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ASX closes 0.47% higher as Tech lifts

PUBLISHED

2023-08-24

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On Thursday, the ASX the S&P/ASX 200 closed 0.47 per cent higher at 7,182.10.

The market experienced a significant surge due to a powerful rally in the information technology sector. This rally was driven by impressive performance results from Nvidia, a major player on the US Nasdaq index.

Futures

The Dow Jones futures are pointing to a rise of 43 points.

The S&P 500 futures are pointing to a rise of 31 points.

The Nasdaq futures are pointing to a rise of 181.25 points.

The SPI futures are up 47 points.

Best and worst performers

The best-performing sector was Information Technology, up 4.2 per cent. The worst-performing sector was Consumer Staples, down 1.09 per cent.

The best-performing large cap was WiseTech Global (ASX:WTC), closing 8.12 per cent higher at $75.25. It was followed by shares in Northern Star Resources (ASX:NST) and Altium (ASX:ALU).

The worst-performing large cap was Ramsay Health Care (ASX:RHC), closing 11.95 per cent lower at $48.71. It was followed by shares in Whitehaven Coal (ASX:WHC) and Cleanaway Waste Management (ASX:CWY).

Asian markets

Japan's Nikkei has gained 0.81 per cent.

Hong Kong's Hang Seng has gained 2.21 per cent.

China's Shanghai Composite has gained 1.59 per cent.

Company news

Black Mountain Energy (ASX:BME) has sold its Half Moon Prospect for A$10.7m to Tap Rock Resources III. Commenting on this announcement, Executive Chairman Rhett Bennett, said: “Funds will be used to progress the Company’s flagship project in the Canning Basin, which has the potential to be an incredibly large resource.” Shares closed 14.3 per cent higher at 2.4 cents.

Andromeda Metals Limited (ASX:ADN) announced a Definitive Feasibility Study (2023 DFS) for their world-class, high quality Great White Deposit. The NPV increases by 65% and average EBITDA increases by 59% to $130 million. Shares closed 14.3 per cent higher at 3.2 cents.

The Qantas Group (ASX:QAN) has today announced the final piece of its jet fleet renewal program with a firm order for 24 aircraft to progressively replace its existing A330s. Qantas Group CEO Alan Joyce said: “[the aircrafts] will unlock new routes and better travel experiences for customers, and new jobs and promotions for our people.” Shares closed 0.97 per cent higher at $6.23.

Commodities and the dollar

Gold is trading at US$1,950.20 an ounce.

Light crude is trading $0.21 lower at US$78.68 a barrel.

One Australian dollar is buying 64.74 US cents.

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