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ASX standouts: Monday’s big movers and gainers

Mon 17 Jan 22, 10:53am (AEST)
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Key Points

  • Oil stocks open higher as crude oil rallies towards 8 year highs
  • Wesfarmers buoys consumer discretionary stocks after an earnings update
  • Fortescue shares lower ahead of China's Lunar New Year holiday

The ASX opened 0.12% higher following a mixed session on Wall Street last Friday, where the tech sector bounced and bank stocks fell. 

The local sharemarket is currently being led by the S&P/ASX Energy and Consumer Discretionary sector, up a respective 1.4% and 0.4%.

2022-01-17 10 39 47-Window

ASX Sectors at 10:37 AEDT

Energy stocks are rallying after oil prices locked in a fourth-consecutive week of gains last Friday. 

Crude oil prices are trading around 8-year highs of US$84.7 a barrel, as investors expect the demand impacts from omicron to be short-lived. 

ASX winners 

Large cap ASX energy stocks opened higher, with Woodside Petroleum (ASX: WPL) up 1.1%, Santos (ASX: STO) gaining 1.2% and Beach Energy (ASX: BPT) trading 0.7% higher. 

Lithium stocks are trading broadly higher, especially towards the more speculative end of town. 

Early stage explorer Charger Resources (ASX: CHR) is up 26% after its geochemistry program suggested a large lithium-mineralised system at its Bynoe Lithium Project. 

Wesfarmers (ASX: WES) shares are up 2.3% after the diversified conglomerate expects a -10.8% to -15.1% decline in first half earnings for FY22. The earnings decline was said to be "in line with current consensus expectations.

Other announcement-driven gainers include construction material company Adbri (ASX: ABC), up 5.0%.

Adbri has signed an extension for the supply of quicklime with Alcoa Australia. The deal is expected to contribute at least $25m in revenue. 

Australian Ethical (ASX: AEF) is trading 5.5% higher after recording a 6% increase in funds under management for the December 2021 quarter. This provides a much needed bounce for Australian Ethical shares, which is still down 18.5% year-to-date. 

MA Financial (ASX: MAF) is up 6.8% to a fresh all-time high on an earnings upgrade. The diversified financials company expects FY22 earnings to be up 10-20% on FY21, approximately 2-3% above its previous guidance.  

ASX losers 

Afterpay (ASX: APT) is weighing the technology sector, down -2.6%. This follows a -2.7% decline from Block. 

Fortescue Metals (ASX: FMG) is weighing the materials sector, down -1.4%. 

According to FastMarkets, overall iron ore sentiment was weighed down as most steel mills have finished restocking iron ore ahead of the upcoming Lunar New Year.

China will have a week-long holiday commencing 31 January to celebrate the Year of the Tiger. This period should spell muted volumes and price action for iron ore.

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University. He is an avid swing trader, focused on technical set ups and breakouts. Outside of writing and trading, Kerry is a big UFC fan, loves poker and training Muay Thai. Connect via LinkedIn or email.

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