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Highlights:
ASX 200 index holds steady despite weaker cues from Wall Street
Energy sector leads gains with support from WDS and WHC
Fortescue Metals and James Hardie record early advances while Lynas and Pilbara decline
The Australian share market began the trading day on a steady note despite a subdued performance on Wall Street overnight. The ASX 200 index remained stable in early trading as energy companies provided upward momentum, helping offset declines in several other sectors. The index hovered close to recent levels while six of the eleven major sectoral indices traded in negative territory.
Energy Sector Lifts as Woodside Gains
The energy sector emerged as the strongest performer in the early session. Woodside Energy Group Ltd (ASX:WDS) led the advance within the sector, building on recent gains in oil prices. Whitehaven Coal Ltd (ASX:WHC) also contributed to the sector’s resilience, recording notable early movement.
Oil benchmarks were mostly flat globally, with Brent crude remaining stable and US WTI seeing modest gains. This provided a solid base for local energy-related equities despite mixed market sentiment abroad.
Fortescue and James Hardie Among Leading Stocks
Fortescue Ltd (ASX:FMG) registered a positive start to the session, positioning itself among the top performers within the benchmark index. The rise followed a broader uptick in interest in mining-related equities earlier in the week.
James Hardie Industries Plc (ASX:JHX) also advanced, continuing a recent streak of positive sessions. Gains in building materials and construction-focused companies supported its upward movement.
Legal Dispute Pressures Fletcher Building
Fletcher Building Ltd (ASX:FBU) came under pressure following legal action initiated by SkyCity Entertainment Group Ltd (ASX:SKC). The legal dispute centers on construction delays related to the New Zealand International Convention Centre, leading to weakness in Fletcher Building’s stock during early trading.
SkyCity, despite its legal involvement, posted a mild advance on the back of the news, while Fletcher Building experienced downward movement as investor sentiment reacted to the legal proceedings.
Rare Earth and Lithium Miners Reverse Course
Lynas Rare Earths Ltd (ASX:LYC), Pilbara Minerals Ltd (ASX:PLS), and Liontown Resources Ltd (ASX:LTR) were among the weaker performers in morning trade. Each of these companies saw a decline after experiencing a short rally during the previous session. These movements came as commodity market dynamics shifted and broader investor sentiment turned cautious.
Overseas Markets and Economic Data in Focus
Global markets offered mixed cues ahead of the local open. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all ended lower as US investors awaited the release of monthly employment data, which may influence expectations surrounding US monetary policy decisions.
In Europe, major indices such as the DAX and FTSE 100 saw marginal gains, while France’s CAC 40 declined slightly. Meanwhile, commodities including gold remained largely unchanged, and the Australian dollar appreciated slightly against the US dollar.
Key Data Awaited from ABS and US Jobs Report
Locally, attention is turning toward economic updates from the Australian Bureau of Statistics, with labour account figures and multiple job-holder data expected later in the morning.
Internationally, market watchers are anticipating the US non-farm payrolls and unemployment data due for release later today. These figures could impact global equity sentiment and influence the direction of future interest rate decisions by the Federal Reserve.
