ASX up 0.88% near noon: Wall Street records big gains

Market Reports

by Peter Milios

Australian shares opened strongly, rising 1.1% to surpass 7900 points, nearing a record high set in April. The rally, fueled by gains in Wall Street's tech giants, saw local sectors like technology and real estate advance. Concurrently, gold miners benefited from a rise in gold prices to $2372 per ounce, while Newmont shares climbed 3.3% to $67.50. However, iron ore prices declined amid subdued demand from steel mills and developers in China, exemplified by losses reported by major firms like Angang Steel and China Vanke.

At 11:35am, the S&P/ASX 200 is 0.88 per cent higher at 7,885.40.

The SPI futures are pointing to a rise of 66 points.

Best and worst performers

All sectors are in the black. The best-performing sector is Information Technology, up 1.29 per cent. The sector with the fewest gains is Consumer Staples, up 0.31 per cent.

The best-performing large cap is Telix Pharmaceuticals (ASX:TLX), trading 13.11 per cent higher at $19.85. It is followed by shares in Newmont Corporation (ASX:NEM) and Northern Star Resources (ASX:NST).

The worst-performing large cap is Netwealth Group (ASX:NWL), trading 3.7 per cent lower at $21.10. It is followed by shares in Meridian Energy (ASX:MEZ) and The Lottery Corporation (ASX:TLC).

Commodities and the dollar

Gold is trading at US$2379.30 an ounce.

Iron ore is 3.7 per cent lower at US$105.50 a tonne.

Iron ore futures are pointing to a 0.8 per cent fall.

One Australian dollar is buying 67.53 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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