Market report September 5: ASX closes 0.4% higher led by tech; energy falls
Published: 08:30 05 Sep 2024 BST
Proactive’s Tylah Tully gives a market wrap for the 5th of Sepmember.
The ASX ended slightly higher today, gaining 32 points (0.4%) to close at 7,973.8, despite trimming its morning gains. The session saw lower than normal trading volume.
Reserve Bank of Australia Governor Michele Bullock issued a warning that some homeowners may need to sell their properties if inflation remains above the RBA’s target. She emphasised that inflation control must take precedence, ruling out a pre-Christmas rate cut, as economic growth continues to align with forecasts.
Top performers of the day included NextDC, which surged 8.4% to $17.42, and Ramelius Resources, up 5.34% to $2.17.
In contrast, Coronado Global Resources (CRN) fell 15.98% to $0.92, following financial guidance that flagged disruptions from mechanical repairs and heavy rainfall, leading to deferred coal production.
Sector-wise, Information Technology led the market with a 2.31% gain, followed by Real Estate, which rose 1.95%. However, the Energy sector declined by nearly 4%, weighed down by falling oil prices and downgrades for Woodside and Santos. Woodside dropped 6.8%, and Santos lost nearly 1%.
