ASX closes 0.2% lower: Coals stocks rebound

Market Reports

by Peter Milios

On Monday, the Australian sharemarket initially declined slightly with the S&P/ASX 200 Index closing down 0.2% at 7750.7 points, as seven sectors recorded losses. The market recovered, driven by a surge in coal stocks following the suspension of Anglo American's Queensland mine, boosting Coronado Global Resources by 8.9%, Whitehaven Coal by 6.3%, and Stanmore Resources by 5.1%. Meanwhile, technology and healthcare sectors saw declines, and geopolitical tensions in Europe influenced commodity prices, with Brent trading near $85 and West Texas Intermediate below $82 per barrel.


The Dow Jones futures are pointing to a rise of 88 points.

The S&P 500 futures are pointing to a rise of 19 points.

The Nasdaq futures are pointing to a rise of 89.75 points.

The SPI futures are down 28 points.

Best and worst performers

The best-performing sector was Materials, up 1.02 per cent. The worst-performing sector was Information Technology, down 2.21 per cent.

The best-performing large cap was Whitehaven Coal (ASX:WHC), closing 6.27 per cent higher at $8.13. It was followed by shares in Yancoal Australia (ASX:YAL) and Lynas Rare Earths (ASX:LYC).

The worst-performing large cap was Pro Medicus (ASX:PME), closing 5.31 per cent lower at $135.66. It was followed by shares in WiseTech Global (ASX:WTC) and Telix Pharmaceuticals (ASX:TLX).

Asian markets

Japan's Nikkei has gained 0.12 per cent.

Hong Kong's Hang Seng has gained 0.01 per cent.

China's Shanghai Composite has gained 0.82 per cent.

Commodities and the dollar

Gold is trading at US$2,336.90 an ounce.

Iron ore is 0.9 per cent higher at US$106.70 a tonne.

Iron ore futures are pointing to a 2.25 per cent rise.

Light crude is trading $0.52 higher at US$82.06 a barrel.

One Australian dollar is buying 66.68 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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