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Posted: 2022-04-18 23:08:57

The Australian sharemarket maintained its steady lead on Tuesday, lifted by miners and energy giants buoyed by higher oil prices as Russia continued its ongoing invasion of Ukraine.

The ASX200 shot up at the open of trade and finished up 0.6 per cent or 41.8 points to 7565.2 points.

This was despite choppy trading on Wall Street overnight, during which US Treasury yields jumped higher and investors mulled what Russia’s invasion of Ukraine meant for global growth. All three major US bourses slid slightly overnight: the Dow dropped 0.1 per cent, the S&P500 fell 0.02 per cent and the tech-heavy Nasdaq dipped 0.14 per cent.

Van Eck deputy head of investments and capital markets Jamie Hannah said there was a lower volume of trading happening in Tuesday’s session, which was expected as it fell between the Easter break and ANZAC Day.

“There wasn’t a lot happening today in Australia … it’s been relatively quiet,” he said. “None of the big names really set the world on fire today at all.”

Energy and materials stocks were the winners today, with both sectors up by 0.9 per cent or more as the oil price came close to US$110 a barrel.

“[The sector] has obviously made a little bit of a recovery from falling under US$100 [a barrel]; that obviously boosts them. The Russians have relaunched an attack on Ukraine, so that obviously plays into higher energy prices as well.”

“It’s absolutely macro-driven.”

The best ASX200 performer of the day was biotechnology company Imugene, up 9.3 per cent, followed by Cleanaway Waste Management, up 5.9 per cent. Telix Pharmaceuticals and Beach Energy each saw their share prices increase by 3.9 per cent or more.

AMP and Dexus both finished in the green, up 0.9 per cent and 0.3 per cent respectively, following announcements from both companies that the property giant was in talks to acquire the wealth company’s private markets business Collimate Capital.

On the other end of the spectrum, healthcare and tech stocks were in the red, with these sectors down 0.6 per cent and 0.7 per cent respectively.

Retailer City Chic Collective was the worst performer of the day, down 4.7 per cent, followed by Afterpay owner Block, which lost 2.7 per cent of its share price value. Paladin Energy dipped 2.6 per cent.

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