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ASX up 0.3% at noon: Oil prices continue to fall

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2023-08-24

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Oil prices experienced a fourth consecutive day of decline due to a positive shift in supply prospects, impacting a market dealing with weak demand from major importers.

The price of West Texas Intermediate hovered around $79 per barrel following a 1.8% decrease in the previous day's trading.

The Biden administration is engaged in discussions with Venezuela to potentially temporarily lift sanctions that have been impeding its oil sales. Additionally, there has been a notable increase in oil exports from Iran during the current month.

At noon, the S&P/ASX 200 is 0.3 per cent higher at 7,170.10.

The SPI futures are pointing to a rise of 26 points.

Best and worst performers

The best-performing sector is Information Technology, up 2.38 per cent. The worst-performing sector is Utilities, down 1.36 per cent.

The best-performing large cap is Northern Star Resources (ASX:NST), trading 4.52 per cent higher at $11.09. It is followed by shares in TPG Telecom (ASX:TPG) and Xero (ASX:XRO).

The worst-performing large cap is Ramsay Health Care (ASX:RHC), trading 9.56 per cent lower at $50.03. It is followed by shares in Whitehaven Coal (ASX:WHC) and JB Hi-Fi (ASX:JBH).

Company news

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 are trading 1.38 per cent higher at $6.26.

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 are trading 33.33 per cent higher at 2.8 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 are trading 17.86 per cent higher at 3.3 cents.

Commodities and the dollar

Gold is trading at US$1946.00 an ounce.

Iron ore futures are pointing to a 0.91 per cent rise.

One Australian dollar is buying 64.74 US cents.

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