FIVE at FIVE AU: Energy stocks drive market higher
Last updated: 23:08 23 Nov 2023 EST, First published: 10:08 24 Nov 2023 EST
The share market was in the green at the time of writing today on the back of rebounding energy stocks which recovered from Thursday’s sell-off.
Energy was 1.29% higher. Over the five days, the sector gained 2.09%.
The sector had shrugged off a lower crude oil price, as markets await next week’s OPEC+ meeting.
Woodside Energy Ltd gained 1.4%, Santos Ltd (ASX:STO) was 1.3% higher and Ampol Ltd edged up 0.8%.
Just before 3 pm AEST, the S&P/ASX200 had gained 19.90 points or 0.28% to 7,049.10. This index is virtually unchanged over the last five days and the year to date.
The top performing stocks in this index are Whitehaven Coal Ltd and Insignia Financial Ltd, up 2.98% and 2.66% respectively.
Looking at the sectors, Origin Energy Ltd (ASX:ORG)’s 2.5% gain led Utilities higher but remains the talk of the town after AustralianSuper blasted Brookfield’s move to ‘buy more time’ on its $18.7 billion bid.
Utilities was the second best-performed sector, up 1.77%.
Information technology was the hardest hit for the day, losing 1.13%. Over the week, it took a 2.39% loss to be the worst performed.
While Real Estate was up 0.46% for the day at the time of writing, it was the second worst performed sector for the week, losing 2.01%.
On the small-cap front, the S&P/ASX Small Ordinaries (XSO) gained 0.11% for the day, however, it was down 0.80% for the week at 3pm on Friday.
It was a generally quiet day on the news front for small caps, potentially influenced by Thanksgiving and Black Friday sales.
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