ASX Closes Higher with Financials Leading Gains, Energy Sector Lags

2 min read | October 15, 2024 06:11 PM AEDT | By Team Kalkine Media

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ASX Closes Higher with Financials Leading Gains, Energy Sector Lags — Image source: Shutterstock

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Highlights

ASX ends with a 0.79% rise at 8,318.4 points.

Financial sector leads with strong performances from major banks.

Energy stocks fall amid declining oil prices.

The Australian Securities Exchange closed 0.79% higher at 8,318.4 points on October 15, driven by gains in the financial sector. Over the past five days, the index posted a 1.73% increase, positioning it just 0.16% below its 52-week high.

Among the top-performing stocks, Healius (ASX:HLS) saw a notable rise of 7.25%, ending the day at $1.85. Deep Yellow (ASX:DYL) also performed strongly, climbing 5.65% to close at $1.49. On the downside, IDP Education (ASX:IEL) recorded a significant drop, falling 7.44% to $13.69. Additionally, Treasury Wine Estates (ASXTWE) experienced a 3.34% decline, closing at $11.88.

The performance of sectors was mixed, with nine out of eleven sectors posting gains. The financial sector led the upward movement, increasing by 1.32%, mainly driven by strong performances from major banks. Commonwealth Bank (ASX:CBA) rose by 1.8%, Westpac (WBC) added 1.6%, ANZ (ASX:ANZ) advanced 0.9%, and National Australia Bank (ASX:NAB) grew by 1.5%. These gains were instrumental in pushing the overall index higher.

In contrast, the energy sector struggled, falling 1.25% as global oil prices declined. This drop negatively impacted key energy stocks, with Woodside (ASX:WDS) falling by 2.2% and Santos (ASX:STO) declining by 1%, closing at $7.11.

While most sectors enjoyed gains, the decline in the energy sector highlighted the ongoing volatility in global commodity prices. The financial sector, particularly the big four banks, played a crucial role in boosting the ASX, showcasing resilience amidst fluctuating market conditions.

The overall market outlook remained mixed, as sectoral performances diverged, reflecting broader global trends in energy and finance.

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