The Australian sharemarket snapped its two day losing streak to close 0.7 per cent or 50 points higher at 7,257. The local bourse had gains across the board with energy stocks taking a breather, shedding 0.8 per cent. Despite the pull back in energy, the sector has had an excellent run coming off a 16 per cent surge in September amid the energy crisis in Europe and in Asia. Technology stocks tracked the strong lead from Wall St taking home the title as the best performer, up 2.3 per cent.Local economic news
Australia's residential property market has notched a new record of $9.1 trillion, a surge of 14 per cent from five months ago when it peaked at $8 trillion. The spike followed the recent capital gains across the nation on a hot property market putting housing values around 28.2 per cent higher than the estimated aggregate value of superannuation, the ASX, and commercial real estate according to CoreLogic.
The Australian Industry Group Australian performance of services index rose slightly by 0.1 points to 45.7 in September, marking a second month in contraction following stronger results earlier in the year. Any reading below 50 points indicates contraction while anything above, signals growth.
Payroll jobs fell by 0.7 per cent in the fortnight to 11 September following a larger fall of 1.5 per cent in the previous fortnight, according the Australian Bureau of Statistics.Company news
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Logistics service provider Qube (ASX:QUB)
has been slapped with an investigation by the competition watchdog into the company’s $90 million spending spree to acquire Newcastle Agri Terminal.
Wall St-listed Target tapped Sezzle (ASX:SZL)
on the shoulder to partner with the retail giant to provide shoppers in the U.S the ability to buy-now and pay-later with Nasdaq-listed rival Affirm.
Restaurant group Collins Foods (ASX:CKF)
has inked a deal to run the franchise business of KFC in the Netherlands over the next decade with Yum! Brands.
snapped up their 19.3 per cent share in Priceline owner Australian Pharmaceutical Industries (ASX:API)
in a bid to block out the owner behind the Amcal and Guardian brands, Sigma (ASX:SIG)
UBS upgrades Super Retail Group (ASX:SUL)
as a buy with a price target of $13.50. The moves followed review of the economic landscape pointing to a lift in consumer retail spending.
The broker believes that the owner of Supercheap Auto are slated to be the beneficiaries of the post lockdown math and therefore, upgrades its EPS forecast and rating.
Adding to the bullish outlook, the share price has declined by over 11 per cent since their financial year 2021 result where the broker sees further upside. The target price is lifted to $13.50 from $13.20.
Shares in Super Retail Group (ASX:SUL)
are trading 7.3 per cent higher at $12.33Futures
The Dow Jones futures are pointing to a rise of 130 points.
The S&P 500 futures are pointing to a rise of 20 points.
The Nasdaq futures are pointing to a rise of 97 points.
The SPI futures are pointing to a rise of 51 points when the market next opens.Best and worst performers
The best-performing sector was Information Technology, up 2.3 per cent. The worst-performing sector was Energy, down 0.8 per cent.
The best-performing stock in the S&P/ASX 200 was Super Retail Group (ASX:SUL)
, closing 7.8 per cent higher at $12.38. It was followed by shares in Collins Foods (ASX:CKF)
and Pilbara Minerals (ASX:PLS)
The worst-performing stock in the S&P/ASX 200 was Whitehaven Coal (ASX:WHC)
, closing almost 7 per cent lower at $3.34. It was followed by shares in The Star Ent Group (ASX:SGR)
and Santos (ASX:STO)
Japan's Nikkei has gained 0.8 per cent.
Hong Kong's Hang Seng has gained 2.5 per cent.
China's Shanghai Composite is closed for China National Day.Commodities and the dollar
Gold is trading at US$1757.30 an ounce.
Iron ore is 0.1 per cent higher at US$116.71 a ton.
Iron ore futures are pointing to a rise of 5.4 per cent.
Light crude is trading $0.49 lower at US$76.94 a barrel.
One Australian dollar is buying 72.73 US cents.