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Welcome to the ASX Today. Week 38 has begun on a positive note, with the ASX 200 edging 0.2 per cent higher despite a sombre mood across Asian markets as the war in the Middle East escalates. An impressive 10 of the 11 sectors are all trading in positive territory.
The strength came as oil prices surged, with Brent rising nearly 3 per cent after fresh attacks on Saudi Arabia and ships in the Gulf, while a meeting between Iran and Gulf states aimed at keeping the Strait of Hormuz open was postponed.
That’s helped energy stocks, with Santos up 1.2 per cent, Origin Energy 1 per cent higher and Woodside Energy gaining 0.8 per cent. Materials were among the weaker parts of the market, with BHP down 1.4 per cent and Rio Tinto shedding 0.7 per cent as copper futures fell 0.9 per cent. The big banks were stronger, led by ANZ, which was up 0.5 per cent.
Now to some of the companies making moves. FleetPartners Group was one of the standout performers, rallying 10.3 per cent after granting SG Fleet, ORIX and the Sumitomo Consortium access to a deeper phase of due diligence as they work to refine their takeover offers.
Northern Star Resources rose nearly 3 per cent after announcing two new independent non-executive directors. Cleanaway jumped 3.9 per cent after confirming private equity firm EQT Infrastructure is pressing ahead with its proposed takeover following an initial review of the waste management company’s books.
HealthCo Healthcare and Wellness REIT swung to a 2.2 per cent gain after receiving lender approval to transfer 10 hospital operations away from troubled provider Healthscope to alternative operators.
And GenusPlus Group was down 1 per cent despite securing a $160 million contract to build a large-scale battery energy storage system in Wodonga, Victoria. The project will deliver a 400-megawatt, 1.86 gigawatt-hour storage facility, with construction expected to finish in late 2028.
Elsewhere, the market is keeping a close eye on the outlook for interest rates, with a hot US inflation report pushing markets to price in an 85 per cent chance of a 25 basis point Federal Reserve rate hike this week.
That’s the latest from the Australian market. Thanks for watching, and have a wonderful afternoon.
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