• ASX closed flat on Monday, with energy and lithium stocks higher
  • Optus CEO resigned
  • ASX announced the hiring of TATA Consultants to design new clearing system


The ASX closed flattish on Monday as the Energy and Financial sectors offset losses in other sectors.

Energy stocks were mostly higher today as crude prices rebounded by 4% on Friday, amid bets that OPEC will extend output cuts when the cartel meets next on November 26.

Hopes for a “soft landing” has also driven market sentiment over the past few days, and in New York, traders are growingly convinced the Fed Reserve could ease back on interest rate hikes without reigniting inflation.

But geopolitical risks still remain a big threat to financial markets. Over the weekend, Russia was reported to have attacked Ukraine’s capital Kyiv, while hostage deals are currently being negotiated in Gaza.

The APEC summit in San Francisco meanwhile has concluded, with PM Albanese declaring that he had witnessed a ‘warm’ and ‘very positive’ discussion between the presidents of China and the United States.

On the ASX today, along with energy, lithium stocks also rallied. Online fashion retailer Cettire (ASX:CTT) was one of the best performing large caps, up 5% on no news.

Optus’s CEO, Kelly Bayer Rosmarin, meanwhile has resigned effective immediately, days after Australia’s worst network outage, and months after a data breach. Until a new CEO is appointed, current CFO Michael Venter will take on the role as interim chief executive.

Elsewhere in the region, stocks mainly climbed in Asia as the US dollar slipped against all its Group-of-10 peers.



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ASX Ltd (ASX:ASX) was up 1% after the market operator said it has hired Indian group TATA Consultancy to design the replacement for its ageing CHESS system. The ASX had previously said that CHESS would have to be used until at least 2032.

Coal stock New Hope (ASX:NHC) was up 1% after releasing its quarterly activities report. NHC said its October quarter saleable coal production was 2Mt, 1% more than for the July quarter. The company sold 14% fewer tonnes in the quarter, tallying 1.819Mt, at an $221.45/t average realised price.

Property developer Stockland (ASX:SGP) was flat after announcing the departure of its commercial property CEO, Louise Mason, effective late December. In addition, SGP has appointed recent AMP Capital real estate head Kylie O’Connor as investment management CEO.



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