The Aussie sharemarket posted its third straight session of gains, with the ASX 200 rising 0.4 per cent or 25.2 points to 6958.9. Nine (of 11) sectors finished in positive territory. Lithium miners were among the top performers with Mineral Resources (MIN), Pilbara Minerals (PLS) and Core Lithium (CXO) rising by at least 3.8 per cent. However, the energy and mining sectors were the only sectors to finish lower, losing 2.3 and 0.3 per cent respectively. Coal miners, New Hope (NHC) and Whitehaven Coal (WHC) were among the worst performers, declining 7.8 per cent and 5.5 per cent respectively.

James Hardie Industries (JHX) shed 13.7 per cent to be the worst performer following its 2Q FY23 results announcement. JHX delivered a 13 per cent increase in net income to US$175.8 million and a 10 per cent increase in global net sales to US$997.6 million, compared to the prior corresponding period. However, JHX revised FY23 adjusted net income guidance ranges downwards to US$650 million to US$710 million (previously US$730 million to US$780 million) due to ‘a decline in volume expectations’.

Santos (STO) lost 5.3 per cent after indicating 2023 production will decline to 91 million – 98 million barrels of oil equivalent, below the previous guidance provided. The reduction was ‘influenced by the end-of field-life at Bayu-Undan, timing of completion of the expected sell-down of a five per cent stake in PNG LNG and lower Western Australia domestic gas production.’

The Lottery Corporation (TLC) rose 4 per cent after providing a trading update on the four months to 31 October 2022. Group revenue had increased 11 per cent on the prior corresponding period, driven by a 9 per cent increase in lotteries revenue and a 33 per cent rebound in Keno revenue after Covid-related closures impacted venues last year. TLC ‘expects to pay its first dividend in March 2023’.

Magellan Financial Group (MFG) finished 0.4 per cent higher despite its former CIO & Chairman and largest shareholder conducted an after-market partial sale, selling 13 million ordinary shares.


Top Australian Brokers


In economic news, the weekly ANZ-Roy Morgan consumer confidence index fell by 1.5 per cent to 78.7 (long-run average 112.2). NAB business conditions eased from a 15-month high of +23.3 points to +21.9 in October.

Tonight in the US, the 2022 midterm elections are held and investors will be cautiously awaiting the outcome. In the US reporting season; DePont, Walt Disney and Wynn Resorts are among those scheduled to report earnings.

Today, 3bn shares were traded, worth $6.7bn. 714 stocks rose, 714 fell & 434 finished unchanged.

Originally published by CommSec