Select the account you'd like to open


Energy sector leads ASX surge

trading details on screen

Energy shares led a major surge that took the S&P/ASX 200 higher in its first trading session for 2022. The index closed up sharply on Tuesday, gaining 145.20 points or 1.95% to 7,589.80 and setting a new 50-day high. The S&P/ASX 200’s current record high is 7628.9 achieved last August 13.

The OPEC+ alliance is poised to ratify a 400,000-barrel a day output increase for February when it gathers later Tuesday, according to a Bloomberg survey.

The group will add more supply despite some concerns about demand following Covid-19 flare-ups across the world including in China, the biggest crude importer.

The supply-demand backdrop is looking better for OPEC+, with the cartel cutting estimates for a surplus expected in the first quarter due to weaker output growth from its rivals.

Macquarie Group hit a record high, the company’s shares touching $211.64 just before 2pm AEDT, making it worth $80.9 billion and by market capitalisation, pushing it to the third largest bank in Australia, behind Commonwealth Bank and NAB.

The S&P 500 index closed at a record high on the first trading day of 2022. The Nasdaq 100 outperformed. Tesla surged after reporting record quarterly deliveries for the fourth quarter. Apple rose to give the company a $US3 trillion market value. European stocks also rose.

Bitcoin is trading at around $US46,100.

Disclaimer: CMC Markets is an order execution-only service. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although we are not specifically prevented from dealing before providing this material, we do not seek to take advantage of the material prior to its dissemination.

Sign up for market update emails