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2022-03-16

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ASX Update: Index Eyes 7200 as Peace Talks Progress

Technology stocks and defensive sectors steered the ASX higher on Wednesday as energy and mining sto

ASX Update: Index Eyes 7200 as Peace Talks Progress

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The index hit its morning peak after Ukraine’s president reported progress in peace talks with Russia.A “risk on” session saw growth and speculative stocks outperform, supported by bond proxies. The energy and materials sectors turned positive mid-morning despite overnight declines in crude, iron ore and metals.What’s driving the marketThe benchmark had its highest finish in three weeks within reach as all 11 sectors advanced. Positive leads from the US provided a solid platform. The S&amp;P 500 climbed 2.14 per cent overnight to its first gain in four sessions.“The major Wall Street indices rebounded last night on easing inflationary concerns as benchmark oil prices slid below US$100 a barrel for the first time since 1 March 2022. Stocks rallied partly in response to promising core wholesale prices data for February, which reflected the smallest advance in 15 months,” Kunal Sawhney, CEO of research group Kalkine, said.Investors kept an eye on Ukraine-Russia peace talks. Ukrainian President Volodymyr Zelenskiy this morning said the two sides were moving closer, but needed more time to secure a deal.“The positions during the negotiations already sound more realistic. But time is still needed for the decisions to be in the interests of Ukraine,” Zelenskiy said.The I.T. sector put on 3.07 per cent as the cost of long-term borrowing backed off a three-year high. The speculative end of the market outperformed the wider market. The S&amp;P/ASX Emerging Companies index bounced 1.55 per cent.Despite today’s rally, the ASX 200 remained firmly within a trading range established since Russia invaded Ukraine. The index has been ranging between 6960 and 7200 for the last three weeks. Today’s advance lifted the index towards the upper end of the range.Bond yields retreated ahead of tonight’s USFederal Reserverates decision.“There is wide expectation that the central bank will announce an increase of 25 basis points in its short-term rate amidst mounting inflationary pressures. While inflation is standing at its highest level in decades, the Fed is likely to cautiously tackle the high inflation while keeping economic growth in check,” Kalkine’s Sawhney said.Going upBorrowing-dependent growth stocks set the pace. Afterpay parent company Block lifted 7.1 per cent, Life360 4.73 per cent and WiseTech 3.48 per cent. Xero added 3.2 per cent, Appen 2.99 per cent and Zip Co 3.01 per cent.Magellan bounced 4.33 per cent off a seven-and-a-half-year low on news the fund manager will buy back up to 10 million shares on-market to support the struggling share price. The buyback covers up to 5.4 per cent of shares on issue.Chair Hamish McLennan said, “We believe the on-market buy-back announced today represents an effective way to enhance value for shareholders.”Travel stocks rallied after New Zealand announced it will open its borders to vaccinated Australians from April 13. Corporate Travel Management put on 4.28 per cent, Qantas 3.04 per cent and Webjet 2.37 per cent.Several junior mining companies surged after winning election-year government handouts.Alpha HPA jumped 14.14 per cent on news of a $45 million federal grant to develop its refining technology for extracting and purifying alumina in Queensland.Arafura Resources secured $30 million to construct a rare earth separation plant in the Northern Territory. The share price jumped 17.95 per cent.Australian Vanadium rallied 31.43 per cent after winning a $49 million grant for a vanadium project in WA. All three grants were awarded under the federal government’s Modern Manufacturing Initiative.Poseidon Nickelwas also expected to benefit through a partnership with privately-owned Pure Battery Technologies. Trade in the company’s shares was halted pending an announcement on a “significant funding development”.Outdoor adventure group Kathmandu firmed 2.54 per cent after changing its trading name from Kathmandu Holdings to KMD Brands. The new name reflects the group’s widening interests since acquiring Rip Curl and Oboz. The share ticker remained unchanged as KMD.Suncorp increased its estimate of natural hazard costs for the year to $1.1 billion from $1.075 billion after receiving 34,000 claims relating to flooding in Queensland and NSW. The insurer said its net loss was unchanged and it was well protected for the remainder of the year. The share price edged up 1.09 per cent.Going downMost of the major mining and energy companies opened underwater before paring losses as the morning wore on. BHP cut its fall to 0.18 per cent, Newcrest 027 per cent and Champion Iron 0.7 per cent.The morning’s worst performers were Nanosonics -2.84 per cent, Clinuvel Pharmaceuticals 2.29 per cent and Uniti Group -2 per cent.Poultry producer Inghams dropped 0.66 per cent as its shares traded ex-dividend.Other marketsAsian markets rebounded from this week’s China-lockdown  selling. The Asia Dow rallied 1.21 per cent, China’s Shanghai Composite 1.43 per cent, Hong Kong’s Hang Seng 2.94 per cent and Japan’s Nikkei 1.33 per cent.US futures retreated ahead of tonight’s Fed rates announcement. S&amp;P 500 futures declined 11 points or 0.25 per cent.Brent crude climbed back above US$100 a barrel. The global benchmark firmed US$1.13 or 1.1 per cent to US$101.04 a barrel.Gold faded US$4.50 or 0.23 per cent to US$1,925.20 an ounce.The dollar edged up 0.04 per cent to 71.93 US cents.</body></html>","source":"lsy1645078131697","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASX Update: Index Eyes 7200 as Peace Talks Progress</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASX Update: Index Eyes 7200 as Peace Talks Progress\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-16 10:01 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://themarketherald.com.au/asx-update-index-eyes-7200-as-peace-talks-progress-2022-03-16/>The Market Herald</a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\nTechnology stocks and defensive sectors steered the ASX higher on Wednesday as energy and mining stocks shook off early weakness.The S&P/ASX 200 climbed 72 points or 1.01 per cent to 7169 by mid-...\n\n<a href=\"https://themarketherald.com.au/asx-update-index-eyes-7200-as-peace-talks-progress-2022-03-16/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"XJO.AU":"标普/澳交所 200指数","XKO.AU":"标普/澳交所 300指数","XAO.AU":"标普/澳交所 普通股指数"},"source_url":"https://themarketherald.com.au/asx-update-index-eyes-7200-as-peace-talks-progress-2022-03-16/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154097659","content_text":"Technology stocks and defensive sectors steered the ASX higher on Wednesday as energy and mining stocks shook off early weakness.The S&P/ASX 200 climbed 72 points or 1.01 per cent to 7169 by mid-session. The index hit its morning peak after Ukraine’s president reported progress in peace talks with Russia.A “risk on” session saw growth and speculative stocks outperform, supported by bond proxies. The energy and materials sectors turned positive mid-morning despite overnight declines in crude, iron ore and metals.What’s driving the marketThe benchmark had its highest finish in three weeks within reach as all 11 sectors advanced. Positive leads from the US provided a solid platform. The S&P 500 climbed 2.14 per cent overnight to its first gain in four sessions.“The major Wall Street indices rebounded last night on easing inflationary concerns as benchmark oil prices slid below US$100 a barrel for the first time since 1 March 2022. Stocks rallied partly in response to promising core wholesale prices data for February, which reflected the smallest advance in 15 months,” Kunal Sawhney, CEO of research group Kalkine, said.Investors kept an eye on Ukraine-Russia peace talks. Ukrainian President Volodymyr Zelenskiy this morning said the two sides were moving closer, but needed more time to secure a deal.“The positions during the negotiations already sound more realistic. But time is still needed for the decisions to be in the interests of Ukraine,” Zelenskiy said.The I.T. sector put on 3.07 per cent as the cost of long-term borrowing backed off a three-year high. The speculative end of the market outperformed the wider market. The S&P/ASX Emerging Companies index bounced 1.55 per cent.Despite today’s rally, the ASX 200 remained firmly within a trading range established since Russia invaded Ukraine. The index has been ranging between 6960 and 7200 for the last three weeks. Today’s advance lifted the index towards the upper end of the range.Bond yields retreated ahead of tonight’s USFederal Reserverates decision.“There is wide expectation that the central bank will announce an increase of 25 basis points in its short-term rate amidst mounting inflationary pressures. While inflation is standing at its highest level in decades, the Fed is likely to cautiously tackle the high inflation while keeping economic growth in check,” Kalkine’s Sawhney said.Going upBorrowing-dependent growth stocks set the pace. Afterpay parent company Block lifted 7.1 per cent, Life360 4.73 per cent and WiseTech 3.48 per cent. Xero added 3.2 per cent, Appen 2.99 per cent and Zip Co 3.01 per cent.Magellan bounced 4.33 per cent off a seven-and-a-half-year low on news the fund manager will buy back up to 10 million shares on-market to support the struggling share price. The buyback covers up to 5.4 per cent of shares on issue.Chair Hamish McLennan said, “We believe the on-market buy-back announced today represents an effective way to enhance value for shareholders.”Travel stocks rallied after New Zealand announced it will open its borders to vaccinated Australians from April 13. Corporate Travel Management put on 4.28 per cent, Qantas 3.04 per cent and Webjet 2.37 per cent.Several junior mining companies surged after winning election-year government handouts.Alpha HPA jumped 14.14 per cent on news of a $45 million federal grant to develop its refining technology for extracting and purifying alumina in Queensland.Arafura Resources secured $30 million to construct a rare earth separation plant in the Northern Territory. The share price jumped 17.95 per cent.Australian Vanadium rallied 31.43 per cent after winning a $49 million grant for a vanadium project in WA. All three grants were awarded under the federal government’s Modern Manufacturing Initiative.Poseidon Nickelwas also expected to benefit through a partnership with privately-owned Pure Battery Technologies. Trade in the company’s shares was halted pending an announcement on a “significant funding development”.Outdoor adventure group Kathmandu firmed 2.54 per cent after changing its trading name from Kathmandu Holdings to KMD Brands. The new name reflects the group’s widening interests since acquiring Rip Curl and Oboz. The share ticker remained unchanged as KMD.Suncorp increased its estimate of natural hazard costs for the year to $1.1 billion from $1.075 billion after receiving 34,000 claims relating to flooding in Queensland and NSW. The insurer said its net loss was unchanged and it was well protected for the remainder of the year. The share price edged up 1.09 per cent.Going downMost of the major mining and energy companies opened underwater before paring losses as the morning wore on. BHP cut its fall to 0.18 per cent, Newcrest 027 per cent and Champion Iron 0.7 per cent.The morning’s worst performers were Nanosonics -2.84 per cent, Clinuvel Pharmaceuticals 2.29 per cent and Uniti Group -2 per cent.Poultry producer Inghams dropped 0.66 per cent as its shares traded ex-dividend.Other marketsAsian markets rebounded from this week’s China-lockdown  selling. The Asia Dow rallied 1.21 per cent, China’s Shanghai Composite 1.43 per cent, Hong Kong’s Hang Seng 2.94 per cent and Japan’s Nikkei 1.33 per cent.US futures retreated ahead of tonight’s Fed rates announcement. S&P 500 futures declined 11 points or 0.25 per cent.Brent crude climbed back above US$100 a barrel. The global benchmark firmed US$1.13 or 1.1 per cent to US$101.04 a barrel.Gold faded US$4.50 or 0.23 per cent to US$1,925.20 an ounce.The dollar edged up 0.04 per cent to 71.93 US cents.","news_type":1},"isVote":1,"tweetType":1,"viewCount":507,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}