ASX rises as financials and energy stocks rebound
Summarised from 2 outlets · Updated 19 Oct, 03:01 · Archive
Australia's share market rose 0.27 per cent as bank stocks rebounded and energy stocks climbed.
Australia's share market rose modestly at midday as financial sector stocks rebounded. The S&P/ASX200 index rose 24.7 points to 8830.4, up 0.27 per cent, while the broader All Ordinaries lifted by 18.7 points to 8959.1.
The gains came after a tech-led sell-off in the United States on Friday, when artificial intelligence valuation concerns dragged the Nasdaq from all-time highs. Moomoo chief market strategist Tapas Strickland said the US sell-off was confined to technology rather than spreading to the wider market. The Dow Jones rose 0.7 per cent for the week and the equal-weighted S&P 500 gained 0.5 per cent, leaving Australia in a solid relative position because of its low exposure to AI stocks.
Major banks led the local rally, lifting the financials sector more than one per cent in early trade before moderating to a 0.3 per cent gain by midday. Energy stocks rose 1.8 per cent after oil prices spiked to five-month highs following fresh Houthi attacks on Saudi Arabia's East West pipeline and damage to tankers in the Strait of Hormuz from Iranian mines. Technology stocks fell 2.7 per cent locally, mirroring weakness from the United States. Challenger Ltd was a standout performer, rising more than 17 per cent to $11.52 after TAL Daiichi Life Australia offered $11.80 per share to acquire the investment management firm.
How it is being reported
- ASX edges higher as financials and energy stocks liftRebounding bank stocks are helping the local bourse counterbalance weakness in technology, real estate and consumer retail companies.Perth Now · 19 Oct, 02:35
- ASX edges higher as financials and energy stocks liftRebounding bank stocks are helping the local bourse counterbalance weakness in technology, real estate and consumer retail companies.The West Australian · 19 Oct, 02:35
In this story: Australia · ASX · Saudi Arabia · TAL Daiichi Life Australia · Challenger Ltd · Houthi · Strait of Hormuz
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