ASX up 1.08% near noon: Materials surges over 2%

Market Reports

by Peter Milios

At 11:35am, the S&P/ASX 200 is 1.08 per cent higher at 7,823.40, buoyed by a strong performance in New York ahead of the July 4 holiday. Santos saw rise amidst reports of interest from Saudi Aramco and Abu Dhabi National Oil Co in acquiring the company, highlighting potential hurdles including regulatory approvals and corporate strategy concerns. The materials sector led gains with a 1.8% rise, supported by a 1.3% increase in the energy sector, while Magellan's shares surged 5.8% on positive performance fee announcements, and gold miners Newmont and Evolution Mining each saw gains exceeding 3% on rising gold prices.

The SPI futures are pointing to a rise of 75 points.

Best and worst performers

The best-performing sector is Materials, up 2.26 per cent. The worst-performing sector is Utilities, down 1.16 per cent.

The best-performing large cap is Santos (ASX:STO), trading 4.95 per cent higher at $8.06. It is followed by shares in Evolution Mining (ASX:EVN) and Mineral Resources (ASX:MIN).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 3.23 per cent lower at $6.00. It is followed by shares in Pro Medicus (ASX:PME) and AGL Energy (ASX:AGL).

Commodities and the dollar

Gold is trading at US$2370.50 an ounce.

Iron ore is 2.7 per cent higher at US$113.50 a tonne.

Iron ore futures are pointing to a 1.88 per cent rise.

One Australian dollar is buying 67.21 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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