by Peter Milios
The ASX is up 0.94 per cent at noon with energy stocks leading the rally. Bank shares also rose, with Suncorp (ASX:SUN) up 3 per cent and Bendigo Adelaide (ASX:BEN) up 1 per cent.
However, Latitude (ASX:LFS) plummeted 10 per cent after revealing evidence of large-scale data theft.
Woodside Energy (ASX:WDS) jumped 4.8 per cent, the strongest gain since October last year, while Beach Energy (ASX:BPT) advanced 4.7 per cent.
Meanwhile, KMD Brands (ASX:KMD) managed to recover from losses to end up flat, after returning to profitability.
The SPI futures are pointing to a rise of 57 points.
Best and worst performers
The best-performing sector is Energy, up 3.83 per cent. The worst-performing sector is REITs, down 0.86 per cent.
The best-performing large cap is Woodside Energy Group (ASX:WDS), trading 4.81 per cent higher at $32.68. It is followed by shares in QBE Insurance Group (ASX:QBE) and Santos (ASX:STO).
The worst-performing large cap is Northern Star Resources (ASX:NST), trading 3.57 per cent lower at $11.22. It is followed by shares in Atlas Arteria (ASX:ALX) and Newcrest Mining (ASX:NCM).
Asian markets
Asia-Pacific markets rose on Wednesday as investors looked ahead to the U.S. Federal Reserve’s latest update on its rate hike decision, as the central bank attempts to balance its inflation fight and stem a banking crisis.
Japanese markets led gains in the region, with the Nikkei 225 up 1.54 per cent and the Topix higher at 1.77 per cent after breaching the 2 per cent level earlier.
In South Korea, the Kospi rose 0.67 per cent and the Kosdaq advanced 0.78 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 are trading 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 are trading 7.89 per cent higher at 4.1 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 are trading 17.2 per cent higher at 17 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.
