ASX Opens 0.6% Higher; Wall St Caps Horror First Half

Australian Financial Review2022-07-01

The S&P/ASX 200 has started the new financial year on positive footing, advancing 0.6 per cent, or 41.4 points, to 6609.5 in the opening minutes of trade.

Nine sharemarket sectors were higher, with the materials and energy sectors the only two sectors in the red following a fall in commodity prices.

Brambles jumped 4.9 per cent to $11.23 after announcing late yesterday that it is pulling the pin on an investment in a pool of plastic pallets to be used in the supply chain for the warehouse stores of US retailer Costco.

Regis Resources climbed 7.7 per cent to $1.40. Street Talk reported that Andrew Forrest’s Wyloo has walked away from plans to significantly increase its stake in gold miner Regis Resources.

Virgin Money UK firmed 4.5 per cent to $2.31 after announcing a share buyback program on Thursday evening.

The major miners fell following a further decline in iron ore prices; BHP shed 1.7 per cent to $40.55, Rio Tinto dropped 1.3 per cent to $101.41 and Fortescue declined 1 per cent to $17.36.

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