ASX snaps out of a 3-day bear streak

May 5, 2022 - 3 weeks ago
Share on twitter
Share on facebook
Share on linkedin
Share on email

The Australian sharemarket rebounded into positive territory after snapping out a three-day bear streak after taking a positive lead from Wall Street following the U.S. Federal Reserve interest-rate hike.

The benchmark S&P/ASX 200 index rose +60.0 points, or +0.82%, to 7,364.7, while the All Ordinaries added +74.4 points, or +0.98%, to 7,639.2, while our local currency, the Australian dollar is currently buying US$0.7234.

On the sectoral front, 10 out of 11 sectors finished higher with Technology, Energy and Utilities supported the index, while Financials were the only sector to close lower, down -0.1%.

Energy stocks rallied, led by Beach Energy, up +3.9% to $1.72, Woodside Petroleum added +2.2% to $31.82, and Santos closed +1.4% higher at $8.18.

Meanwhile, Fortescue Metals led the mining sector, up +3.5% to $20.83, titans, Rio Tinto gained +0.4% to $111.58, and BHP Group closed +0.1% higher at $47.45.

The “Fab Four” banks were mixed, with the Commonwealth banks the only major bank to close higher, up +0.7% to $103.71, while ANZ Banking tumbled -1.7% to $26.91, Westpac slipped -0.25% to $24.01, and NAB finished the session down -0.59 to $32.25.

Still to come in Friday’s more closely watched Non-Farm Payrolls count from the Bureau of Labor Statistics is expected to show a growth of 400,000 jobs added for April and a decline in the unemployment rate to 3.5%.

Share on twitter
Share on facebook
Share on linkedin
Share on email