ASX Eyes All-Time Record as Miners and Energy Stocks Lead the Charge

3 min read | September 13, 2024 11:40 AM AEST | By Team Kalkine Media

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ASX Eyes All-Time Record as Miners and Energy Stocks Lead the Charge — Image source: Shutterstock

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Australian shares extended their gains in line with Wall Street's rally on Friday, propelled by rising commodity prices and renewed investor interest in mining and energy sectors. The benchmark S&P/ASX 200 Index (ASX:XJO) rose by 0.8%, or 60.7 points, to reach 8136.4, bringing it within striking distance of the all-time high of 8148.7 achieved last month. ASX mining stocks, in particular, contributed significantly to this upward movement.

Global Markets Surge

U.S. markets advanced overnight, with the Nasdaq Composite Index climbing 1% as shares of Nvidia Corporation (NASDAQ:NVDA) surged. This week’s rally has added over $1.3 trillion to the S&P 500 Index (S&P: SPX), highlighting a strong bullish sentiment across global equity markets.

Commodities Drive ASX Performance

Gold prices surged to a fresh all-time high, now trading at $2,560 per ounce, driven by expectations of forthcoming rate cuts by the U.S. Federal Reserve. As a result, gold miners were among the top performers on the ASX:

- Perseus Mining Ltd (ASX:PRU) saw its shares jump more than 6%.

- Evolution Mining Ltd (ASX:EVN) also climbed over 6%.

- Northern Star Resources Ltd (ASX:NST) added 3.4% to its share price.

- Gold Road Resources Ltd (ASX:GOR) rose by 5.8%.

The rally in gold prices and mining stocks was mirrored by a robust performance in the energy sector. Oil prices soared nearly 3% due to concerns over potential supply disruptions caused by Hurricane Francine in the U.S. Gulf of Mexico. As a result:

- Santos Ltd (ASX:STO) rose by 1.2%.

- Woodside Petroleum Ltd (ASX:WDS) increased by 2.6%.

Big Miners in Focus

The major mining companies also contributed to the ASX’s strong performance:

- BHP Group Ltd (ASX:BHP) and Rio Tinto Ltd (ASX:RIO) both saw their shares rise by 1.2%.

- Fortescue Metals Group Ltd (ASX:FMG) gained 1.6%.

Banking Sector Moves

The big banks experienced gains as well:

- Australia and New Zealand Banking Group Ltd (ASX:ANZ) rose by 0.5%.

- Macquarie Group Ltd (ASX:MQG) lifted by 1.3%.

Corporate News and Movements

In corporate news, Atlas Arteria Ltd (ASX:ALX) saw its shares remain unchanged after the company announced it was pursuing a compensation claim against France following the French Constitutional Council’s approval of a new "truck" tax.

Namoi Cotton Ltd (ASX:NAM) saw its shares increase by 2.2% after Singapore-based Olam Agri sweetened its takeover bid to 75 cents per share from 70 cents.

On the downside, several stocks traded ex-dividend, resulting in declines:

- Cleanaway Waste Management Ltd (ASX:CWY)

- Downer EDI Ltd (ASX:DOW)

- Data3 Ltd (ASX:DTL)

- Kelsian Group Ltd (ASX:KLS)

- Lovisa Holdings Ltd (ASX:LOV)

The day's trading reflects a dynamic market environment, driven by commodity price fluctuations and significant corporate developments, with Australian shares approaching record highs as key sectors thrive.

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