ASX rebounds with Property, Healthcare, and Energy sectors leading the way

  • Stock Market News
ASX rebounds with Property, Healthcare, and Energy sectors leading the way
Credit: © Reuters.

The S&P/ASX 200 Index saw a rise of 0.85%, reaching 6838.30, on Wednesday, led by gains in the Property, Healthcare, and Energy sectors. The Property sector rose by 1.85%, followed by Healthcare and Energy sectors which increased by 1.45% and 1.13% respectively. On the other hand, Utilities and Staples sectors concluded lower, falling by 0.16% and 0.04%.

Despite the overall gain, ABS data revealed a 4.6% decline in September building approvals, attributed to issues related to private sector house credit. This comes amidst a global focus on interest rates, with expectations of the US Federal Reserve maintaining current rates while the Reserve Bank of Australia may consider rate hikes.

BHP Group (NYSE: BHP ) Ltd's annual general meeting highlighted Potash expansion in Canada as a key growth area, resulting in a 1.55% rise in its shares. Meanwhile, Regal Partners Ltd surged after acquiring a 50% stake in Taurus Funds for $28m, boosting its funds under management to $8bn.

Amcor (NYSE: AMCR ) CDI reaffirmed its FY24 earnings guidance and free cash flow. Concurrently, Aussie Broadband Ltd halted trading to plan a $120m equity raise aimed at acquiring Symbio Holdings Ltd for $262m.

Paladin Energy Ltd's stocks rose following strong quarterly earnings from Cameco Corp (TSX: CCO ), indicating strength in the global Uranium market. However, Vicinity Centres expressed caution at their AGM due to potential interest rate hikes.

Despite an upgrade from Citigroup Inc (NYSE: C )., Adore Beauty Group's stock fell hinting at a possible founder sell down. The Coal sector struggled due to falling futures prices out of Newcastle, negatively impacting Whitehaven Coal Ltd and New Hope (OTC: NHPEF ) Corporation Ltd's shares.

On the global front, Asian stocks rose overall while US Futures saw a mild decrease. Iron Ore prices also increased in Asia, however, Gold traded lower. Despite the mixed signals from various sectors and global markets, the ASX managed to end the day on a positive note.

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