Market News

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

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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.


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