Tue. May 17th, 2022

The Australian stock market continued its gains on Friday, closing higher with investors rising in mining and technology stocks.

Benchmark ASX 200 opened up 0.8 on Friday to 7.320. The broader All Ordinaries also gained about 0.8 percent to 7,617. Both indices cross above their 125-day moving average.

Mining and technology were the sectors that performed best on the ASX.

Top stocks were Chalice Mining (+ 7.7pc), Magellan Financial Group (+ 5.7pc), Hub24 (+ 5.5pc), Deterra Royalties (+ 4.1pc) and Rio Tinto (+ 4pc).

BHP rose about 3 percent, and Fortescue Metals gained 2.6 percent.

The worst performing stocks were EML Payments (-14.3pc) following regulatory warnings regarding its Irish business, Clinuvel Pharmaceuticals (-4.9pc), Whitehaven Coal (-3.6pc), Star Entertainment Group (-2.7pc) and Domino’s Pizza Entertainment (-2.4 pcs.).

Woolworths shares rose 0.6 percent, despite news that the company had so far liquidated a $ 50 million employee deficit group.

At 4.30pm AEST, the Australian dollar fell 0.2 per cent to 72.98 US cents.

Raw materials win

Iron ore rose 0.3 percent to $ 117.02 per barrel. Ton.

Spot gold fell 0.1 per cent. To $ 1,757 USD per. Ounce.

Oil prices continued to rise with Brent crude up 1.2 percent to $ 82.99 dollars per barrel. Barrel, while crude oil in West Texas rose 1.43 percent to $ 79.43 a barrel.

US markets gather for news on debt ceiling deal

On Wall Street, the S&P 500 rose 1.2 percent, the Dow Jones Industrial Average also rose 1.2 percent, while the technology-focused Nasdaq Composite jumped 1.5 percent.

Materials led the way, climbing 2.1 percent, while consumer estimates and health care were also among the most effective.

The car companies Ford and General Motors helped boost the markets and achieved around 4.7 per cent.

It was also a positive day for tech stocks, with Twitter closing 4.3 percent higher, Penn National Gaming rising 4.8 percent, while Apple gained 1.1 percent, Amazon 1.5 percent and Microsoft 0.8 percent.

Levi Strauss & Co shares jumped more than 8 percent after the jeans maker beat revenue and earnings estimates in the third quarter.

Senator Minority Leader Chuck Schumer speaks on Capitol Hill.
Democratic Senate Majority Leader Chuck Schumer hopes the short-term debt ceiling increase will pass this week.(

AP: Susan Walsh

)

The market increase came after the U.S. Senate took a step toward passing a $ 480 billion ($ 656 billion) increase in Treasury Department lending authority.

Democratic Senate Majority Leader Chuck Schumer said politicians had agreed on a short-term increase in the debt ceiling, which he hoped would be adopted this week.

The agreement extends the debt ceiling until the beginning of December.

Uncertainty about the negotiations has weighed on investors’ minds.

The US government borrows more than 20 cents from every dollar it spends. Unless Congress authorizes the U.S. Treasury Department to borrow more money, borrowing will stop and they will not be able to pay their bills.

“Today [market] is driven by a small step in Washington toward rationality in being able to pay their bills, write some checks, ”said Kim Forrest, chief investment officer at Bokeh Capital Partners.

In Europe, the pan-European STOXX 600 index ended the day + 1.6pc higher at 458.57 along with Germany’s DAX + 1.8pc to 15.250 and the UK’s FTSE + 1.1pc to 7.078.

ABC / Reuters

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