The S&P/ASX 200 (INDEXASX: XJO) ended mostly flat on Friday. Here’s some of the key points you missed from ASX 200 trading this week.
On Thursday, the ASX’s energy sector had its best day in two months on Thursday, rising 2.3% after European gas prices soared 40% overnight, the largest jump since Russia’s invasion of Ukraine, on the back of news that Chevron Corporation (NYSE: CVX) and Woodside Energy Group Ltd (ASX: WDS) workers at gas platforms off the coast of WA had voted to strike next week. The proposed strikes at the three liquefied natural gas (LNG) platforms could curtail about 10% of global exports of the fuel, and cause a fresh energy shock across Asia and Europe.
With gas prices spiking, Woodside Energy rose 71 cents, or 1.9%, to $39.00; and Santos Ltd (ASX: STO) gained 20 cents, or 2.6%, to $8.05.
Santos share price
In coal, Whitehaven Coal Ltd (ASX: WHC) finished 31 cents, or 4.3%, higher at $7.45; New Hope Corporation Ltd (ASX: NHC) lifted 32 cents, or 5.8%, to $5.88; Yancoal Australia Ltd (ASX: YAL) gained 24 cents, or 4.8%, to $5.20; Stanmore Resources Ltd (ASX: SMR) added 14 cents, or 5.1%, to $2.87; and junior Bowen Coking Coal Ltd (ASX: BCB) jumped 2.7 cents, or 29%, to 12 cents, after reporting strong shipping performance and a 45% upgrade in the resource estimate at its Hillalong South project in Queensland.
AGL Energy Limited (ASX: AGL) fell 36 cents, or 3.1%, to $11.22 after reporting a full-year statutory loss of $1.26 billion as it wrote down the value of its coal-fired power plants after moving up plans to close them.
In the bulk mining sector, BHP Group Ltd (ASX: BHP) gained 28 cents, or 0.6%, to $45.78; Fortescue Metals Group Ltd (ASX: FMG) rose 29 cents, or 1.4%, to $21.47; but Rio Tinto Ltd (ASX: RIO) dropped $3.20, or 2.8%, to $109.65.
In lithium, producer Pilbara Minerals Ltd (ASX: PLS) rose 8 cents, or 1.5%, to $5.37; and fellow producer Allkem Ltd (ASX: AKE) gained 28 cents, or 2%, to $14.50.
Lithium project developer Lake Resources N.L. (ASX: LKE) spiked 4.5 cents, or 27.3%, to 21 cents. At one stage, Lake was up 35%, all because the company told the market that company executives will provide details about its flagship Kachi project at a lithium seminar in Argentina, where the deposit is located. The ASX had asked for further details of the company’s claims around Kachi.
AMP Ltd (ASX: AMP) back in favour?
In the industrial arena, cement producer Boral Limited (ASX: BLD) surged 37 cents, or 8.7%, to $4.74, after reporting a 17.1% jump in full-year revenue, to $3.46 billion.
Insurance broker AUB Group Ltd (ASX: AUB) rose $1.68, or 6.3%, to $28.58 after upgrading its full-year guidance. But construction and engineering company Downer EDI Ltd (ASX: DOW) lost 28 cents, or 6.4%, to $4.10 after posting a net loss of $386 million, and warning of “challenging” market conditions over the next six months.
Three of the Big Four banks retreated after Wednesday’s gains. Commonwealth Bank of Australia (ASX: CBA) fell 38 cents, or 0.4%, to $104.47; National Australia Bank Ltd. (ASX: NAB) dipped 4 cents to $28.60; and ANZ Group Holdings Ltd (ASX: ANZ) was down 3 cents, to $25.40; but Westpac Banking Corp (ASX: WBC) advanced 7 cents, or 0.3%, to $22.14. AMP rose 5 cents, or 4.6%, to $1.15 after the financial services company announced a first-half profit of $112 million, in line with a year ago. Luxury online retailer Cettire Ltd (ASX: CTT) surged 34 cents, or 12.1% to $3.14, after reporting that it made an adjusted full-year operating profit of $29.3 million, after a $21.5 million loss the year before.
US inflation boosts “soft landing” hopes
In the US, the consumer price index (CPI) inflation report for July showed an annual rate of 3.2%, up from 3% recorded in June.
The core rate, which excludes the volatile food and energy components, came in at 4.7%. The increase in the headline rate was driven by rising housing, car insurance and food costs. The inflation report was softer than expected, and the blue-chip Dow Jones Industrial Average (INDEXDJX: .DJI) added 52.79 points, or 0.15%, to finish at 35,176.15, helped by Walt Disney Co (NYSE: DIS), which rose 5%.
The broader S&P 500 (INDEXSP: .INX) gauge eked out a 1.1 point gain to 4,468.83 and the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) index gained 15.97 points, to 13,737.99.
In the bond market, the benchmark US 10-year yield increased 10.6 basis points to 4.11%, while the 2-year yield moved 3.4 basis points higher, to 4.838%. Gold eased US$4.53, or 0.2%, to US$1,912.15 an ounce, while the global benchmark Brent crude oil grade lost US$1.15, or 1.3%, to US$86.40 a barrel, and US West Texas Intermediate oil appreciated by 5 cents, to US$82.87 a barrel.
The Australian dollar is buying 65.15 US cents this morning, down from 65.57 US cents at the ASX close on Thursday.
