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Commodity Gains Sends ASX Surging

Commodity Gains Sends ASX Surging
Apr 24, 2015 By Imran Valibhoy

The ASX was up 88.5pts, or 1.5 per cent, at 5933.3pts on Friday. Both iron ore and oil continued upward trends and have reached monthly highs. The Metals and Mining and Energy sectors, up 2.67 and 2.63 per cent respectively, led the surge on Friday. All other sectors made gains on Friday, with the Health Care sector rising the least at .45 per cent. In US markets, the Dow Jones was up .11 per cent and the S&P 500 was up .24 per cent. In Europe, the DAX was down 1.21 per cent and the FTSE 100 was up .36 per cent. Asian markets are mostly down. The Nikkei 225 has more than wiped out the previous day of gains, down .83 per cent near the end of trading on Friday. The Chinese market has reserved its upward trend again. The Hang Seng is down .58 per cent while the Shanghai Composite is down 1.48 per cent so far on Friday.

Liquefied Natural Gas Limited (ASX:LNG) was up 65c, or 15.66 per cent, at $4.80 per share. Meridian LNG Holdings Corp. announced that it would be entering into a 20-year gas sales agreement with LNG Limited.

ResMed Inc (ASX:RMD) was down 91c, or 9.71 per cent, at $8.46 per share. The sleep specialist company raised its profits marginally but says its selling price and profit margins were down.

Lynas Corporation (ASX:LYC) was up .3c, or 6.82 per cent, at 4.7c per share. The rare earths miner reported a positive cash flow for the first time since 2011 in its quarterly report to the ASX.

Xero Limited (ASX:XRO) was down $2.33, or 10.29 per cent, at $20.32 per share. The cloud-based accounting software company has almost doubled its full year loss despite lifting revenue by 77 per cent.

BHP Billiton (ASX:BHP) was up 99c, or 3.19 per cent, at $32.05 per share. BHP has been rebounding as iron ore prices continue to climb this month. 

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Imran Valibhoy Author: Imran Valibhoy Apr 24, 2015

Since Joining the firm in 2006, Imran has worked on a range of M&A and Capital Market transactions in the natural resources, mining as well as projects in the renewable energy sector. Prior to joining Wise-owl, Imran worked at Euroz Securities in Perth, aiding in the advisory and valuation of companies in the mining and industrial sectors in Australia. Imran has a Masters in Banking & Finance from City University's Class Business School in London and a Bacheloor degree in Commerce from UWA.

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