Travel, tech, and mining stocks lift ASX; Qantas, BHP, HUB24 rise

Highlights 

  • The ASX 200 ended 0.7% higher, led by travel, tech, and mining stocks.
  • Barring utilities, all sectoral indices ended in green, while material stocks gained the most.
  • ARB Corp, HUB24, OZ Minerals, Star Entertainment, and Nanosonics were among the top gainers.
  • Asian share market traded mostly higher, led by Taiwan’s Weighted Index.
  • In cryptos, Bitcoin and Ether were flashing in green.

The Australian shares closed the week on a positive note, thanks to strong buying in tech, mining, and travel stocks. The market sentiment was boosted by firm global cues as well as ease in travel restrictions for international travelers. Shares of travel stocks rallied after NSW Premier Dominic Perrottet announced this morning that the state will open its international borders to Aussies and overseas citizens from November 1 with certain conditions. In travel space, the biggest gainers were Flight Centre, Webjet, and Qantas.

The benchmark index, the ASX 200, settled 50.30 points or 0.69% higher at 7,362. Early today, the index opened in green and gained as much as 0.84% to hit a high of 7,373.20. The index finished the week with a 0.6% gain, led by a sustained rally in mining, tech, realty, consumer staples, and health care stocks.    

                     

Travel, tech, and mining stocks lift ASX; Qantas, BHP, HUB24 rise

 

On the sectoral front, all the indices, barring utilities, ended in positive terrain. The materials sector emerged as the best performer with a 1.37% gain, owing rise in iron ore prices. The material sector was followed by tech, which surged 1.35%, tracking overnight gains in the US counterpart, NASDAQ Composite.

Among others, consumer discretionary, financial, and industrials settled with the modest gain, while A-REIT, energy, telecom, and health care ended marginally higher.

Bucking the trend, utilities sector witnessed a surge in selling and ended 0.74% lower.

Top gainers and losers

Image Description: Data Source: ASX Website (as of October 15, 2021, 4:15 PM AEST)

The best performer on the ASX pack was automobiles and components manufacturer ARB Corporation (ASX:ARB), which ended 5.7% higher. Some of the other notable gainers were investment platform HUB24 (ASX: HUB), miner OZ Minerals (ASX: OZL), gambling company Star Entertainment Group (ASX:SGR), and infection prevention company Nanosonics (ASX:NAN).

On the flip side, diversified financial group Pendal (ASX:PDL) emerged as the worst performer with a 11.25% loss. Some of the other notable losers were asset management business Platinum (ASX:PTM), Aussie winemaker Treasury Wine Estates (ASX:TWE), food, beverage and tobacco business Elders (ASX:ELD), and retailer Harvey Norman Holdings (ASX:HVN).

Asian shares trade higher on firm global cues

Taiwan’s Weighted Index leads rally in Asia-Pacific region 

Image source: deepadesigns,Shutterstock.com

Shares in the Asia-Pacific region traded mostly higher on Friday, following overnight gains in Wall Street. The market sentiment was dented by the robust corporate earnings outlook of overseas firms. However, persistent concerns about the Chinese economy’s growth capped market gains. India’ BSE Sensex was closed on account of the Dussehra festival celebrations. 

Japan’s Nikkei traded 1.5% higher on Friday and is slated to post first weekly gains after three straight weeks of losses.

Taiwan’s Weighted Index was the best performer in the regional market with a 2.3% gain. South Korea’s KOSPI rose 0.9%, while Hong Kong’s Hang Seng traded 0.8% higher.

Among other Asian markets, The Straits Times in Singapore rose 0.35%, while Thailand’s SET Composite gained 0.25%. China’s Shanghai Composite also traded 0.3% higher at the time of reporting.

Bucking the trend, Indonesia’s Jakarta Composite was down 0.6%.

Indonesia’s Jakarta Composite was down 0.75%, while Taiwan’s Weighted Index traded marginally lower.

Meanwhile, Wall Street closed higher on Thursday as investors cheered strong earnings reports by the likes of Bank of America and UnitedHealth. The market sentiment was also lifted after President Joe Biden signed into law a bill raising the United States debt limit until early December. The Dow Jones gained 1.4%, the S&P 500 surged 1.6%, and the NASDAQ Composite settled 1.65% higher.

Bitcoin, Ether gain; Dogecoin fall

Bitcoin and Ether trade higher on Friday

Image source: © Josefkubes | Megapixel

The major cryptocurrencies traded cautiously higher during the Asian Trading hours on Friday. The crypto total market cap was up nearly 2% at US$2.43 trillion at the time of reporting.

The market showed signs of exhaustion after a recent rally as investors remained worried about rising inflation. The minutes from the Federal Reserve’s September meeting revealed that policymakers are worried that inflation pressure which may prompt the central bank to roll back economic stimulus sooner than expected.

The price of Bitcoin, the world's largest cryptocurrency by market cap, was up over 2% at US$59,300. The most popular crypto has gained over 10% in the last seven days.

Ether, the world’s second-largest crypto, was trading higher by over 5% to US$3,800. The coin linked to the ethereum blockchain has surged 7% in the past one week.     

Meanwhile, the price of Cardano, the third-largest cryptocurrency by market cap, rose marginally by 0.2%, while Dogecoin price fell over 1%.    

Other virtual currencies such as Binance Coin, Litecoin, Tether, Shiba INU, XRP, Stellar, Solana, and Uniswap were trading on a mixed note.     

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