AUS
NZ
UK
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USA
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GER
ESP
ITA
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RUS
CHN
UAE
Highlights
- ASX edges higher as sectors rebound with broader market gains.
- Banks and retailers hold the index back amid mixed trading sentiment.
- Star Entertainment (SGR) sees surge after mystery Macau investor's purchase.
The Australian sharemarket saw a modest recovery on Tuesday, creeping back from a two-week low, as bargain hunters stepped in. The S&P/ASX 200 Index climbed by 0.3 percent, or 27.2 points, reaching 8219 by the afternoon. In the early hours, nine of the eleven sectors saw broad gains, with sectors like mining performing well, compensating for losses in banking and consumer discretionary stocks amid relatively thin trading volumes. Meanwhile, the All Ordinaries Index gained 0.4 percent, reflecting general optimism despite market fluctuations.
This growth came after the ASX 200 experienced a sharp 1 percent drop on Monday, a result of dialing down market expectations regarding US interest rate cuts. Global sentiments were mixed, as evidenced by the S&P 500 which saw a reversal, finishing 0.2 percent higher after an earlier dip.
On the ASX, mining stocks benefited from the rising iron ore price, which surpassed $US98.90 per tonne. Big players in the sector responded with gains: Fortescue Metals (ASX:FMG) rose 2.9 percent, while BHP (ASX:BHP) edged 0.7 percent higher. Coal miners also saw activity after coal prices briefly hit a three-year low at $US115.51 per tonne. Whitehaven Coal (ASX:WHC) experienced a significant increase of 4.7 percent, and Yancoal Australia (ASX:YAL) jumped by 1.9 percent.
However, the banking sector saw losses as trading volumes thinned. Commonwealth Bank of Australia (ASX:CBA) fell by 1.1 percent, with minor losses from Westpac (ASX:WBC), NAB (ASX:NAB), and ANZ (ASX:ANZ). In tandem, the retail sector faced challenges, with consumer discretionary stocks also taking a hit due to weaker retail demand signals. Wesfarmers (ASX:WES) slipped 0.9 percent, and JB Hi-Fi (ASX:JBL) lost 1.8 percent.
The day’s highlight came from Star Entertainment (ASX:SGR), which soared 12 percent after an unexpected announcement regarding a Macau businessman, Wang Xingchun, purchasing an additional 28 million shares in the struggling casino operator. The move fuels speculation on how his increased involvement may help the company as it attempts to avert financial collapse.
Stocks in focus include City Chic Collective (ASX:CCX), which surged 16.7 percent due to impressive holiday trading. Energy Transition Minerals (ASX:ETM) jumped 15.2 percent as the company navigates a legal dispute with Greenland concerning rare earth minerals. Despite a capital raise announcement, Mesoblast (ASX:MSB) saw its stock decline by 6.9 percent.
