ASX Soars Toward Record High as Energy and Banking Stocks Shine

3 min read | November 22, 2024 01:25 PM AEDT | By Team Kalkine Media

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ASX Soars Toward Record High as Energy and Banking Stocks Shine — Image source: shutterstock

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Highlights

S&P/ASX 200 edges closer to a record high, driven by energy and banking gains.

The a2 Milk Company surges after raising revenue guidance.

Technology sector dips, led by WiseTech's sharp decline.

The Australian stock market rallied strongly, with the S&P/ASX 200 index advancing by 0.8% to 8391.4 by midday, nearing a fresh all-time high. This week, the index has gained 1.3%, reflecting a robust performance across multiple sectors. A surge in oil prices, triggered by escalating tensions in the Russia-Ukraine conflict, propelled energy stocks higher, while banking heavyweights also added to the momentum.

Energy and Mining Drive Gains

Rising oil prices, with a 2% overnight climb, boosted energy stocks. Woodside Energy (ASX:WDS) gained 2.6%, while Santos (ASX:STO) rose by 1.8%. Whitehaven Coal (ASX:WHC) climbed nearly 4% on a strong performance in coal markets.

Mining giants BHP (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue Metals (ASX:FMG) all advanced more than 1%, supported by a positive global outlook for commodities. Additionally, gold prices rallied amid geopolitical tensions, lifting Newmont (ASX:NEM) by 1.3%.

Banking Sector Sees Strength

The financial sector showed strong gains, with the Commonwealth Bank of Australia (ASX:CBA) scaling a fresh high of $157.9. Other major banks also experienced increases, contributing to the broader market's momentum.

Consumer and Retail Stocks Perform

The a2 Milk Company (ASX:A2M) emerged as the day’s top gainer, surging nearly 14%. The company lifted its revenue guidance and announced plans to distribute dividends, attributing the move to robust sales and higher global dairy prices. Jewellery retailer Lovisa (ASX:LOV) added 1.5% following an upbeat trading update.

Technology Sector Struggles

The technology sector lagged, largely due to WiseTech (ASX:WTC) plunging 9% after revising its revenue and earnings forecasts for FY25 downward. Software provider Megaport (ASX:MP1) also fell sharply, dropping 11% despite affirming its earnings guidance.

Cryptocurrency and Bitcoin Updates

In currencies, bitcoin retreated slightly after briefly crossing the $98,000 threshold. The digital asset surged earlier on reports of regulatory changes following the planned departure of U.S. SEC Chairman Gary Gensler.

Other Notable Movements

Resolute Mining (ASX:RSG) climbed 0.6% after resolving a dispute with Mali’s government by agreeing to pay $247 million in back taxes. Online retailer Kogan (ASX:KGN), however, slid 2.3% after a less favorable business update.

This upward momentum positions the Australian market for continued resilience, with a mix of sectors driving performance across the board.

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