• ASX 200 closed higher on Middle East fallout
  • Oil and gold stocks spiked on concerns the war could spread regionally
  • US dollar climbed, while bond prices tumbled

 

The ASX rose +0.2% on Monday, driven mainly by a 3% surge in the Energy sector.

Oil and coal stocks rose broadly following the breakout of Israel’s war with Hamas over the weekend. At the time of writing, the benchmark Brent is trading at US$87.57 a barrel, which is up almost 4% vs Friday’s close.

Saudi Arabia’s energy minister Prince Abdulaziz bin Salman told CNBC that OPEC+ will “remain cautious” on any moves to expand or cut its oil outputs as the fighting continues.

Gold stocks also climbed as the clash raised the potential for a wider regional conflict, which boosted demand for safe haven bullions. This came as President Biden pledged “rock solid” US support for Israel.

The US dollar has also climbed amid the latest turmoil, with the AUD now skidding to 63.54c.

But with the US markets closed tonight for Columbus Day, Wall Street will have to wait until Tuesday to gauge the reaction of US traders.

Elsewhere, Chinese stocks also fell as traders returned from a week’s long national holiday. Property woes remain a top concern, but Chinese retail sales data from the holiday period have disappointed.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
DEG De Grey Mining 1.23 10.09 10,730,870 2,005,991,341
EVN Evolution Mining Ltd 3.58 7.04 5,480,563 6,136,194,119
CEN Contact Energy Ltd 7.73 5.89 3,363 1,852,841,463
CMM Capricorn Metals 4.34 5.47 643,636 1,545,188,099
PRU Perseus Mining Ltd 1.61 5.39 3,194,954 2,100,729,598
KAR Karoon Energy Ltd 2.57 5.33 2,744,796 1,382,308,822
NCM Newcrest Mining 25.50 5.07 2,210,720 21,702,979,866
RRL Regis Resources 1.59 4.95 2,236,913 1,144,338,294
GMD Genesis Minerals 1.40 4.87 3,180,540 1,385,474,345
BGL Bellevue Gold Ltd 1.44 4.36 1,770,902 1,573,889,560
RED Red 5 Limited 0.31 4.24 18,743,761 1,021,345,829
NST Northern Star 11.22 3.84 3,853,940 12,398,540,173
STO Santos Ltd 7.62 3.61 5,582,723 23,871,131,263
GOR Gold Road Res Ltd 1.74 3.58 1,312,891 1,808,368,053
RMS Ramelius Resources 1.64 3.31 8,826,321 1,774,898,172
NAN Nanosonics Limited 4.15 2.72 255,879 1,222,534,769
PXA Pexagroup 10.36 2.68 433,667 1,789,467,282
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Gold miners De Grey (ASX:DEG), Evolution Mining (ASX:EVN) and Newcrest (ASX:NCM) were the major winners today as war rages.

Energy stocks Contact Energy (ASX:CEN) and Karoon Energy (ASX:KAR) also surged on rising oil prices.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
AZS Azure Minerals 2.06 -14.17 13,930,008 1,047,102,091
MFG Magellan Fin Grp Ltd 6.73 -6.27 3,174,433 1,302,681,035
PLS Pilbara Min Ltd 3.77 -3.71 21,866,493 11,766,999,001
QAN Qantas Airways 4.87 -3.18 7,292,162 8,674,007,040
EBO Ebos Group Ltd 32.21 -2.54 9,835 6,339,093,612
CCP Credit Corp Group 17.60 -2.49 113,815 1,228,606,751
360 Life360 Inc. 8.22 -2.32 107,775 1,686,934,113
RDX Redox Limited 2.20 -2.22 118,409 1,181,433,213
MIN Mineral Resources. 59.65 -2.13 585,385 11,896,612,787
GNE Genesis Energy Ltd 2.32 -2.11 13,890 2,524,694,552
DXS Dexus 7.20 -2.11 1,123,150 7,905,404,558
MCY Mercury NZ Limited 5.58 -2.11 6,606 7,929,995,262
JDO Judo Cap Holdings 0.94 -2.08 1,189,014 1,064,928,800
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Azure Minerals (ASX:AZS) announced that maiden test work at its giant Andover hard rock lithium project is off to a great start, returning grades of 5.59% Li2O spodumene concentrate with a recovery of 82.37%. Mineralisation is well-suited to industry standard floatation processing, and further test work is expected to improve recoveries.

Now read: Test work returns outstanding 5.59pc lithium concentrate, recovery of 82.37pc at Azure’s Andover

 

At Stockhead we tell it like it is. While Azure Minerals is a Stockhead advertiser, it did not sponsor this article.

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