• The ASX rose 0.6% higher on Tuesday
  • Coal stocks lead
  • NASDAQ listed Aussie bitcoin miner Iris Energy faces bankruptcy


Local shares closed 0.6% higher on Tuesday, defying losses on Wall St overnight.

Coal shares were the best performers amid rising coal prices, as sector leaders Whitehaven Coal (ASX:WHC) and New Hope (ASX:NHC) jumped 8% each.

Newcastle coal futures listed on ICE has risen by over 3% overnight as we near the Russian crude ban.

“It seems the physical markets are already showing most of the effects of those sanctions,” said OANDA analyst, Edward Moya.

“Europe has been quickly erasing its dependence with Russian crude, and that will continue as we approach the oil price cap deadline.”

Lithium stocks also surged today with the likes of IGO (ASX:IGO) and Mineral Resources (ASX:MIN) lifting 3%.

Meanwhile, the cryptocurrency market continues to suffer from the post-FTX fallout.

Aussie bitcoin miner Iris Energy, which is listed on Nasdaq, is facing wipeout and bankruptcy as its US creditors demand that it repay debts immediately.


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The market is eagerly awaiting a speech from RBA governor Philip Lowe at a dinner event in Melbourne in a few hours from now.

The speech is entitled: “Price Stability, the Supply Side and Prosperity”.

Meanwhile, the ANZ-Roy Morgan Consumer Confidence index rose 0.8pts to 81.6, the first consecutive weekly increases since late September.

The gain in consumer confidence is well timed as the Black Friday/Cyber Monday sales will start this Friday.

The Australian Retailers Association-Roy Morgan has forecast sales to reach a record $6.2 billion over the four-day period.

Looking ahead to tonight’s session, the US weekly chain store sales data will be released, along with the EU current accounts and consumer confidence.



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Virgin Money UK (ASX:VUK) rose 13% after reporting its FY22 earnings.

The company generated a 43% increase in profits after tax on pcp to $1 billion. Virgin announced also an $89.5 million share buyback.

Technology One (ASX:TNE) rose 5% after reporting an 18% increase in revenue to $369.4 million.

Bottom line net profit before tax also grew 15% to $112.3 million.



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