FIVE at FIVE AU: ASX lifts, but energy takes a hit

Published: 00:41 06 Sep 2024 EDT

The ASX had lifted today as of 2pm as financial gains offset energy and mining weakness.

The S&P/ASX200 gained 31.60 points or 0.40% to 8,014.00, crossing above its 20-day moving average. The index has lost 0.96% for the last five days, but sits 1.65% below its 52-week high.

The top-performing stocks at time of writing were Strike Energy Ltd (ASX:STX) and Charter Hall Group (ASX:CHC) Ltd., up 7.35% and 2.92% respectively. Neither stock had news today, however, Strike may still be basking in the glory of two high-quality, low-impurity conventional gas discoveries made in the Erregulla.

Strike managing director and CEO Stuart Nicholls said at the time of the announcement: “The discoveries at Erregulla Deep are higher quality than Strike anticipated prior to drilling, with reservoir quality, formation pressures and lower CO2 content all exceeding expectations relative to the West Erregulla wells.

“The Erregulla Deep-1 well is the most easterly and deepest penetration of the Kingia-High Cliff Sandstones in the basin to date and is a significant play extender to the East and at depth for Strike’s 100% acreage.

“Deep-1 exploration well with an aggregate 28m of net gas pay at depths never encountered in the Perth Basin."

Financials, Utilities and Consumer Discretionary all performed well, gaining 1.60%, 1.15% and 1.09% respectively at time of writing. Energy and Materials were the worst performers, down 2.29% and 1.14%.

Looking at the small cap sector (on what was a slow news day), the S&P Small Ordinaries (XSO) dropped 0.27% to 2,910.30. Over the last five days, the index has lost 3.17%.

From Proactive Australia