The Australian share market closed increased on Monday following a optimistic lead from Wall Street on Friday which pushed the US benchmark, S&P500, to a report excessive.
At the closing bell, the benchmark S&P/ASX200 added 0.8 per cent, or 55.4 factors, to succeed in 7,476.6, whereas the broader All Ordinaries posted a extra modest improve, up 0.7 per cent.
The Australian greenback was decrease, shopping for US65.84c towards its US counterpart.
Stocks powered forward on Wall Street on Friday, with the S&P 500 ending at report after rising 1.2 per cent to shut at 4839.81.
Locally, 9 of 11 business sectors completed within the inexperienced, led by shopper discretionary shares, which vaulted 1.7 per cent, whereas shopper staples added 1.3 per cent.
The market was additionally buoyed by positive factors within the huge 4 banks. ANZ added 1.4 per cent to $26.50, Commonwealth Bank rose 1.3 per cent to $114.80, National Australia Bank climbed 1.1 per cent to $31.63 and Westpac superior 1.1 per cent to $23.45.
Material shares had been the worst performers, edging 0.2 per cent decrease, as a number of miners reviewed their exploration plans as commodity costs sagged.
In company news, Liontown Resources was the largest laggard on the benchmark, plummeting 21.3 per cent to 94c – its lowest stage since July 2022 after the lithium miner introduced a assessment of its deliberate enlargement of its Kathleen Valley venture.
Shares in Cooper Energy dived 24.1 per cent to 11c after the oil exploration and manufacturing firm raised price estimates for the decommissioning of its Basker Manta Gummy wells to $240-$280m, up from $193-$198m.
Diversified miner South32 slipped 2.8 per cent to $3.15 because it introduced lower-than-expected quarterly coal manufacturing and put its nickel operations below assessment.
Nickel explorer Chalice Mining plunged 4.7 per cent to $1.02 because it unveiled plans to chop prices by 40 per cent on the again of weak commodity costs.
Lynas Rare Earths fell 1.4 per cent to $5.87 as its second-quarter income fell sharply as a result of short-term closure of its Malaysia operations.
However, iron ore shares rose with Fortescue climbing 0.9 per cent to $27.83, BHP including 0.3 per cent to $48.85, whereas Rio Tinto was unchanged at $128.03.
Buy-now-pay-later inventory Zip Co soared 16.5 per cent to 74c because it unveiled optimistic earnings earlier than depreciation, tax and amortisation for the December quarter pushed by sturdy efficiency within the US section of its business.
Originally printed as Australian share market notches achieve as nickel, lithium miners sink
Source: www.dailytelegraph.com.au
