tiprankstipranks
Market News

Australian Stock Market Today – Wednesday September 28: What You Need to Know

Story Highlights

The Australian share market closes lower, losing gains in early trading.

ASX ends session down in a mixed day for traders

Last updated: 4:50pm AEST

The Australian share market ended the day in negative territory, after clocking up early morning gains.

The S&P/ASX200 closed lower, dropping 34.20 points or 0.53% to 6,462.00 and setting a new 50-day low. 

The broader All Ordinaries index fell 36.70 points or 0.55% to 6,659.80.

The Materials and Energy Sector lost their early trading gains, however coal shares remained a bright spot.

Investors rushed to buy Whitehaven Coal Limited (ASX:WHC) and New Hope Corporation Limited (ASX:NHC), after Macquarie upgraded its outlook for thermal coal prices.

Whitehaven Coal shares rose as much as 7.9% to a day’s high of AU$9.14 by afternoon, only a few cents shy of their 52-week peak of AU$9.33.

New Hope shares surged as much as 8.7%, hitting a day’s high of AU$6.23 to come within a striking distance of their 52-week peak of AU$6.46.

ASX reverses morning gains

Last updated: 1:30pm AEST

The Australian share market slid back after opening in positive territory, dragged down by mining stocks, which have reversed their morning gains.

After shrugging off pre-market expectations and opening 0.2% higher this morning, the S&P/ASX200 has since dropped back into negative territory, down 53.60 points or 0.83%, to 6,442.60.

The All Ordinaries is lower, down 61.00 points or 0.91% to 6,635.50.

The Materials Sector dropped into negative territory, down 0.6%.

The Energy Sector remains buoyant, up over 1%; led by several coal mining stocks, which have surged after Macquarie upgraded its thermal coal outlook.

Meanwhile, Australian media company, HT&E Ltd (ASX:HT1) saw its shares rise as much as 7.5% to a high of AU$1.29 in morning trading, before retreating to about AU$1.25.

It comes as HT&E moves forward with its share repurchase program, with management viewing the stock as undervalued.

Energy stocks push ASX higher

Last updated: 11:00am AEST

The Australian share market has shrugged off pre-market expectations and opened 0.2% higher this morning.

Shares eased back slightly in later trading, but the S&P/ASX200 still remained 0.14% higher for the day, sitting at 6,505.20.

The broader All Ordinaries index was also in positive territory, gaining 10.20 points or 0.15% to 6,706.70. 

The Energy and Materials Sectors led the gains, continuing to rebound from their Monday declines.

The Energy Sector was up more than 3%, while the Materials Sector was up around 1.2%.

Meanwhile, Motorcycle Holdings (ASX:MTO) shares continue their strong run, rising around 1.5% in morning trading. Its shares rose almost 5% to $2.56 on Tuesday, driving gains over the past three months to over 25%.

The consumer stock has soared since the motorcycle and accessories dealer announced plans to acquire Mojo Group.

Pre-market breakdown

Australian shares are set to open lower this morning, after a mixed day on Wall Street overnight.

ASX futures were down 0.66% to $6,463.00 at around 6am AEST.

It follows on from modest gains across the Australian market yesterday, led by the resurgent Energy and Materials sectors. 

The S&P/ASX200 closed up Tuesday, gaining 0.41% to settle at 6,496.20, while the broader All Ordinaries index also finished the day in the green, gaining 0.43% to finish at 6,696.50.

It was another volatile trading session across U.S. markets overnight. The Dow Jones Industrial Average (DJIA) fell by 0.43%, while the S&P 500 (SPX) declined by 0.21%. Meanwhile, the NASDAQ 100 (NDX) saw a surprise gain of 0.16%.

Ahead of Monday’s local market opening, the Australian dollar was around 0.35% lower, sitting at about US0.64c.

Brent Crude was down around 2.3%, at around US$86 a barrel.

Gold was down slightly by about 0.4%, sitting around $US1628 an ounce.

Iron ore was down around 1.4%, to $US99.5 a tonne.

Meanwhile, Bitcoin was down by around 0.5%, to about AU$29,500.

Market watch

Eyes will be on Motorcycle Holdings (ASX:MTO) shares to see if their strong run continues today.

Its shares rose almost 5% to $2.56 on Tuesday, driving gains over the past three months to over 25%.

The consumer stock has soared since the motorcycle and accessories dealer announced plans to acquire Mojo Group.

Disclosure

Tired of arriving late to the Big Returns Party?​
Most investors don’t have major gainers like TSLA or NVDA on their radar from the start.
The profusion of opinions on social media and financial blogs makes it impossible to distinguish between real growth potential and pure hype.
​​For the past decade, we have developed and perfected technology designed to help private investors, just like you, find the best opportunities, with the greatest upside potential, in any financial climate.​
Learn More