What a gas 🛢️
Episode description
A cautious start the week with macro uncertainty and a long weekend in the States keeping many on the sidelines. The S&P/ASX 200 climbed 0.34% to 6852.2.
With Russia shutting the Nord Stream 1 gas pipeline indefinitely over the weekend, the energy sector unsurprisingly outperformed, surging 4% on renewed energy supply concerns. It was a familiar story at the individual level with Whitehaven, Beach Energy, Woodside and Santos gaining between 2.7% to 6.9%.
Materials was another area of strength, pushing aside concerns surrounding lockdowns in China to post an increase of 1.9%. Pilbara Minerals was a big winner, climbing 4.2%. South32 wasn’t far behind with an increase of 3.8%. Gold and copper miners such as Evolution Mining and Perseus Mining also enjoyed strong gains, helped in part by the outcome from Chile’s constitutional referendum. BHP and Rio Tinto rose 2.6% and 1.8% respectively, driven by a rebound in iron ore futures. Fortescue was an exception to the rule, sliding 4.7% as it traded ex-dividend.
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