Friday, February 23, 2024

ASX breaks seven-week losing streak on the back of stable commodity prices — as it happened

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There was no holding the ASX back today — it’s finished higher for the day and the week overall, snapping that seven-week losing streak.

It finished 0.73% higher, thanks to gains in the basic materials and industrials sectors.

Every sector finished in positive territory, with the exception of energy, which was down 0.76%.

As for the top movers, mining and resources led the charge thanks to commodity prices remaining stable.

Syrah Resources was the best performer, finishing up 9.20%, Imugene lifted by a flat 6%, and Gold Road Resources was up 5.28%.

Block Inc also continued its gains, finishing with an increase of 4.54%.

At the other end of the scale, Lake Resources lost the most at the end of trade, down 4.79%.

Harvey Norman also finished down 3.76% thanks to its ex-dividend date, and Sayona Mining was down 2.44%.

AMP was also in the bottom of the pack — it shed 2.31% after shareholders voted down the company’s plans for executive bonuses, marking the company’s first strike.

The wealth manager held its annual general meeting in Sydney today, where 49.1% of shareholders voted against its proposed remuneration plan — nearly double the 25% it needed for the strike to be handed down.

That decision could have serious implications for AMP come its next AGM — if there’s another strike next year, it could see the a spill of the company’s board of directors triggered by its shareholders.

All that said, it brings us to the end of another week on the markets.

Thanks for joining us throughout the week — we’ll be back to do it all again on Monday.

See you in April!

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