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ASX closes 0.19% higher as Energy stocks get a boost from rising oil prices

PUBLISHED

2023-10-24

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On Tuesday, energy and mining stocks drove gains in the Australian sharemarket.

Energy stocks benefited from the rise in oil prices, with West Texas Intermediate trading around $86 per barrel. The avoidance of a Gaza invasion by Tel Aviv temporarily eased Middle East tensions. As a result, Santos saw a 0.6% increase to $7.85, and Viva Energy rose by 4% to $2.84 after receiving a "buy" rating from UBS broker.

At the closing bell, the S&P/ASX 200 was 0.19 per cent higher at 6,856.90.

Futures

The Dow Jones futures are pointing to a rise of 77 points.

The S&P 500 futures are pointing to a rise of 14 points.

The Nasdaq futures are pointing to a rise of 74.25 points.

The SPI futures are up 9 points.

Best and worst performers

The best-performing sector was Materials, up 0.85 per cent. The worst-performing sector was Consumer Staples, down 1.02 per cent.

The best-performing large cap was Pilbara Minerals (ASX:PLS), closing 5.87 per cent higher at $3.79. It was followed by shares in Fortescue Metals Group (ASX:FMG) and IGO (ASX:IGO).

The worst-performing large cap was Allkem (ASX:AKE), closing 1.74 per cent lower at $10.18. It was followed by shares in ResMed (ASX:RMD) and Incitec Pivot (ASX:IPL).

Asian markets

Japan's Nikkei has lost 0.55 per cent.

Hong Kong's Hang Seng has lost -0.83 per cent.

China's Shanghai Composite has gained 0.30 per cent.

Company news

Immutep (ASX:IMM) has reported promising clinical data from the INSIGHT-003 trial at the ESMO Congress 2023. In response, Immutep CSO, commented, “the compelling data that our proprietary MHC Class II agonist has generated in combination with immune checkpoint inhibitors for NSCLC patients positions efti as one of the more promising clinical candidates in immuno-oncology today.” Shares closed 3.03 per cent lower at 32 cents.

Empire Energy (ASX:EEG) has announced a $15.6 million R&D tax offset received in cash. EEG’s Managing Director Alex Underwood commented, “Empire’s focus is on funding the Pilot Project in a manner that minimises dilution of shareholder’s interests in the Company.” Shares closed 8.7 per cent higher at 12.5 cents.

Lincoln Minerals (ASX:LML) completes $1.7M placement to accelerate exploration at its flagship Kookaburra Gully Graphite Project in South Australia. The forthcoming drilling campaign is expected to confirm the strong graphite grades and upgrade the Company’s mineral resource. Shares closed 14.29 per cent higher at 0.8 cents.

Commodities and the dollar

Gold is trading at US$1,987.20 an ounce.

Iron ore is 0.3 per cent higher at US$115.55 a tonne.

Iron ore futures are pointing to a 0.36 per cent rise.

Light crude is trading $0.29 higher at US$85.78 a barrel.

One Australian dollar is buying 63.54 US cents.

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