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ASX standouts: Wednesday’s big movers and gainers

Wed 08 Dec 21, 11:01am (AEST)
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Key Points

  • The ASX opened higher as omicron concerns ease
  • Nasdaq outperformed overnight, driving strong gains across ASX tech stocks
  • China announced new measures to support its property sector on Monday. Iron ore and miners bounce

The ASX is off to a solid open, up 0.8% after Wall Street rallied for a second consecutive day. 

The market appeared to be less worried about the potential economic impact of the omicron variant, with broad-based buying taking place across all US sectors. 

Chinese policymakers announced on Monday measures to support its debt-ridden property sector, cutting the reserves most banks must hold by 50 basis points to improve liquidity and long-term funding. Iron ore prices and miners rallied as a result. 

Top gainers 

Afterpay (APT) is looking to retest $100 after opening 4% higher this morning. US tech stocks posted broad-based gains as investors shook off covid fears and bought the dip. Affirm jumped 10% overnight, while Square closed the session 5.3% higher.

The renewed risk-on attitude is driving gains towards household, large cap tech names like REA Group (REA), Seek (SEK) and WiseTech Global (WTC), all of which are up more than 3%.

Oil prices rallied 2.5% overnight, back above US$70/b after briefly hitting lows of US$62.5/b last Tuesday. ASX energy stocks are getting a kick this morning, with Woodside Petroleum (WPL) up 1.8%, Santos (STO) jumping 3.1%, Oil Search (OSH) gaining 3.4% and Beach Energy (BPT) adding 2.1%. 

Iron ore prices reacted positively to China’s stimulus news, finishing yesterday’s session up 8% to a 6-week high of US$111.3. Iron ore majors BHP Group (BHP), Rio Tinto (RIO) and Fortescue (FMG) are up between 2% and 3.5%. 

In the mid-cap end of town, Novonix (NVX) is staging a 10% jump at open following a sharp 32.5% selloff last Friday. Shares in the battery darling fell off a cliff after Tesla asked the US Government to waive tariffs on graphite from China. Tesla said that “Only mainland China could provide the quantity of graphite it needs … to manufacture its batteries in the US.” 

Zip (Z1P) is another stock that’s riding the rebound in tech, up 8% this morning. Yesterday, Zip released a trading update for November, citing a record performance across transaction volumes, transaction numbers and customers. 

Written By

Kerry Sun

Finance Writer & Social Media

Kerry holds a Bachelor of Commerce from Monash University and was Vice President of the University Network for Investing and Trading (UNIT). He is an avid swing trader, and drawn to breakouts and technical set ups. Outside of writing and trading, Kerry is a huge UFC fan, loves poker and bouldering.

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