.Brent crude gave back last night’s 44 US cent rally, falling 44 US cents or 0.5 percent to US$84.31 a barrel.Gold reversed most of last night’s US$4.90 drop, rising US$4.10 or 0.2 percent to US$1,844.60 an ounce.The dollar bounced 0.17 percent to 67.43 US cents.","kind":"news","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":9940829294,"gmtCreate":1677818329919,"gmtModify":1677818333568,"author":{"id":"4094273791115360","authorId":"4094273791115360","name":"WooSM","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":5,"crmLevelSwitch":0,"idStr":"4094273791115360","authorIdStr":"4094273791115360"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940829294","repostId":1186856864,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940861911,"gmtCreate":1677814267434,"gmtModify":1677814270980,"author":{"id":"3582756157113197","authorId":"3582756157113197","name":"Jeffso","avatar":"https://static.tigerbbs.com/45c271a09ee55b5060316ef385a6b9d7","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3582756157113197","authorIdStr":"3582756157113197"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940861911","repostId":1186856864,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940863998,"gmtCreate":1677813985814,"gmtModify":1677813989604,"author":{"id":"3582105005059542","authorId":"3582105005059542","name":"LiuJune","avatar":"https://static.tigerbbs.com/ab4f9594fcfea5e1e95f78b67bea199a","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3582105005059542","authorIdStr":"3582105005059542"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940863998","repostId":1186856864,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940882905,"gmtCreate":1677811580207,"gmtModify":1677811583812,"author":{"id":"4094852596308640","authorId":"4094852596308640","name":"TKY1978","avatar":"https://static.tigerbbs.com/6cd12a4c4a07fc4dec7e7f7343b18227","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"4094852596308640","authorIdStr":"4094852596308640"},"htmlText":"[Smile]&nbsp;","listText":"[Smile]&nbsp;","text":"[Smile]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940882905","repostId":1186856864,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":67,"commentSize":4,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}