The energy sector closed nearly 2% higher on Monday (13 January) despite the broader ASX sliding 1.23%.
The S&P/ASX 200 fell 102.2 points to 8,191.90 points, slipping below its 20-day moving average.
Nine of the 11 sectors ended the day in the red, led by the information technology sector, which retreated 3.31%, followed by the financial sector, which tumbled 2.22%.
The S&P/ASX 200 has dipped 0.71% over the last five days, but has gained 9.25% over the past 52 weeks.
Utilities was the only other sector in the green by the closing bell on Monday, shifting up 0.81%. Materials dipped just 0.2%, likely saved from a larger retreat by positive commodity trade data out of China.
Karoon Energy (ASX:KAR), Beach Energy (ASX:BPT), Santos (ASX:STO) and Woodside Energy (ASX:WDS) were among the winners today after crude oil prices jumped on the prospect of tighter supplies.
Karoon advanced 3.55% to $1.46, Beach Energy climbed 2.78% to $1.48, Santos rose 2.15% to $7.12 and Woodside shifted up 2.02% to $25.77.
ANZ says Russia’s seaborne crude oil exports slumped to their lowest level since August 2023.
“The decline has accelerated in recent months, with exports in the week ending 5 January down nearly 25% since October 2024, according to ship loading data from Bloomberg,” ANZ analysts say in a research note today.
“Official figures show that its crude output in December was slightly below its OPEC+ quota. Moreover, its ability to ship oil will be further compromised by new US sanctions on its oil industry.”
Among the small cap miners, West Cobar Metals (ASX:WC1) was a top performer with a 35.3% gain to close at $0.02. Equinox Resources (ASX:EQN) also surged 35% higher to $0.14 after announcing “high-grade” titanium hits of 61.2m @ 11.89% and 23.95m @ 13.38% from surface at the Mata da Corda Project in Brazil.
China released its commodity trade data showing December imports remained relatively strong, which ANZ says reflects the modest improvement in manufacturing activity in the final quarter of 2024.
“An early Luna New Year this year (29 January) may also be prompting early buying. As expected, exports of some key commodities remained strong due to frontloading ahead of Trump’s threatened import tariffs,” senior commodity strategist Daniel Hynes and commodity strategist Soni Kumari say in a commodity update today.
“We expect additional economic supports from China’s authorities to keep commodity demand buoyant.”
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: ASX and Stock
