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In the midst of this broader market decline, the energy sector emerged as an exception, closing with gains. Energy stocks rallied as crude prices maintained their upward trajectory for the third week in a row. Brent was trading at US$94.80. Chevron (NYSE:CVX)’s Mike Wirth anticipates it to reach $US100 a barrel soon, citing tightening supply and decreasing inventories as key factors.
Coal stocks also saw an uptick, particularly following New Hope (OTC:NHPEF)’s report of an exceptional performance across its businesses which led to a full-year profit of A$1.09 billion. The company initiated its New Acland stage 3 operations in May and produced its first coal this month.
Gold stocks were also on the rise as bullion prices hit a two-week high due to the weakening US dollar ahead of the Federal Reserve’s two-day meeting commencing on Tuesday. Notably, Newcrest Mining (OTC:NCMGF) advanced after receiving approval from Australia’s Foreign Investment Review Board for the planned acquisition by Colorado-based Newmont.
However, not all stocks experienced growth. Lithium stocks like Pilbara Minerals and Allkem, along with payments stock Block Inc, all suffered losses of 4%.
In broader Asia, most stocks fell due to concerns that the Federal Reserve and Bank of England might raise rates this week. The S&P/ASX 200 index dropped 0.5% to 7,197 after falling 0.7% the previous day. Major mining stocks also declined with BHP down by 1.4% and Rio Tinto (NYSE:RIO) slipping by 0.65%. This was further impacted by the extended fall in iron ore futures owing to increased domestic supply in China and concerns over demand.
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