ASX closes 0.3% higher: Energy stocks surge amid rising tensions in middle east

Market Reports

by Peter Milios

Australian sharemarket extended its winning streak for the sixth consecutive day, with the S&P/ASX 200 rising 0.3% to 7578.4 points, primarily driven by a 1.8% surge in energy stocks due to rising oil prices amid escalating tensions in the Middle East, in which there were two separate attacks, where Iran-backed militants killed US troops in Jordan and hit a tanker in the Red Sea. The All Ordinaries also saw similar gains, closing higher.


The Dow Jones futures are pointing to a fall of 59 points.

The S&P 500 futures are pointing to a fall of 3.75 points.

The Nasdaq futures are pointing to a rise of 7.75 points.

The SPI futures are up 9 points.

Best and worst performers

The best-performing sector was Energy, up 1.83 per cent. The worst-performing sector was Information Technology, down 1.17 per cent.

The best-performing large cap was Infratil (ASX:IFT), closing 4.67 per cent higher at $10.09. It was followed by shares in GQG Partners (ASX:GQG) and James Hardie Industries plc (ASX:JHX).

The worst-performing large cap was Xero (ASX:XRO), closing 2.96 per cent lower at $109.21. It was followed by shares in WiseTech Global (ASX:WTC) and Lynas Rare Earths (ASX:LYC).

Asian markets

Japan's Nikkei has gained 0.85 per cent.

Hong Kong's Hang Seng has gained 0.96 per cent.

China's Shanghai Composite has lost 0.36 per cent.

Commodities and the dollar

Gold is trading at US$2,025.00 an ounce.

Iron ore is 0.3 per cent lower at US$136.15 a tonne.

Iron ore futures are pointing to a 1.41 per cent fall.

Light crude is trading $0.45 higher at US$78.46 a barrel.

One Australian dollar is buying 65.91 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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