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 Singapore may provide or make available research analysis or reports prepared or issued by entities within the CMC Markets group of companies, located and regulated under the laws in a foreign jurisdictions, in accordance with regulation 32C of the Financial Advisers Regulations. Where such information is issued or promulgated to a person who is not an accredited investor, expert investor or institutional investor, CMC Markets Singapore accepts legal responsibility for the contents of the analysis or report, to the extent required by law. Recipients of such information who are resident in Singapore may contact CMC Markets Singapore on 1800 559 6000 for any matters arising from or in connection with the information.
