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ASX rebounds with Property, Healthcare, and Energy sectors leading the way

ASX rebounds with Property, Healthcare, and Energy sectors leading the way
© Reuters

The saw a rise of 0.85%, reaching 6838.30, on Wednesday, led by gains in the Property, Healthcare, and Energy sectors. The Property sector rose by 1.85%, followed by Healthcare and Energy sectors which increased by 1.45% and 1.13% respectively. On the other hand, Utilities and Staples sectors concluded lower, falling by 0.16% and 0.04%.

Despite the overall gain, ABS data revealed a 4.6% decline in September building approvals, attributed to issues related to private sector house credit. This comes amidst a global focus on interest rates, with expectations of the US Federal Reserve maintaining current rates while the Reserve Bank of Australia may consider rate hikes.

BHP Group (NYSE:) Ltd’s annual general meeting highlighted Potash expansion in Canada as a key growth area, resulting in a 1.55% rise in its shares. Meanwhile, Regal Partners Ltd surged after acquiring a 50% stake in Taurus Funds for $28m, boosting its funds under management to $8bn.

Amcor (NYSE:) CDI reaffirmed its FY24 earnings guidance and free cash flow. Concurrently, Broadband Ltd halted trading to plan a $120m equity raise aimed at acquiring Symbio Holdings Ltd for $262m.

Paladin Energy Ltd’s stocks rose following strong quarterly earnings from Cameco Corp (TSX:), indicating strength in the global market. However, Vicinity Centres expressed caution at their AGM due to potential interest rate hikes.

Despite an upgrade from Citigroup Inc (NYSE:)., Adore Beauty Group’s stock fell hinting at a possible founder sell down. The Coal sector struggled due to falling futures prices out of Newcastle, negatively impacting Whitehaven Coal Ltd and New Hope (OTC:) Corporation Ltd’s shares.

On the global front, Asian stocks rose overall while US Futures saw a mild decrease. prices also increased in Asia, however, Gold traded lower. Despite the mixed signals from various sectors and global markets, the ASX managed to end the day on a positive note.

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