• ASX fell on Tuesday with Energy the only sector closing higher
  • Gold stocks rallied as bullion hits two-week high
  • RBA’s September minutes were released today

 

Local shares fell broadly by almost half a percent on Tuesday as gains in Energy were offset by losses in other sectors across the board.

Energy stocks rallied as crude prices continue their rise for a third straight week. Brent is now trading at US$94.80, and Chevron boss Mike Wirth sees it at $US100 a barrel.

“Supply is tightening, inventories are drawing … the trends would suggest, we are certainly on our way, we are getting close to $100 a barrel,” Wirth said in an interview last night.

Coal stocks climbed after sector leader New Hope (ASX:NHC) said that “exceptional” performance across its businesses resulted in its $1.09 billion profit for the full year.

Gold stocks also surged as bullion prices hit a two-week high on easing US dollar ahead of the two-day Fed meeting that begins later tonight.

Among losers today were lithium stocks Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE), and payments stock Block Inc (ASX:SQ2), which lost 4%.

Meanwhile, the RBA’s minutes for September revealed that board members decided to hold rates steady at the September meeting because “interest rates had been increased significantly in a short period, and that the effects of tighter monetary policy were yet to be fully realised”.

Elsewhere in Asia today, stocks mainly dropped on concerns the Fed and BoE would hike rates this week.

 

BIG CAP WINNERS

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New Hope (ASX:NHC) reported a full year profit of $1bn and also noted that its New Acland stage 3 operations commenced in May, producing its first coal earlier this month.

Gold miner takeover target Newcrest Mining (ASX:NCM) advanced after Colorado-based giant Newmont received the nod from Australia’s Foreign Investment Review Board (FIRB) to proceed with the planned acquisition.

Explosives company Orica (ASX:ORI) announced accelerated climate change targets, including an increased target to reduce net operational Scope 1 and 2 emissions by at least 45% by 2030, from 2019 levels – an uplift from 40%.

Orica also announced new ambitions to reduce Scope 3 emissions by 25% by 2035, from 2022 baseline levels.

 

BIG CAP LOSERS

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Logistics group Qube Holdings (ASX:QUB) fell after disclosing a fatal accident involving an employee at its forestry harvesting operations in the Fleurieu Peninsula yesterday afternoon. Qube is now working with South Australian Police, SafeWork SA and other relevant authorities investigating the incident.