Energy stocks carry ASX 0.01% higher at close

Market Reports

by Peter Milios

On Monday, energy stocks were the primary drivers of ASX's upward movement, despite a generally uneventful start to the week. This rise in energy stocks was supported by stable oil prices, which had gained over 4% late the previous week due to increased expectations of OPEC+ reducing supply in its upcoming November 26 meeting, with Brent crude climbing 0.5% to surpass $81, rebounding from a four-month low near $77 reached on Thursday.

At the closing bell, the S&P/ASX 200 was 0.013 per cent higher at 7,058.40.

Futures

The Dow Jones futures are pointing to a fall of 10 points.

The S&P 500 futures are pointing to a fall of 4.5 points.

The Nasdaq futures are pointing to a fall of 42.75 points.

The SPI futures are up 6 points.

Best and worst performers

The best-performing sector was Energy, up 1.33 per cent. The worst-performing sector was Consumer Staples, down 0.83 per cent.

The best-performing large cap was Allkem (ASX:AKE), closing 3.22 per cent higher at $8.97. It was followed by shares in Steadfast Group (ASX:SDF) and ALS (ASX:ALQ).

The worst-performing large cap was Mercury NZ (ASX:MCY), closing 5.54 per cent lower at $5.46. It was followed by shares in Meridian Energy (ASX:MEZ) and Atlas Arteria (ASX:ALX).

Asian markets

Japan's Nikkei has lost 0.50 per cent.

Hong Kong's Hang Seng has gained 1.43 per cent.

China's Shanghai Composite has gained 0.08 per cent.

Company news

AML3D (ASX:AL3) announces an order for a large custom built ARCEMY® metal 3D printing system to be installed at Austal’s USA Advanced Technologies facility in Charlottesville, Virginia. The order, valued at approximately AUD$2.2M, is the second received from AML3D’s value added reseller Philips Corporation since the inception of the reseller arrangement in April 2023. Shares closed 15.19 per cent higher at 9.1 cents.

Artrya (ASX:AYA) has entered the US market with a five-year strategic commercial partnership agreement with Northeast Georgia Health Ventures. In response, Artrya CEO Mathew Regan said, “This agreement validates our strategy for entering the US market in heart disease prevention and care currently costing the US system approximately $320 billion per year.” Shares closed 4.76 per cent lower at 20 cents.

ABx Group (ASX:ABX) has completed the first comprehensive block model resource estimation of the Deep Leads-Rubble Mound rare earth resources. The resource estimate exceeds 50 million tonnes at approximately the same grade as previous smaller-scale resource estimates. Shares closed 5.71 per cent higher at 7.4 cents.

Commodities and the dollar

Gold is trading at US$1,982.80 an ounce.

Light crude is trading $0.56 higher at US$76.45 a barrel.

One Australian dollar is buying 65.51 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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