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The Australian stock market concluded the trading session on a positive note on Tuesday, propelled by a resurgence in commodity prices, with anticipation building around the forthcoming US inflation update. The ASX200 index surged by 0.8%, gaining 57.9 points to reach 7,006.7 at the closing bell. Meanwhile, the All Ordinaries index also exhibited strength, climbing 0.9% to hit 7,207.1.
Presently, the Australian dollar stands at US63.7.
Among the eleven industry sectors, nine saw upward trajectories, prominently led by a 2.5% ascent in the energy sector.
This positive momentum in the market mirrors the global surge in oil prices, with Brent crude hovering around $83 per barrel and West Texas Intermediate just under AU$79 per barrel. Notably, key players in the energy sector capitalized on this trend: Woodside surged by 3% to AU$32.75, Santos saw a 2.8% rise to AU$7.30, and Ampol climbed by 1.3% to AU$33.99.
The iron ore mining sector also witnessed a robust performance, fueled by a spike in commodity prices to their highest level since March. Iron ore prices sat at AU$127.65 per tonne on the December contract in the Singapore exchange. This upswing translated into gains for major players: Rio Tinto rose by 1.9% to AU$122.43, BHP saw a 1.2% increase to AU$45.93, and Fortescue climbed 2.6% to AU$24.30.
However, telecoms and utilities sectors were the exceptions, finishing 1.1% and 0.8% lower, respectively.
National Australia Bank's newly released business activity data highlighted resilient industry conditions in October, although a decline in forward indicators weighed down business confidence. NAB's Chief Economist, Alan Oster, pointed out concerns in retail, wholesale, and manufacturing sectors due to weak forward orders.
In corporate updates, Commonwealth Bank experienced a 1% rise to $102.28 following its announcement of a 1% increase in cash net profit after tax to $2.5 billion for the September quarter. However, the bank also reported a decline in its loan book to $4.5 billion during the same period due to pressure on profit margins.
Telix Pharmaceuticals surged by 1.4% to AU$9.28 after unveiling plans to acquire US-based therapeutic company QSAM Biosciences and its asset CycloSam for US$123 million ($193 million) in cash and equity.
Meanwhile, laboratory services firm ALS witnessed an impressive 8.5% surge, its highest since November 2022, reaching AU$11.59 per share after posting a net profit after tax of AU$158.4 million for its first-half results.
Conversely, NAB encountered a 3.2% decline to AU$27.97 following shares trading ex-dividend.
