AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- ASX rises, supported by tech and utilities sectors, despite mining and banking pressures.
- Mineral Resources dips amid management change; Westpac sees profit decline.
- Select healthcare and property stocks show resilience with notable gains.
The Australian share market opened on a positive note today, influenced by gains on Wall Street. Investors are closely watching the upcoming U.S. election, a new round of corporate earnings, and significant central bank meetings, all of which are anticipated to impact market sentiment. The S&P/ASX 200 index moved up by 0.4% or 32 points to reach 8150.8. This follows a difficult week where the index dropped 1.1%, marking its most significant weekly decline since August.
Among the ASX sectors, technology and utilities showed the strongest performances, while commodity-related stocks experienced declines. Mineral Resources (ASX:MIN) emerged as one of the index’s most notable decliners, falling 6%. This drop followed an announcement that its Managing Director, Chris Ellison, plans to step down within the next 18 months after the company’s board raised concerns regarding his use of company resources for personal reasons.
The banking sector presented mixed results. Westpac Banking Corporation (ASX:WBC) shares declined by 1.7% following a 3% drop in net profit to $7 billion for the fiscal year 2024. While Westpac faced some pressure, other major banks showed varied performances. ANZ Group Holdings (ASX:ANZ) was down slightly by 0.2%, while National Australia Bank (ASX:NAB) saw a modest gain of 0.5%.
Mining stocks were under pressure as well, with some of the heavyweights registering losses. Rio Tinto (ASX:RIO) slipped by 0.4%, and Fortescue Metals Group (ASX:FMG) followed with a 0.3% dip. BHP Group (ASX:BHP) managed to hold steady, reflecting a relatively stable position in the sector amidst fluctuating market conditions.
The energy sector, meanwhile, remained subdued. Woodside Energy (ASX:WDS) and Ampol Limited (ASX:ALD) both experienced slight decreases of 0.2%. These movements came despite news that OPEC+ has opted to delay its previously scheduled increase in oil production by an additional month. Notably, Santos (ASX:STO) edged up by 0.2%, showcasing a small positive move within the otherwise quiet energy sector.
In other market moves, the property and healthcare sectors showed some resilience. GPT Group (ASX:GPT) inched up by 0.2% after reaffirming its 2024 guidance, which followed its quarterly performance update. The property group’s steady performance indicates a strong outlook as it maintains growth amid market fluctuations.
Telix Pharmaceuticals (ASX:TLX), a cancer diagnostics company, made notable gains, advancing by 2.7%. This rise was fueled by optimism surrounding a recent U.S. Medicare Fee payment rule, which could significantly impact the company’s revenue stream. In construction materials, Fletcher Building (ASX:FBU) rose 0.7%, despite ongoing legal challenges concerning its Winstone Wallboards division. The company remains in the spotlight as it faces accusations from the New Zealand Commerce Commission regarding its use of rebates in securing supply agreements.
The ASX continues to track global market trends as local and international developments unfold, impacting sectors and individual stocks across the board.
