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ASX rallies 1.6 per cent, but energy stocks lag

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Australian shares recovered on Wednesday with tech and financial in high demand, but energy stocks dropped on concerns about China’s reopening.

Australian shares rebounded with the tech and financial sectors leading broad gains on Wednesday.

Brent futures for March delivery rose 0.1 per cent to $US82.16 a barrel, and US crude were flat at $US76.91. Industry group American Petroleum Institute will release data on US crude inventories later in the session.Woodside Energy retreated 2.3 per cent to $34.50 and Santos pulled back 1.7 per cent to $6.995.Lithium stocks advanced even as Tesla shares fell on Wall Street after deliveries fell short of Elon Musk’s target.

Shares in a2 Milk jumped 4.1 per cent to $7.05. Morningstar removed the baby formula company from its best stock ideas list, citing more attractive investment alternatives elsewhere. The stock has gained nearly 50 per cent over the last six months.

By industry, CommSec says consumer-focused stocks and sectors will face some challenges in the first half of 2023 as households respond to higher interest rates, maturing fixed home loans, and weaker home prices.

 

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ASX LIVE: Australian shares climbs at the open; tech strongest, oil stocks weigh; Tesla tumblesAustralian shares advance 0.7 per cent at the open. Wall Street declines as investors assessed the pain ahead for growth stocks. Tesla tumbles, Apple value falls below $US2 trillion. Treasury yields declined across the curve. Follow for updates.
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