Energy stocks prop up broader market
Last updated: 4:30pm AEDT
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The ASX closed flat on Thursday, but was buttressed by strong gains in the energy sector on the back of a cut to global oil production.
The S&P/ASX200 closed up just 1.80 points, to 6,817.50, while the broader All Ordinaries index was up just 2.60 points, to 7,033.50.
Sectors ended mixed across the market, with five sectors higher and six lower. Energy was the best performing sector, gaining 2.41% for the day on the back of the OPEC+ oil production cuts.
Whitehaven Coal Limited’s (WHC) was amongst the sectors major gainers throughout the day. The coal miner’s stock hit new highs, seeing its shares soar more than 7% to finish the day at AU$10.49.
Meanwhile, Pilbara Minerals’ (ASX:PLS) stock soared following a leadership shakeup at the Australian lithium producer. Shares rose more than 10% today to hit a record high of AU$5.61.
Within financials, Magellan shares fell steeply after stock investors learnt that institutional investors have pulled billions from its global funds.
Energy sector defies broader market slump
Last updated: 1:10pm AEDT
The ASX continued in negative territory in afternoon trading.
The S&P/ASX200 remained down for the session, dropping 7.60 points or 0.11% to 6,808.10.
The broader All Ordinaries index was down 8.30 points or 0.12% to 7,022.60.
The Energy sector defied the broader ASX slump, bolstered by global oil production cuts, and gaining around 1.5% in afternoon trading.
Amongst energy stocks, Whitehaven Coal Limited (WHC) was a major gainer, with the coal miner’s shares surging more than 6%, to sit around AU$10.3 in afternoon trading.
Meanwhile, Magellan shares fell steeply after stock investors learnt that institutional investors have pulled billions from its global funds.
Magellan Financial Group Ltd (AU:MFG) shares were down 8.5% to about AU$10.70 at midday, after plunging more than 10% to a day’s low of AU$10.52.
ASX takes a dip
Last updated: 11:10am AEDT
The Australian share market has slid back, after two successive days of gains.
The S&P/ASX200 edged lower, dropping 11.60 points or 0.17% to 6,804.10.
The broader All Ordinaries index dropped 14.80 points or 0.21% to 7,016.10.
Sectors are mixed, with eight of 11 sectors lower.
Energy was the best performing sector, gaining 1.70% and 8.65% for the past five days.
AI data input company, Appen Ltd (APX) saw its stock take a major hit, falling more than 14% in morning trading.
Pre-market breakdown
ASX shares are set to retreat this morning, after a lackluster session on Wall Street overnight, as further interest rate rises weigh down U.S. markets.
ASX futures had edged down 0.04%, sitting at AU$6,798 at around 6:30am AEST.
It follows on from strong gains on the ASX yesterday for the second successive day, following Tuesday afternoon’s softer than expected interest rate rise.
The S&P/ASX200 closed up sharply yesterday, gaining 116.40 points or 1.74% to 6,815.70 and crossing above its 20 day moving average.
Ahead of today’s local market opening, the Australian dollar was around 0.1% lower, sitting at US$64.93c.
WTI Crude was up 1.3%, at around US$87.6 a barrel.
Gold was down by 0.5%, at around $US1716 an ounce.
Meanwhile, Bitcoin was up by around 0.52%, to about AU$31,026.
