• ASX is up by 1% on Monday
  • Tech sector leads as Wistech and Brainchip both rose
  • Whitehaven Coal announces provides earnings guidance

The ASX was up by 1% on Monday at 6,672 points.

It comes on the back of a rally on Wall Street last Friday as bullish sentiment came back ahead of next week’s Fed interest rates decision on the 26th.

A strong retail sales print for June also drove US stocks higher on Friday, but a number of corporate earnings reports due later this week (Goldman Sachs, Tesla) could test the markets again.

Mining was one of the best ASX sectors today, as heavyweight coal miner Whitehaven Coal flagged a $3bn profit, underpinned by record coal prices.

“Limited capital expenditure in fossil fuels capacity, coupled with geopolitical tensions, means structural supply deficits that are supportive of commodity prices,” said a market analysis commentary from Principal Global Investors.

“Although demand may be weakening, it remains firmly above supply,” the note said.

The energy sector also got a boost today after oil prices stabilised to around to US$101.80 a barrel. This comes as the Biden trip to Saudi Arabia ended with no immediate breakthroughs.

“If Russia doesn’t switch gas exports back on to Europe at the end of the week, Brent crude could once again, find itself back near $110.00 a barrel,” says Oanda market analyst, Jeff Halley.

The ASX Tech sector meanwhile, was the best performer today as sector leaders Wisetech (ASX:WTC) and Brainchip (ASX:BRN) rose 6% and 10% respectively.

Looking ahead, the RBA will release the minutes of its July meeting tomorrow, while the Eurozone CPI is out later today (Euro time).


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Suncorp Group (ASX:SUN) rose 6% after the ANZ  Bank (ASX:ANZ) agreed to pay $4.9 billion to acquire Suncorp’s banking arm. The acquisition will need to go through the usual hoops, including an approval from competition watchdog, ACCC.

Whitehaven Coal (ASX:WHC) rose 5% after saying it expects full year FY22 EBITDA to come in at $3 billion, compared to just $0.2 billion in FY21. Whitehaven said it achieved a record average coal price in FY22 of $325/t, following a record average coal price in Q4 of $514/t.


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Lynas Rare Earths (ASX:LYC) was down slightly despite record sales receipts of $351 million in June quarter. However, quarter on quarter revenue decreased to $294.5 million after a reduction in output at its Malaysian plant.