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ASX up 1.1% at noon as oil prices hold steady

PUBLISHED

2023-10-10

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Oil prices held steady following a significant surge as Israel indicated that its retaliation against Hamas attacks had just begun, raising concerns of increased instability in the region. The conflict's potential impact on global oil supply and the risk of disrupting the crucial Strait of Hormuz, a major crude oil passage, due to tensions between the US and Iran, added to oil market volatility.

At noon, the S&P/ASX 200 is 1.1 per cent higher at 7,046.90.

The SPI futures are pointing to a rise of 77 points.

Best and worst performers

All sectors are in the black. The best-performing sector is Utilities, up 3.33 per cent. The sector with the fewest gains is Materials, up 0.81 per cent.

The best-performing large cap is Origin Energy (ASX:ORG), trading 4.52 per cent higher at $9.125. It is followed by shares in Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 2.08 per cent lower at $5.65. It is followed by shares in Meridian Energy (ASX:MEZ) and Newcrest Mining (ASX:NCM).

Asian news

Asia-Pacific markets climbed across the board, as markets rally despite pressures from the attack on Israel by Palestinian militant group Hamas.

Japan’s Nikkei 225 jumped over 2%, leading gains in the region as the country comes back from a public holiday, with the Topix also gaining 1.9%.

South Korea’s Kospi rose 1.64%, while the Kosdaq added 0.71%.

Futures for Hong Kong’s Hang Seng index stood at 17,658, pointing to a positive open compared with the HSI’s close of 17,517.4.

Hong Kong experienced a shortened trading day of just two hours Monday after the city canceled its morning session due to a typhoon warning.

Company news

Atlantic Lithium (AIM:ALL, ASX:A11, OTCQX:ALLIF) receives authorisation to commence the diversion of the transmission lines crossing the Mankessim Licence, moving a step closer to shovel readiness at the Ewoyaa Lithium Project. Shares are trading 16.3 per cent higher at 46.5 cents.

Raiden Resources (ASX:RDN) announced the highest grade lithium and rubidium results to date from Andover South Project. In response, Managing Director of Raiden commented, “The recent results have defined further mineralised pegmatites and have extended the high-grade trend significantly to the west of the previously 50 metre wide pegmatites.” Shares are trading 10 per cent higher at 2.2 cents.

Paradigm Biopharmaceuticals (ASX:PAR) announced that their clinical 6-week treatment course of iPPS has durable pain reduction and functional improvement effects through the 12-month study duration. Paradigm’s Managing Director, Mr Paul Rennie commented “we have consistently received positive patient and prescribing doctor testimonials relating to iPPS use through the TGA Special Access Scheme.” The companies Founder & Managing Director Paul Rennie will be presenting on this Fridays webinar. You can register for the event in the text below. Shares are trading 11.9 per cent higher at 66 cents.

Commodities and the dollar

Gold is trading at US$1876.60 an ounce.

Iron ore is 2.6 per cent lower at US$116.35 a tonne.

Iron ore futures are pointing to a 1.7 per cent fall.

One Australian dollar is buying 64.19 US cents.

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