A dovish pivot from the Reserve Bank and scaled-back expectations over the rate of Australian interest rate increases helped the benchmark SThe energy sector outpaced the market all week, after the OPEC+ group of oil-producing nations moved to cut output by 2 million barrels a day and stoke a week-long, oil-price bull run.
Saudi Energy Minister Abdulaziz bin Salman, centre. speaks to reporters at the end of the Organisation of Petroleum Exporting Countries and non-OPEC countries meeting in Vienna.Investors bid local coal, gas, lithium and oil stocks higher in response, with the energy sector up 10.2 per cent over the week. Oil and gas giant Woodside posted five straight days of gains to firm 10 per cent over the week.
Coal miners Whitehaven Coal and New Hope soared to record highs on Friday and lengthened share price rallies sparked by Russia’s war on Ukraine and Europe’s scramble for energy supplies.P/ASX 200 fell 0.8 per cent, or 54.7 points, to 6762.8 points as traders awaited the crucial US September labour force report due out at 11.30pm AEDT.The best-performing sector was energy, up 0.95 per cent. The interest rate-sensitive tech sector lost 1.
Australian 10-year government bond yields added 6 basis points to 3.86 per cent in the trading day. While US 10-year Treasuries closed flat at 3.82 per cent. The $A was little changed at US64.1¢.Shares in asset manager, GQG Partners, closed lower after it said total funds under management fell 9.3 per cent in September to $US79.2 billion . It said clients liquidated $US1.
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