ASX 200 opens 0.4% higher on positive global cues; BHP, FMG jump

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ASX 200 opens 0.4% higher on positive global cues; BHP, FMG jump

ASX, ASX 200 opening
Image source: © Sadeq68| Megapixl.com

Highlights:

  • The benchmark ASX 200 index was up 0.44% at 7,143.80 points in the opening trades on Wednesday
  • The Materials and Information Technology sectors led gains today
  • Andrew Forrest is back at the helm of Fortescue Metals Group’s iron ore business

The Australian share market opened on a strong note on Wednesday tracking positive handover from the Wall Street and other global indices. In the initial few minutes of trading, ASX200 was up 0.44% at 7,143.80 points.   

Gains in the market were led by the Materials and the Information Technology sector while Financials and Consumer Staples witnessed some profit booking. Out of the 11 sectors in the ASX, nine were in the green. The S&P/ASX 200 Energy Index (ASX:XEJ) was up 0.67% to 10,276.40 points. 

Meanwhile, the S&P/ASX All Ordinaries Gold Index (ASX:XGD) was up 0.69% at 6,198.80 points. 

The benchmark index finished yesterday's session 0.3% higher at 7,112.50 points, mainly due to gains across resources stocks.

Also Read: PL8, FGG: These 2 ASX investment firms to pay dividend in May 2022

On Tuesday, the Dow Jones Industrial Average rose 1.34% to 32,654.59, while the S&P 500 was up 2.02% at 4,088.85 points. The NASDAQ Composite settled 2.76% higher at 11,984.52 points.

Coming to the top ASX 200 gainers, BHP advanced 3.1% to AU$46.96 while Rio Tinto gained 2.4% to AU$109.26. Lynas Rare Earths Limited (ASX:LYC), Beach Energy Limited (ASX:BPT), and Whitehaven Coal Ltd (ASX:WHC) were leading the pack with 6.561%, 6.116%, and 5.906% gains, respectively.

On the flip side, Brambles Limited (ASX:BXB) and PointsBet Holdings Limited (ASX:PBH) were the top losers, down 7.587% and 4.598%, respectively.

Newsmakers:

Worley Limited (ASX:WOR)

Worley shares traded a tad higher on Wednesday after the company informed that it has been granted a three-year engineering and procurement (EP) services contract by Shell Offshore Inc. (Shell).

Also Read: Why is Lynas Rare Earths Limited (ASX:LYC) up 13% in two days 

In a separate announcement, the company has also announced that its strategic partnership with Avantium Renewable Polymers (Avantium) is now advancing to the next phase.  

Monash IVF Group Ltd. (ASX:MVF)

The share price Monash IVF Group traded over 3% higher after the company informed that it has signed a binding sale agreement concerning the acquisition of Pivet Medical Centre, a fertility services provider. 

The acquisition involves an initial up-front cash consideration of $9.4 million on a debt-free basis.

Fortescue Metals Group Limited (ASX:FMG)

The share price of Fortescue Metals Group traded 1.70% higher at AU$19.72 during the intraday trading session on Wednesday. 

Today, the ASX-listed iron ore company has announced the appointment of Dr Andrew Forrest AO as the Group's Executive Chairman. 

Along with his wife Nicola Forrest, Forrest started Fortescue in the year 2003, aiming to build it into the world's most efficient iron ore company. The company intends to turn Fortescue green by 2030.  

BlueScope Steel Limited (ASX:BSL)

Encouraged by the strong steel prices and spreads in the United States, BlueScope Steel has raised its earnings guidance for the second half of FY22. The company now expects underlying earnings before interest and tax (EBIT) for 2H FY2022 to be in the range of AU$1.375 billion to AU$1.475 billion, higher than the prior guidance range of AU$1.2 billion to AU$1.35 billion.  

Plenti Group Limited (ASX:PLT)

Today, Plenti shares were in focus after the Group announced its full-year results for the year ended 31 March 2022 (FY22).

During this period, the Group's loan origination grew by 134% on FY21. 

The company's loan book was up 111% year-on-year (YoY). Meanwhile, Plenti's interest income from the larger loan portfolio increased 72% compared to the prior year. 

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