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Energy stocks drive market higher: ASX up 0.18% at noon

PUBLISHED

2024-01-08

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Australian shares have shown a modest increase near midday, rebounding from a challenging start to the year. Traders are eagerly awaiting further information regarding global economic inflation concerns.

At noon, the S&P/ASX 200 is 0.18 per cent higher at 7,502.6.

Energy stocks are driving the market higher, benefiting from a recent oil price rally in the US. Brent crude increased by 1.5% to $US78.76, while West Texas Intermediate jumped by 2.2% to $US73.81. Additionally, uranium stocks are performing well, with Boss Energy up 8.4% at $4.58 and Paladin Energy rising 4.1% to $1.06, following the UK government's announcement of a significant investment in a high-tech nuclear fuel plant.

The SPI futures are pointing to a rise of 10 points.

Best and worst performers

The best-performing sector is Energy, up 0.83 per cent. The worst-performing sector is Information Technology, down 0.31 per cent.

The best-performing large cap is Meridian Energy (ASX:MEZ), trading 3.59 per cent higher at $5.19. It is followed by shares in IDP Education (ASX:IEL) and Whitehaven Coal (ASX:WHC).

The worst-performing large cap is Pilbara Minerals (ASX:PLS), trading 1.79 per cent lower at $3.84. It is followed by shares in Treasury Wine Estates (ASX:TWE) and Cochlear (ASX:COH).

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.

One Australian dollar is buying 67.31 US cents.

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