Miners & tech lift ASX, Qantas brings forward flights: ASX gains 0.6% over the week

The Australian sharemarket lifted higher in the afternoon session as miners, tech and travel stocks rose. The S&P/ASX 200 ended the week on a positive note, closing 0.7 per cent or 50.3 points higher at 7362. Over the week, it closed 0.6 per cent or 46 points higher.

All sectors closed in the black except utilities, down 0.5 per cent. Technology was the best performer, up 1.4 per cent, followed by materials, up 1.3 per cent, then consumer discretionary, up 0.9 per cent. 

The best performing stock was HUB24 (ASX:HUB), closing 5.8 per cent higher. The worst performing stock was fund manager Pendal (ASX:PDL), closing 11.5 per cent lower, following its funds under management for the September quarter. 

We saw a rise in tech stocks today, as Afterpay (ASX:APT) closed 1.7 per cent higher and Altium (ASX:ALU) closed 2 per cent higher. Heavyweight miners BHP (ASX:BHP) and Fortescue (ASX:FMG) closed 2.5 and 1.9 per cent higher as iron prices remained steady. meanwhile, Rio Tinto (ASX:RIO) closed 1 per cent lower, on lower FY22 iron ore guidance. 

Major banks lifted in the afternoon and all closed in the green, led by ANZ (ASX:ANZ) up 1 per cent. Investment banking company Macqaurie Group (ASX:MQG) also had a good run, closing 4 per cent higher. Across the health stocks, bio tech giant CSL (ASX:CSL) closed 0.5 per cent higher while EBOS (ASX:EBO) closed 4.1 per cent higher. Motor vechiles accessories company ARB Corporation (ASX:ARB) added to the gains, closing 5.6 higher, as well as casino giant Star Entertainment Group (ASX:SGR), closing 5.4 per cent higher. 

Travel stocks lifted today as the easing of travel restrictions around the nation edge closer and NSW axe home quarantine for the fully vaccinated from November. Flight Centre (ASX:FLT) closed 4 per cent higher, Webjet (ASX:WEB) closed 3.7 per cent and Qantas (ASX:QAN) closed 1.8 per cent higher, following the sale of surplus mascot land for $802 million and the announcement to bring forward international flights by two weeks.

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Insurance Australia Group (ASX:IAG) were penalised in the Federal Court yesterday after failing to pass on the full amount of discounts to NRMA home, motor, caravan and boat insurance customers between March 2014 and September 2019.

Mining giant Rio Tinto (ASX:RIO) has cut financial year 2022 iron ore production guidance following a “difficult” September quarter.

Qantas Airways (ASX:QAN) is offloading 13.8 hectares of land in Mascot to LOGOS Property for $802 million.

Global investment management business Pendal (ASX: PDL) have recorded its funds under management (FUM) at $139.2 billion for the September quarter.

Futures

The Dow Jones futures are pointing to a rise of 124.00 points.
The S&P 500 futures are pointing to a rise of 17.50 points.
The Nasdaq futures are pointing to a rise of 60.25 points.
The SPI futures are pointing to a rise of 45 points when the market next opens.

Best and worst performers

The best-performing sector was Information Technology, up 1.4 per cent. The worst-performing sector was Utilities, down 0.5 per cent.

The best-performing stock in the S&P/ASX 200 was HUB24 (ASX:HUB), closing 5.8 per cent higher at $33.06. It was followed by shares in ARB Corporation (ASX:ARB) and Star Entertainment Group (ASX:SGR).

The worst-performing stock in the S&P/ASX 200 was Pendal Group (ASX:PDL), closing 11.5 per cent lower at $6.84. It was followed by shares in Platinum Asset Management (ASX:PTM) and Treasury Wine Estates (ASX:TWE).

Asian markets

Japan’s Nikkei has gained 1.4 per cent.
Hong Kong’s Hang Seng has gained 0.9 per cent.
China’s Shanghai Composite has gained 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1793.30 an ounce.
Iron ore is 1.4 per cent higher at US$125.91 a ton.
Iron ore futures are pointing to a fall of 0.4 per cent.
Light crude is trading $0.58 higher at US$81.35 a barrel.
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