ASX closes 0.87% higher for biggest daily gain in two months

By Finance News Network | More Articles by Finance News Network

by Peter Milios

 

Australian shares rose by 0.89 per cent today to close at 7,015.60, the largest gain in two months, due mainly to a surge in oil prices that boosted energy stocks. Investors awaited the outcome of the US Federal Reserve policy meeting after a week of market volatility.

Woodside Petroleum (ASX:WDS) and Beach Energy (ASX:BPT) had the biggest increases, while gold stocks dropped due to eased worries about a global banking crisis.

The major banks rose, but regional lenders had mixed results. Latitude (ASX:LFS) revealed a larger cyber-attack than initially reported, causing a 7 per cent dive, and WAM Leaders (ASX:WLE) rose 2.4 per cent after cancelling its share placement plan due to market volatility.

Futures

The Dow Jones futures are pointing to a rise of 3 points.
The S&P 500 futures are pointing to a rise of 2.75 points.
The Nasdaq futures are pointing to a rise of 10.5 points.
The SPI futures are pointing to a rise of 58 points when the market next opens.

Best and worst performers

The best-performing sector was Energy, up 4.19 per cent. The worst-performing sector was REITs, down 0.52 per cent.

The best-performing large cap was Woodside Energy Group (ASX:WDS), closing 5.20 per cent higher at $32.80. It was followed by shares in Santos (ASX:STO) and QBE Insurance Group (ASX:QBE).

The worst-performing large cap was Northern Star Resources (ASX:NST), closing 3.61 per cent lower at $11.22. It was followed by shares in Mercury NZ (ASX:MCY) and Atlas Arteria (ASX:ALX).

Asian markets

Japan’s Nikkei has gained 2.10 per cent.
Hong Kong’s Hang Seng has gained 1.96 per cent.
China’s Shanghai Composite has gained 1.58 per cent.

Company news

Tamboran (ASX:TBN) has successfully completed the 25-stage stimulation program at the Amungee 2H well in the 38.75 per cent owned and operated EP 98 permit of the Beetaloo Basin. In response, MD and CEO, Joel Riddle commented, “The team delivered a significant increase in sand into the shale formation, when compared to the T2H and T3H wells in the non-operated EP 161 permit.” Shares closed 9.5 per cent higher at 23 cents.

Hartshead Resources (ASX:HHR) has announced that an agreement has been reached with Shell UK, which sets out key commercial terms to transport and process Hartshead’s Phase I gas production to UK sales point. Shell and Hartshead as respective Operators will now progress to conclude full-termed binding agreements for the offtake. Shares closed 10.5 per cent higher at 4.5 cents.

Akora Resources (ASX:AKO) has announced that DSO infill drilling results have confirmed significant areas and intercepts of high-grade iron mineralisation. In response, MD and CEO, Paul Bibby commented: “Substantial at surface intercepts grading above 63 per cent iron appear to be suitable for lump and fines direct ship ore.” Shares closed 13.8 per cent higher at 16.5 cents.

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.
Iron ore futures are pointing to a 0.2 per cent fall.
One Australian dollar is buying 66.76 US cents.

About Finance News Network

Established in 2006, the Finance News Network is one of Australia's largest providers of online business and finance news. Our news is distributed across some of Australia’s most prominent investment platforms. The network connects investors with investment opportunities, the latest ASX news, CEO and fund manager interviews and investor webinars. Keep your finger on the pulse and stay abreast of markets. Tune in to FNN. FNN is a subsidary of Sequoia Financial Group

View more articles by Finance News Network →