Breaking News
Get 40% Off 0
🔎 See NVDA's full ProTips for an instant risks or rewards Claim 40% OFF

ASX gains for third day, boosted by gold and oil stocks amid Middle East tensions

Published Oct 09, 2023 02:36AM ET Updated Oct 09, 2023 02:36AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
WDS
+0.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NCMGY
+0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BCHEY
+0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NCMGF
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
BEPTF
+0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
NST
0.00%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

The S&P/ASX 200 index closed higher for the third consecutive day on Monday, driven by a rally in gold and oil stocks amid escalating tensions in the Middle East. The index ended at 6,970.2 with the energy, healthcare, and materials sectors leading the surge. Meanwhile, IT, staples, and property sectors lagged behind.

Investors sought safety amid the geopolitical unrest, which led to the Australian dollar plunging to an 11-month low of $0.63. Energy stocks including Woodside (OTC:WOPEY) (WDS) and Santos (STO) surged with rising oil prices. Gold stocks such as Evolution (EVN), Northern Star, De Grey (DEG), Silver Lake (SLR), West African Resources (WAF), and Newcrest (NCM) also stood out on the ASX200.

The reopening of Chinese markets after the Golden Week holiday had a significant impact on iron ore prices. Dalian iron ore futures fell by 3%, while Fortescue saw a 1.8% decline. The market now awaits the NAB business survey and Westpac's monthly consumer confidence data due tomorrow.

In other market news, Qantas hit new yearly lows, and Altium was reconsidered for growth. Guzman y Gomez flagged a potential initial public offering (IPO). Broker moves impacted stocks like Steadfast, Amcor (NYSE:AMCR) GDRs, Beach Energy (OTC:BCHEY), Viva Energy, Woodside Energy, CSR and Bank of Queensland.

Woodside received an upgrade from RBC while Magellan's performance decreased. The broader Asian stock markets showed mixed performance with US Futures down by -0.7%. The recent Hamas attacks in Israel influenced global markets, leading to a surge in oil and gold prices.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

ASX gains for third day, boosted by gold and oil stocks amid Middle East tensions
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email