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ASX Opens 0.5% Higher, Buoyed by Gains across the Energy and Materials Sectors

Australian Financial Review2022-04-19

The S&P/ASX 200 has opened 0.5 per cent higher at 7556.9, buoyed by gains across the energy and materials sectors due to a rise in commodity prices.

Incitec Pivot jumped 2.9 per cent to $4.11 after announcing that production at its Waggaman ammonia plant in Louisiana has successfully recommenced.

Syrah Resources surged 18 per cent to $1.85 on news that the US government will lend up to $US107 million to the company. South32 added 2.3 per cent to $5.29 after closing its offering of $US700 million of senior unsecured notes.

Gold miners posted gains after the precious metal’s price touched $US2000 an ounce overnight; Gold Road Resources rose 3.6 per cent to $1.75 and Regis Resources climbed 2.9 per cent to $2.46.

Paladin Energy was the biggest laggard, dropping 3.6 per cent to 93¢.

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