Stock Market - Australia - November 22, 2024
Paul Young
Experience Senior Financial Planning, Analysis and Reporting SME seeking P/T or F/T job.
Australian stocks put the cherry on top of the icing of a record breaking week today with all but one major ASX sector closing in the black.
That one, Information Technology, was down sharply on the back of a plunge in one of its major constituents, Wisetech Global (WTC). Wisetech was down nearly 20% shortly after the open of trade as investors dumped the stock in the wake of a FY25 profit downgrade.
Wisetech steadied to close only down 12.4% on the session, and it wasn't the only stock to disappoint the market today (try Megaport's (MP1) 9.5% plunge despite reaffirming its FY25 guidance).
In other moves, Lithium stocks were hobbled on yet another dip in lithium minerals prices in China. Pilbara Minerals bore the brunt of the selling, dipping nearly 7%.
Well, that's all the bad news out of the way. Now for the good news, and there's plenty of it... Pretty much everything else went up, including a very nice pop A2 Milk Co. (A2M) as well as strong gains in several major ASX uranium stocks!
The S&P/ASX 200 (XJO ) finished 70.8 points higher at 8,393.8, 0.85% from its session high and just 0.27% from its low. In the broader-based S&P/ASX 300 (XKO ), advancers beat decliners by a resounding 204 to 70.
For the week, the XJO finished up 108.6 points or 1.31% higher, 1.81% from its intraweek low and 0.61% from its intraweek high.
Energy (XEJ ) (+2.3%) took out the honour of best performing sector in today’s record setting trading session. Crude oil and natural gas prices rose on Thursday, the latter sharply, on simmering geopolitical tensions (i.e., Russia vs The West!).
These tensions will also likely have an impact on the global uranium market, and this saw strong gains in key global uranium stocks overnight. Those gains spilled over into local uranium plays, but none of them finished with the flourish that Canada’s Cameco did last evening. I have detailed technical analysis on Cameco on today’s ChartWatch section below.
Utilities (XUJ ) (+1.4%) was the next best performing sector – but I note it’s basically a sub-sector of the Energy sector…
Also doing well, were defensives like Health Care (XHJ ) (+1.3%) and Gold (XGD ) (+1.3%) sub-index, the latter benefiting from another solid gain in the gold price overnight and into Asian trade today. Again, full technical analysis for you in tonight’s ChartWatch.
Commodities
Paul is a former IBM Customer Success Manager who has deployed over 300 data and AI solutions across industries and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.
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