- Record closes for key US and European stock indices will provide support to the Australian market.
- Today’s Announcements: Vulcan Energy Resources (VUL) Has Received 5 More Exploration Licenses In Germany
Momentum from the Dow Jones Index and S&P Hit All-Time Highs to Potentially Support the ASX
- Today’s ASX may have the momentum seen in the US and European markets overnight. In the US, Apple reached $ 3 trillion in market capitalization, boosting investor sentiment. The US Dow Jones Index closed up 247 points, or 0.7 percent, at all-time highs. The S&P 500 Index added 30 points or 0.6 percent to all-time highs. And the Nasdaq index gained 188 points, or 1.2 percent.
- In commodity markets, the Brent Crude Price gained US $ 1.20 or 1.5% to US $ 78.98 a barrel and US Nymex Crude Price it added 87 cents or 1.2 percent to $ 76.08 a barrel. Oil prices rose on Monday on hopes of a recovery in demand in 2022, as well as tight supply in the short term. Rising oil prices may support the energy sector, and Australian-listed energy companies such as Woodside Petroleum (WPL) Y Saints (WTO).
- The ingots lost ground, with the gold futures price losing US $ 28.50 or 1.6 percent to US $ 1,800.10 an ounce. Spot gold was trading around $ 1,802 an ounce at the close in the United States. The fall in the price of gold could weigh on the shares of Australian gold miners.
- Iron ore it added 50 cents or 0.4 percent to $ 119.50 a ton overnight. London-listed iron ore miners were unable to respond to the price hike as the UK equity market was closed on Monday. However, the iron ore gain could support the materials sector.
Vulcan Energy has been granted more licenses, significantly increasing its Zero Carbon Lithium project.
- Vulcan Power Resources (VUL) It has been awarded 5 new exploration licenses for lithium and geothermal energy exploration in Germany. New exploration licenses offer VUL with 325kmtwo of land that VUL considers prospective for deep geothermal and lithium brine. As such, this will allow VUL to expand its Lithium Zero Carbon Project and meet the strong demand they received from customers for lithium chemicals and renewable heating.
Originally Posted by CommSec
Authors: Divik Nigam, Associate Stock Market Analyst and Craig James, Chief Economist.