At least seven firms are grinning after a largely optimistic day of commerce on the Australian Stock Exchange.
Tuesday noticed the markets have some modest positive aspects on the open, climbing 0.4 per cent to 7,342 factors early on within the session.
But a late fade noticed the market shut up simply 1.9 factors at 7311.10, or about 0.03 per cent.
“The index has lost 1.87 per cent for the last five days, but sits 3.39 per cent below its 52-week high,” reported the ASX on the shut.
Standouts of the day had been seven firms whose shares shot as much as 52-week highs.
They embody:
- Plumbing provide firm Reece Ltd, which reached $19.96 a share, placing their positive aspects for 2023 at about 44 per cent.
- Packaging and visible communications firm Orora Ltd completed down, however earlier within the day hit a peak of $3.64 a share – up 27 per cent this yr so far.
- Fibre cement producer James Hardie Industries delivered a optimistic earnings report on Tuesday morning, rocketing their share worth to $47.45 a share – its highest since March 2022.
- Gambling know-how firm Aristocrat Leisure Limited recorded a brand new 52-week excessive of $41.30 a share.
- WiseTech Global Ltd topped out at $88.69 – an all-time excessive for the logistics software program supplier.
- News Corporation reached $31.43 throughout Tuesday’s commerce, a 12 month excessive, placing the media big up 16 per cent for the yr so far.
Conversely, lithium provider Sayona Mining was one of many worst performers of the day, hitting a 52-week low of 13c, or down 11.6 per cent.
Sluggish commerce out of China additionally weighed on mining shares, whereas healthcare noticed a minor rise of 0.6 per cent.
Woodside Energy noticed an increase of 0.6 per cent in its share worth after asserting it plans to promote 10 per cent of its flagship Scarborough offshore gasoline challenge to LNG Japan for $US500m ($763m).
Energy market analyst with RBC Capital Markets Gordon Ramsay has informed The Australian the deal may see a possible LNG offtake and collaboration on alternatives in new power.
“We additionally like the very fact this helps to de-risk Woodside‘s exposure to its high level of equity in Scarborough by reducing future development expenditure and technical risk,” Mr Ramsay says.
Foreign markets also had some mild trading activity overnight, with the Dow Jones finishing up 1.2 per cent, the S & P 500 up 0.9 per cent, and the Nasdaq up by about 0.6 per cent.
CommSec economist Tom Piotrowski says stoic trade is a good thing, especially out of the US, as investors await Wednesday’s inflation information.
“We’ve got a lot of bond supply coming online, that means the US Treasury will be selling government bonds to fund itself,” Mr Piotrowski mentioned.
“That raises the possibility of a rise in interest rates, so to see a stoic performance on the part of the markets last night was quite encouraging.”
Source: www.perthnow.com.au
