ASX 200 stocks
Energy sector
The ASX 200 energy sector gained 2.18% as the oil price touched a high of $81.90 today, its highest level in eight weeks. The gains in oil have been supported by concerns over supply following recent Ukraine drone attacks on Russian oil infrastructure and hopes of improving demand as the US driving season gathers momentum.
Mining sector
The big miners have rebounded as the price of iron ore gained 1.30% in Asia today to $103.90.
- BHP added 1.73% to $43.16
- Mineral Resources added 1.4% to $55.52
- Rio Tinto gained 1.16% to $120.37
- Fortescue added 0.87% to $21.4
Financial sector
The ASX 200 financial sector made a fresh 17-year high today, led by the Commonwealth Bank of Australia (CBA), which continues to infuriate the bank bears.
- CBA traded 0.91% higher at $127.96
- NAB gained 1.95% to $36.65
- Macquarie added 1.93% to $203.09
- Westpac added 0.9% to $27.39
- ANZ climbed 0.35% to $28.78
What’s happening in corporate?
In corporate news, Uranium miner Paladin Energy has fallen 4.46% to $12.65, 30% below last month’s $17.98 high. Today’s fall comes after Paladin, with a market cap of about $4 billion, bid $921 million for Canadian Fission Uranium at an implied price of $1.30 per share. The board of Fission have recommended shareholders accept the deal which is expected to be finalised in September.
ASX 200 technical analysis
With three full trading sessions remaining until the end of the month, our view that the ASX 200 would trade sideways during June has been spot on. A break above 7900/10 is needed to indicate that the period of range trading is complete and that a move towards 8,000 is underway.