ASX Today: Amplitude jumps on gas discovery as banks drag market lower

It’s Tuesday of Week 37 and today the Aussie market has slipped, falling 0.6 per cent around lunchtime as weakness in the banking sector impacts the benchmark.

The drop comes as investors keep a close eye on oil prices, which are trading near US$100 a barrel amid renewed tensions in the Middle East and uncertainty around shipping through the Strait of Hormuz.

The higher oil price is also fueling concerns about inflation and interest rates, with bond yields remaining elevated. The big four banks were among the biggest drags. ANZ fell 2 per cent, while Commonwealth Bank, Westpac and NAB each lost around 1 per cent. Technology stocks were also weaker, with Novonix down more than 6 per cent, while WiseTech and Xero each fell more than 1 per cent.

The major miners also slipped despite iron ore moving above US$100 a tonne and copper hitting a fresh high. Rio Tinto fell 0.6 per cent, while BHP dipped 0.1 per cent. In energy, Santos climbed 0.6 per cent, Ampol jumped 1.5 per cent and Viva Energy gained 2 per cent. Woodside was the exception, falling 0.6 per cent.

Now to some of the companies making headlines. Amplitude Energy jumped 9 per cent after the junior gas explorer announced a gas discovery at its Juliet-1 exploration well off the coast of Victoria. Shares rose as much as 10.6 per cent.

Select Harvests rose 0.8 per cent after forecasting a near-record almond crop of up to 29,000 tonnes this year. That represents a 19 per cent increase on last year’s crop, with the company benefiting from almond prices reaching a 10-year high in US dollar terms.

Red Hill Minerals gained 1.5 per cent after more than doubling its full-year net profit to $20 million.

That’s the ASX Today for your Tuesday, have a wonderful evening.

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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.

The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.