Australian Share Market Opens Higher On Mining and Energy Gains

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Australian Share Market Opens Higher On Mining and Energy Gains
AUSTRALIAN STOCK MARKET,MINING,ENERGY

The Australian share market started the day with positive momentum, driven by strong performances in the mining and energy sectors. The S&P/ASX 200 index saw a notable increase, fueled by rising oil prices and a positive trend in US markets overnight.

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The Australian share market surged higher at the opening, fueled by gains in mining and energy stocks. This upward movement followed an overnight rally in oil and gas companies on Wall Street, driven by a surge in oil prices. The S&P/ASX 200 index climbed 41.1 points, or 0.5 percent, to reach 8233 points as of 11.19 am AEDT, with all 11 industry sectors showing positive performance. Key contributors to the market's rise included mining giants BHP (up 0.8 percent), Fortescue (up 1.

7 percent), and Rio Tinto (up 0.8 percent), along with South32 (up 1.8 percent) and Mineral Resources (up 2.1 percent). The banking sector also saw gains, led by Commonwealth Bank (up 0.4 percent) and Westpac (up 0.4 percent). NAB (up 0.2 percent) and ANZ (up 0.2 percent) followed suit, as did Macquarie (up 0.6 percent). Insurers QBE (up 0.8 percent) and Suncorp (up 0.1 percent) also made progress.Energy companies were major beneficiaries, with Woodside (up 1 percent), Santos (up 0.4 percent), Ampol (up 1.5 percent), and Whitehaven Coal (up 3.2 percent) recording substantial increases. Origin Energy (up 0.5 percent) and APA (up 0.4 percent) also experienced upward movements. The communications sector emerged as a top performer, driven by CAR Group, the company behind carsales.com.au, which added 2.8 percent after announcing its decision to close its tyresales.com.au arm after over a decade of operation due to difficulties achieving sustainable profits. Telstra (up 0.6 percent) and REA Group (up 1 percent) also saw gains, while real estate giants Goodman Group (up 0.8 percent) and Scentre Group (up 0.7 percent) made positive strides.Retailer City Chic was among the best performers, surging 16.7 percent after revealing a strong holiday trading period, despite forecasts for a shrinkage in global sales revenue for the second half of 2024. The embattled Star Entertainment Group, which last week disclosed a dwindling cash reserve of only $79 million, experienced a significant jump of 1.2 cents or 9.6 percent on Tuesday morning. On Monday, the company revealed that Xingchun Wang, with a registered address in Macau, China, had become a substantial shareholder in the struggling business, holding a 5.52 percent stake. On Tuesday, it announced that his stake had increased to 6.52 percent. Meanwhile, US stock indexes displayed a mixed performance on Monday, with gains in oil-and-gas producers partially offsetting declines for Nvidia and other prominent technology companies. The S&P 500 index edged up 0.2 percent after recovering from an earlier drop of 0.9 percent. The Dow Jones Industrial Average climbed 358 points, or 0.9 percent, while the weakness in Big Tech stocks dragged the Nasdaq composite to a loss of 0.4 percent. Stocks have faced downward pressure over the past month, with the S&P 500 recording its fourth consecutive losing week in the last five as traders adjusted their expectations for the extent of relief the Federal Reserve might deliver this year through lower interest rates. These cuts would stimulate the economy, and the US stock market had surged to record highs last year on the assumption that further reductions were imminent after the Fed began lowering rates in September. However, inflation has persisted above the Fed's 2 percent target, and recent reports suggest that the US economy remains robust and requires minimal assistance. Concerns are mounting about whether the Fed will implement even a single rate cut in 2025. High interest rates exert downward pressure on the prices of all types of investments, and those perceived as expensive are particularly vulnerable

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