Monday, January 30, 2023
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All sectors close higher: ASX up 0.67%

Utilities, Information Technology, and Energy were today’s stars of the show, as the S&P/ASX 200 finished 0.67 per cent or 48 points higher at 7,251.30.

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The tech sector especially benefited from a fall in bond yields after US inflation came in lower than expected.

NOVONIX (ASX:NVX) closed 6 per cent higher, whilst Block (ASX:SQ2) closed 8 per cent higher.

South32 (ASX:S32) led the pack of the large caps, increasing by 3.7 per cent. This was due to JP Morgan’s optimistic valuation.


The Dow Jones futures are pointing to a rise of 112 points.
The S&P 500 futures are pointing to a rise of 14.5 points.
The Nasdaq futures are pointing to a rise of 48.25 points.
The SPI futures are pointing to a rise of 37 points when the market next opens.

Best and worst performers

All sectors finished in the black. The best-performing sector was Utilities, up 2.09 per cent. The sector with the fewest gains was Financials, down 0.10 per cent.

The best-performing large cap was South32 (ASX:S32), closing 3.69 per cent higher at $4.21. It was followed by shares in Seven Group Holdings (ASX:SVW) and Xero (ASX:XRO).

The worst-performing large cap was Endeavour Group (ASX:EDV), closing 4.33 per cent lower at $6.41. It was followed by shares in Bendigo and Adelaide Bank (ASX:BEN) and TPG Telecom (ASX:TPG).

Asian news

Asian equities trading higher Wednesday. Market sentiment boosted by softer US CPI report with Japan, Korea and Taiwan outperforming. Hang Seng leading China markets higher.

So far, Japan’s Nikkei has gained 0.76 per cent, Hong Kong’s Hang Seng has gained 0.96 per cent and China’s Shanghai Composite has gained 1.01 per cent.

Company news

Aspen Group (ASX:APZ) has announced it has acquired 41.16 million shares in Eureka Group Holdings (ASX:EGH) at 39 cents a share representing 13.7 per cent of its total shares on issue. The total cost of the acquisition was $16.1 million. Both Aspen and Eureka provide quality accommodation on affordable terms. Aspen owns a diversified portfolio of residential, retirement and park communities valued at approximately $450 million. Eureka owns mainly rental apartments in retirement communities valued at approximately $185 million. Shares closed 4.32 per cent higher at $1.81.

Patriot Battery Metals Inc. (ASX:PMT) has announced positive results from their recent drilling campaign for lithium pegmatite. The primary drill area is focused at the CV5 Pegmatite, located in Canada. In response, Blair Way, Company President, CEO and Director, comments: “the strike length of the CV5 Pegmatite system remains open in all directions with wide widths and strong grades encountered along its currently defined 2.2 km length.” Shares closed 5.56 per cent higher at $0.95.

Bass Oil (ASX:BAS) has announced that their wireline program has increased its Cooper Basin production by 30 per cent. Commenting on this result, Bass’ Managing Director Tino Guglielmo said, “The program has resulted in a 30 per cent increase in production over recent levels and a 62 per cent increase in production since Bass took over the asset in August.” Shares closed 1.47 per cent higher at $0.069.

Commodities and the dollar

Gold is trading at US$1,821.40 an ounce.
Iron ore is flat at US$ 110.30 a tonne.
Iron ore futures are pointing to a 0.75 per cent rise.
Light crude is trading $0.10 lower at US$75.29 a barrel.
One Australian dollar is buying 68.42 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology – majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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