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- The benchmark index ASX 200 was up 0.76% as miners extended gains
- On Tuesday, the benchmark index closed 0.28% lower at 7,128.8 points
- Technology and communications stocks were the biggest losers in today’s trade
Australian equities opened higher on Wednesday (25 May) shrugging off the overnight tech rout on Wall Street as gold miners witnessed buying. The benchmark ASX 200 index extended gains in the initial hours of trade after opening with nearly 0.22% gains. At the time of drafting, the ASX benchmark was up 0.76% or 55 points at 7,184. On Tuesday, the benchmark index closed 0.28% lower at 7,128.8 points.
The ASX All Ordinaries index was up 0.67%.
Stocks fared poorly in the overnight trading on Wall Street on account of mounting concerns that the unabated inflation will weaken corporate profits.
Technology and communications stocks, which have lofty values, have failed to lift investors' sentiments recently and continue to have a considerable influence on the overall market. The two sectors have significantly contributed to the market volatility, and risk-averse investors are thus more cautious while investing in these two sectors.
On Tuesday, the Dow Jones Industrial Average rose 0.15% to 31,928.62 while the S&P 500 dropped 0.81% to 3,941.48 and the NASDAQ Composite ended the session 2.35% lower at 11,264.45 points.
Seven out of the 11 sectors on ASX traded higher today. Materials, Financials, and Consumer Staples were among the best-performing sectors today. It seems that the recent rise in commodity prices and reopening in China has helped push up the materials sector. Meanwhile, the IT sector continued to bleed as it was down nearly 2.5% amid worries over revenue and profit growth.
Other than IT, Healthcare and Consumer Discretionary sectors were also in the red today.
Coming to the top ASX 200 gainers, Silver Lake Resources Limited (ASX:SLR) and St Barbara Limited (ASX:SBM) led the pack with 5.627% and 3.688% gains, respectively as gold prices continued to gain for five trading sessions in a row. On the flip side, BHP Group Limited (ASX:BHP) and Tabcorp Holdings Limited (ASX:TAH) were the top losers, falling 9.352% and 5.451%, respectively.
BHP Group Limited (ASX:BHP):
The shares of BHP Group Ltd (ASX:BHP) fell over 9% today in morning trade as the stock turned ex-dividend. BHP shareholders will get an in specie dividend in the form of Woodside Petroleum Ltd shares following the merger of BHP's oil and gas portfolio with Woodside. Eligible BHP shareholders will receive one share of Woodside for every 5.5340 shares of BHP they hold as on 26 May 2022(Record Date). This dividend is fully franked and will be paid on 1 June 2022.
Dalrymple Bay Infrastructure Ltd (ASX:DBI):
Dalrymple Bay Infrastructure Ltd has kept its distribution guidance unchanged at 18.27¢ per share for financial 2022. on the assumption that historical pricing continues for the remainder of the year.
The company has said that it is committed to the previous guidance of targeting distribution growth per security of 1.5% per annum.
Today, the company has also declared its Q1-22 distribution of 4.5675 cents per stapled security.
Suncorp Group Limited (ASX:SUN):
Suncorp Group Limited shares are in focus today after the company has announced that it will redeem all $375 million of Suncorp Capital Notes issued in May 2017 on the Optional Exchange Date of 17 June 2022.
APRA has approved the Redemption of all the Notes as per the company.
Worley Limited (ASX:WOR):
The share price of Worley Limited will be on Wednesday (25 May) in view of an announcement by the company concerning a contract win. Via an announcement, Worley informed today that it has secured a contract from Heartwell Renewables LLC (Heartwell) for the detailed and field engineering services for a greenfield renewable diesel plant in Hastings, Nebraska.
According to the company, the new plant will produce approximately 302 million litres of renewable diesel annually from feedstocks such as vegetable oils and tallows.
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