• The ASX rallied by 0.60% on Wednesday 
  • Qantas issued an upbeat earnings guidance
  • RBNZ lifted rates by a jumbo 75 basis points


The ASX had a broad rally on Tuesday, up 0.60%, as local investors reacted to the buoyant mood on Wall St overnight.

All ASX sectors except for Tech rose, with the Energy and Utility sectors leading the way.

Last night, US energy stocks jumped in New York as oil prices climbed higher after Saudi Arabia rejected reports that OPEC+ was considering increasing output on 4 December.

“Oil is having a tug-of-war with China Covid demand concerns getting countered with what appears to be a motivated Saudi Arabia to keep the oil market tight,” said OANDA analyst, Edward Moya.

On a separate note, Saudi Arabia announced a public holiday after its jaw dropping 2-1 win over Argentina last night. The Saudis’ win has been described as one of the biggest upsets in the world cup history.

Back home, Qantas (ASX:QAN) was one of the best performing large caps today, up by around 5.5%.

Qantas issued an earnings guidance today, saying that the airline is expecting an underlying profit before tax of between $1.35 billion and $1.45 billion for the half. This range is a $150m increase to the previous guidance it released in October.

“This is a clear indication that even with sky-high airfares, travel demand is strong and will continue into early next year,” said Josh Gilbert, market analyst at eToro.

“It also serves as an indication of the resilience of the average consumer, who continues to spend despite the rising cost of living pressures.”

Elsewhere, the Reserve Bank of NZ (RBNZ) has lifted its cash rate (the OCR) for the 9th consecutive meeting, raising it by 75 basis points to 4.25% today.

“Inflation is no one’s friend,” RBNZ governor Adrian Orr said.

“In order to rid the country of inflation we need to reduce spending levels. That means that we will have a period of negative GDP growth, we think to the tune of around one per cent of GDP.”

In the past hour, Bitcoin was up by another half a percent to US$16,518 as disgraced former FTX founder Sam Bankman-Fried apologised to his staff over the collapse.

“I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again,” he wrote in the message sent to employees and obtained by Bloomberg News.



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Code Name Price % Change Volume Market Cap
LTR Liontown Resources 1.03 -7.40 11800466 $2,701,874,659
FBU Fletcher Building 3.70 -6.09 658295 $3,085,191,768
CSL CSL Limited 289.51 -5.08 709946 $147,343,443,385
IGO IGO Limited 6.90 -3.57 2157437 $5,414,464,863
NIC Nickel Industries 0.63 -3.46 3691387 $2,785,776,422
IFL Insignia Financial 2.23 -3.26 848886 $1,533,241,532
SGR The Star Ent Grp 0.53 -3.18 10386275 $1,577,774,482
SKC Skycity Ent Grp Ltd 1.91 -3.05 236734 $1,497,604,262
SQ2 Block 102.27 -2.78 57993 $3,731,605,362
HLS Healius 1.42 -2.75 987752 $1,056,427,548
DYL Deep Yellow Limited 1.47 -2.65 3239154 $1,154,715,624
FPH Fisher & Paykel H. 22.43 -2.61 150839 $13,448,683,596
LFG Liberty Fin Group 4.20 -2.55 30236 $1,309,394,693
CMW Cromwell Prop 0.41 -2.41 639801 $1,086,829,680
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Coal shares rose for the second consecutive day as coal prices continue to climb.

Whitehaven Coal (ASX:WHC) rose 5% and Yancoal (ASX:YAN) rose by 4%.

Nickel-copper play Chalice Mining (ASX:CHN) surged 6% after announcing “outstanding” drilling intersections at its Julimar project in WA. Results include: 157.5 metres at 0.8% nickel equivalent from 328 metres.

Brainchip (ASZ:BRN) also surged 6% on no particular news.



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Code Name Price % Change Volume Market Cap
CEN Contact Energy Ltd 7.18 -10.25 18,057 $2,036,369,872
CTT Cettire 3.07 -8.51 2,376,132 $1,277,148,037
LTR Liontown Resources 1.25 -8.09 18,722,621 $3,285,526,258
CMM Capricorn Metals 4.47 -8.02 2,609,627 $1,827,156,731
PLS Pilbara Min Ltd 3.28 -7.08 49,752,832 $10,623,403,190
MMS McMillan Shakespeare 16.89 -6.74 181,568 $1,261,235,165
EMR Emerald Res NL 2.70 -6.25 1,551,126 $1,794,427,857
LFG Liberty Fin Group 3.85 -6.10 6,307 $1,245,595,879
IGO IGO Limited 7.56 -5.85 4,481,363 $6,080,860,538
RMS Ramelius Resources 1.66 -5.43 3,687,423 $1,989,363,213
MCY Mercury NZ Limited 5.70 -5.00 6,443 $8,347,363,434
SLR Silver Lake Resource 1.09 -5.00 3,980,280 $1,074,955,983
PRU Perseus Mining Ltd 1.94 -4.68 5,359,813 $2,788,334,831
IFL Insignia Financial 2.07 -4.61 2,380,436 $1,446,580,054
RED Red 5 Limited 0.36 -4.61 12,116,319 $1,315,631,915
MIN Mineral Resources. 57.35 -4.29 908,699 $11,695,570,766
NST Northern Star 12.36 -4.19 2,418,019 $14,824,952,396
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Polynovo (ASX:PNV) dropped 8% after announcing the completion of a $30m institutional placement.

Polynovo said the funds will be used to expand the business in the US, Canada, India, and Hong Kong.