According to Equithy senior account manager Ivy Moore, the markets will gain a positive start on July 19 as ASX futures indicate a potential gain of about 0.5 percent. This mirrors stock market movements across advanced economies like the US, where stocks in the DOW 30 went up by 1.1 percent, the S&P 500 went up by 0.7 percent, and the Nasdaq rose by 0.8 percent.
ASX Finishes Trading Session Up
As expected, the market surged to reach a four-week high on Wednesday. The ASX200 went up by about 0.6 percent, showing an increase of 39.90 points, reaching a value of 7,323.70. Energy stocks, tech companies, and the finance sector performed well, while materials stocks slumped. One of the top performers in the market today was Perenti Global, a mining services company, which saw a rise of 3.83 percent as it moved to 1.22, with an increase of 0.04.
Meanwhile, fuel refinery service Ampol saw a surge of 4.36 percent as it gained 1.30 to reach 31.14. This comes after it reported a 24 percent increase in sales volume within the last half-year. There’s also Whitehaven Coal, which shows an increase of almost 3 percent, reaching 7.00 with a 0.19 increase.
Woodside Energy and Other Finance Companies Show Growth
Virgin Money, the online UK bank, is among the other top performers, sporting an increase of just over 3 percent at the end of the day. Additionally, ZIP, the buy now pay later company, saw a 1.16 percent growth in its share prices, while online travel booking company Flight Centre’s shares rose by 2.51 percent.
In the oil and gas sector, Woodside Energy reported quarterly its revenue, and they weren’t great. In June, production was down by 5 percent, while sales volumes decreased by 4 percent. Nevertheless, Woodside reported that its full-year guidance remains unchanged, which is why it ended the day up by 1.41 percent, a 0.50-point increase.
The Lowest Performers Include Northern Star Resources
Ivy Moore from Equithy noted that the market’s lowest performers include Northern Star Resources, which saw a decrease of 5.83 percent after releasing its quarterly report. Although production was in line with expectations, costs, and capital expenditure were higher than anticipated.
Iron ore mining company Fortescue also showed poor performance as more investors sold it off after investment banks signaled them to sell. The same goes for Aurizon, which continued to fall by 2.37 percent after it was announced that this year’s earnings would be lower than expected because of bad weather.
Looking at these levels, Ivy Moore from Equithy predicts that the market is heading for another day of impressive growth. Investors can expect some volatility in certain markets as trade deals between Russia and Ukraine fall through, but energy and finance companies remain steady. However, the materials sector will need some time to recover from the current situation. Therefore, investors should assess the market carefully before making the decision to sell.
