Skip to main content

Closing Bell 22 November

Grady Wulff
November 22, 2022

The ASX rebounded from Monday’s losses to close Tuesday’s session up 0.59% at a fresh 5-month high, with the gains largely driven by investors piling into the energy sector today amid the rising price of commodities.

Coal stocks rallied today as the price of the commodity surges 2.2% to US$351/tonne. Whitehaven Coal (ASX:WHC) jumped more than 7.5%, New Hope Corporation (ASX:NHC) rallied over 7% and Yancoal Australia (ASX:YAL) added more than 6%. Coal mining stocks also rallied after Origin Energy (ASX:ORG) warned the coal exit could be delayed globally.

As we head into the Black Friday sales, Australian Retailers Association and Roy Morgan are forecasting sales will reach a record $6.2bn over the four-day period from Friday to Monday, with most Aussies in the survey saying they will spend the same or more than last year despite rising interest rates.

Star Entertainment shares fell almost 2% today after the company released a trading update at its AGM outlining revenues have fallen 11% in Sydney from July to November 2022, giving an idea of the impact competitor Crown’s new Barangaroo casino has on Star’s performance in NSW.

The winning stocks today were led by Virgin Money UK (ASX:VUK) climbing more than 10% after releasing full year results including a 43% increase in statutory profit before tax and an interest margin of 1.85%. Whitehaven Coal (ASX:WHC) soared almost 8% today and New Hope Corporation (ASX:NHC) also added more than 7% today.

And the stocks that weighed on the market today were Block Inc (ASX:SQ2) tumbling 3.22%, De Grey Mining (ASX:DEG) closing down 2.34% and Inghams (ASX:ING) shedding 2.15%.

The most traded stocks by Bell Direct clients were Fortescue Metals Group, Appen and Lake Resources.

Taking a look at commodities, crude oil is trading flat at US$80.05/barrel, natural gas is down 3.2%, gold is up 0.3% at US$1743/ounce and iron ore is down just over 2% at US$97.50/tonne.

The Aussie dollar has slightly strengthened today to buy 66.08 US cents, 55.95 British Pence, 93.78 Japanese Yen and 1 New Zealand dollar and 8 cents.

RBA governor Philip Lowe will address the Annual Ceda dinner tonight and is poised to talk about price stability, the supply side and prosperity.

Morning Bell 8 January

Jessica Amir
January 8, 2020

Morning Bell 3 January

Jessica Amir
January 3, 2020

Morning Bell 2 January

Jessica Amir
January 2, 2020

Morning Bell 31 December

Bell Direct
December 31, 2019

Morning Bell 30 December

Bell Direct
December 30, 2019

From the Helm: Michael McCorry

Bell Direct
December 23, 2019

Morning Bell 23 December

Bell Direct
December 23, 2019

Morning Bell 19 December

Bell Direct
December 19, 2019

Morning Bell 18 December

Bell Direct
December 18, 2019

Morning Bell 17 December

Bell Direct
December 17, 2019

Morning Bell 16 December

Bell Direct
December 16, 2019

Morning Bell 12 December

Bell Direct
December 12, 2019