ASX rebounds on energy boost; Whitehaven Coal and Perenti Global lead rally   


  • ASX 200 trades higher by 48 points or 0.69% at 7031, led by energy and miner stocks.
  • Nine out of 11 sectors trades in green, barring Health Care and Information technology.
  • Whitehaven Coal and Perenti Global were top gainers on the ASX, followed by Breville Group, Treasury Wine Estates and Champion Iron.

The Australian stock market continued to trade higher by afternoon, reclaiming the 7,000 level, amid strong buying interest in energy, utilities, realty and industrial stocks. Snapping three session losing streak, the domestic stock market ASX 200 was trading higher by 48 points or 0.69% at 7031.

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On the sectoral front, nine out of 11 sectors are trading in green, barring Health Care and Information technology. Energy index is the top performer, surging 1.75%, followed by A-REIT, Energy, Telecommunications Services, Consumer Discretionary, Utilities, Consumer Staples, Industrials, among others. Health Care and Information technology are the worst performing sectors.

Earlier today, the ASX opened in green, up by 24 points or 0.34% to 7,006.70, tracking strong closing at Wall Street in overnight trade. The market remained under pressure this week as investors remained concerned that potential rise in US inflation may force Federal Reserve to raise rates sooner than expected. For now, however, inflation woes seem to have taken a backseat. 

Gainers and Losers

Whitehaven Coal (ASX:WHC) was the top gainer on ASX, rising 8.76% to AU$1.365, followed by Perenti Global Limited (ASX:PRN), which gained nearly 7% after declining over 27% in previous session. Among others,  Breville Group Ltd. (ASX:BRG), Treasury Wine Estates (ASX:TWE) and Champion Iron Limited (ASX:CIA), were among notable gainers.

Some of the worst performing shares were Xero (ASX:XRO), Pilbara Minerals Limited (ASX:PLS), Lynas Corporation Limited (ASX:LYC), NRW Holdings Limited (ASX:NWH) and EML Payments Limited (ASX:EML).

Shares in News

The Health and Plant Protein Group Limited (ASX:HPP) said in an exchange filing that for the first time, its Royal Hawaiian Orchards brand has become the market share leader across all branded macadamia nuts in the USA. As per the Company, people increasingly are adopting plant-based foods in their routine diet for nutrition and dietary sake, and this is what has boosted the product’s sale.Also, the Company announced it has appointed Nicki Anderson as a Non-Executive Director and Chair of HPP, effective 17 May 2021. The stock HPP is trading at AU$0.250 per share on the ASX.

Aldoro Resources Limited (ASX: ARN) has announced that it is set to initiate high impact drilling program at the Narndee Nipge project. The Company has secured a diamond drilling contractor secured, expected to be on site in June. The ARN shares spotted at AU$0.330.

Online personal lender, Harmoney Corp Limited (ASX:HMY) shared it has delivered its highest ever originations in the whole history. The Company shared its origination volumes for April have bounced back by more than 800% on the previous corresponding period which was hugely impacted by COVID-19 pandemic. The stock of the Company on the ASX was seen trading at AU$1.700 per share.

Strike Energy Limited (ASX: STX) has announced its commitment to net zero Scope 1 & 2 emissions by 2030. The company intends to rely on its integrated downstream strategy to fulfill its commitment. STX shares was trading at AU$0.370.

Synlait Milk (ASX:SM1) said that its finance chief Angela Dixon has resigned. The company has now appointed Rob Stowell, supply chain general manager, as interim CFO.

Blackstone Minerals Ltd (ASX:BSX) on Friday announced that the priority offer to its shareholders was now open under the initial public offering (IPO) of its wholly-owned subsidiary Codrus Minerals Ltd (CDR).

Avita Medical (ASX:AVH) reported a decline in its quarterly net loss to AU$6 million, from AU$15 million a year ago after revenue surged to AU$8.77 million from AU$3.9 million.

Tempus Resources (ASX:TMR) said that it has closed the non-brokered private placement announced on 23 April 2021.

Global Market Rebounds on Friday

On the global front, Asian markets were trading mostly higher, tracking positive closing of US market in overnight trade. The Japanese Nikkei 225 is the best performer in the Asia Pacific region, rising 1.3%. It is followed by Hong Kong’s Hang Seng Index trades which trades higher by 0.4%.

While New Zealand's benchmark S&P/NZX 50 rises by 0.3%, China’s Shanghai Composite trades 0.07% higher.

Among others, Taiwan’s Taiwan Weighted Index is up around 2%, while Korean KOPSI also climbs by 0.5%.

Commodity Market Trades on Weak Note

Oil prices edged lower today, with Brent crude futures trading 0.48% lower at US$66.75 a barrel and US West Texas Intermediate (WTI) futures falling by 0.36% to $63.57 per barrel.

In bullion market, Spot gold price was down by 0.13% to US$1,824.30 an ounce, paring early gains. In the overnight trade, gold prices rose as ease in US treasury yields helped the yellow metal to gain some ground.

Bitcoin slips below US$50,000 mark, Dogecoin rise over 8%

Bitcoin nosedived as low as US$47,150 overnight when Tesla CEO, Elon Musk said that the largest automaker would not be accepting Bitcoin as payment anymore because of its high energy use. The sentiment was further dented by reports that the US Justice Department is investigating crypto exchange Binance. The digital currency is currently trading 1.25% lower at US$49,836. 

Meanwhile, Dogecoin price rallied over 8% in the last 24 hours to US$0.476 after Coinbase revealed plan to add meme-based cryptocurrency to the US cryptocurrency exchange’s offerings.

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