The Australian Securities Exchange (ASX) has shrugged off yesterday’s (22 May) drag and is back on track heading north.
The S&P/ASX200 advanced 16.6 points, or 0.2%, to 8,365.3 points as of 10.30am AEST this morning (23 May).
Over the past five trading sessions, the index has gained 0.26% and is 2.9% below its 52-week high.
However, risk-off sentiment weighed on commodities overnight (AEST), with the ANZ China Commodity Index slipping 0.4%.
ANZ Economist Madeline Dunk says metals prices were also weighed down by concerns of weaker demand in China.
“Inventories of key metals including aluminium and copper have been rising in recent weeks, suggesting demand has waned. However, recent supply side issues may help limit the downside,” she says.
“Mercuria Energy warned this week that deficits in both the copper concentrate and refined market could develop this year.
“The uncertainty created by Trump’s tariffs are also resulting in major resource companies delaying plans for investment in new projects.”
Sectors were mixed, with six of the 11 sectors higher. Energy rose 1.05%, the financial sector climbed 0.62% and industrials lifted 0.11%. Materials, however, slid 0.24%.
Uranium miners Boss Energy (ASX:BOE) and Deep Yellow (ASX:DYL) were among the top movers in early trade, spiking 10.42% to $3.92 and 8.26% to $1.25, respectively, after uranium futures climbed above US$70 ($109) a pound.
Fortescue (ASX:FMG), meanwhile, topped the losers today, falling 2.39% to $15.51 in early trade after yesterday announcing a refinement to its leadership structure.
Dino Otranto, CEO Metals and Operations, will assume an expanded role to include operational responsibility for global electrification and decarbonisation, including Fortescue, and production of hydrogen products.
Agustin Pichot has been appointed Fortescue’s CEO Growth and Energy and will be responsible for the company’s green energy development and growth projects.
Meanwhile, Mark Hutchinson has retired as CEO Energy but will continue to support Fortescue in a
global marketing capacity for the next year, serving as a senior adviser to the board.
Chief Operating Officer Shelley Robertson has also retired from executive role to pursue non-executive director opportunities.
Rio Tinto (ASX:RIO) also yesterday announced changes at the top, with CEO Jakob Stausholm to step down later this year following a succession process.
The major’s share price was down 0.76% at $117.98 this morning.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: Stock
