It was an up-and-down day on the market, with the ASX200 trading in the red before an array of positive Chinese economic data gave markets an afternoon shot in the arm. The ASX200 index finished the day 21.5 points or 0.31% higher to close at 7,077.60.The Energy (2.4%) sector was the place to be today, leading the five sectors that finished higher. WTI crude futures jumped almost 2% to $88 per barrel, hitting the highest levels in two weeks with a larger-than-expected drawdown in U.S. oil stockpiles fueling supply-side concerns.China reported a litany of economic data today that sent markets higher:
Q3 GDP expanded 4.9% YoY, down from 6.3% in Q2 but above forecasts of 4.4% Sep. Retail Sales grew 5.5%, an increase from 4.6% in August and above estimates of 4.9%. The largest rise since May. Sep Unemployment Rate was 5.0%, down from 5.2% in August.Whitehaven Coal has emerged as the lead bidder for BHP Group's Daunia and Blackwater coking coal mines in Queensland, further signalling BHP's push to divest from coal. This move aligns with BHP's strategy, having previously sold the South Walker Creek and Poitrel coal mines. Both the mines in question are co-owned by BHP and Mitsubishi Development Corporation.Whitehaven confirmed in an afternoon announcement it will pay $5 billion ($US3.2 billion) for the two mines over four instalments, including an upfront payment of $US2.1 billion.Credit Corp (CCP) revised its FY24 NPAT guidance lower by $55 million due to an impairment of $45 million associated with the carrying value of its U.S. Purchased Debt Ledger assets. Additionally, the company has lowered its guidance for its U.S. operations by a further $10 million, citing flat performance in Q1 compared to the previous year.Evolution (EVN) reported its production numbers for the quarter, which were in line with the company’s previously guided FY24 production. The company produced 158,304 ounces with an All-in Sustaining Cost (AISC) of $1,612 per ounce (US$1,056/oz), down 16% from the previous quarter.
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- ASX Market Recap - 18th October
ASX Market Recap - 18th October
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