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Highlights
- ASX200 closed 1.45% up on 30 May.
- The energy and material biggies like RIO, BHP and Santos also added to their pricing.
The ASX200, backed by dairy and tech stocks, closed 1.45% up at 7,286.60 points. Ten out of eleven sectors closed high while utilities sector ended a tad lower.
Inline, the largest fifty companies on the ASX, by market capitalisation, represented by ASX50 Index (XFL) is up by 1.338%. The materials sector index (XMJ) is 2.195% higher while the ASX200 energy sector index (XEJ) is up 0.005%.
With this at the back, here is a sneak peek into the latest updates and price performances of ASX blue-chips Rio Tinto (ASX:RIO), BHP Group Limited (ASX:BHP) and Santos Limited (ASX:STO)
Note- prices mentioned in the story are as of 2:30 PM AEST on the ASX.
Rio Tinto (ASX:RIO)
Metals giant Rio Tinto’s share is in the green today, gaining about 1% to trade at AU$114.29 each. The rebound in iron-ore prices last week appear to have lifted RIO share price in the last week. At the time of writing this story, Iron ore fines 62% Fe CFR Futures -CME were also trading 0.14% higher, adding on to the optimism around. While Iron prices is one reason, in absence of any company specific announcement’s the day’s share price movement can also be an effect of the Materials sector gains.
Near term price performance as of Monday afternoon
Image Source © 2022 Kalkine Media ®
Read along to know more on BHP Group and Santos Limited.
BHP Group Limited (ASX:BHP)
While earlier BHP had minerals and petroleum assets in its bounty, now it has demerged its business. The petroleum assets of BHP Group are now part of Woodside Energy Group Ltd. (ASX:WDS). So, BHP is now more of a metal focused entity.
While the materials sector index is up today, by afternoon even BHP shares have gained over 2% to trade at AU$44.66 each. The push to BHP share price seems to be coming from the upside movement in iron ore prices and copper. The share might also be getting a sectoral push as it is one of the stable blue chips amongst the ones listed on ASX.
While Rio Tinto and BHP Group share prices are appearing strong as of now, the movement backed by metal price rally can also change suddenly. The demand-supply metrics in the commodities side is thus one dynamic worth watching for these shares.
Santos Limited (ASX:STO)
Another blue-chip worth watching is Santos Limited from the energy sector. Santos is an oil and gas major and is also expanding its presence in the renewables segment. While in the morning STO share price was rising, by afternoon it had turned red.
While Santos Limited hasn’t issued any ASX announcements as of date, the slight negative change in its share price seems to be coming from the energy sector slash. As a result, STO share price has slipped into the red zone, to trade at AU$8.235 a share.
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