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Australian Shares Finish 0.3% Higher, Megaport Plunges 22.1%

Published 19/10/2022, 04:46 pm
Updated 19/10/2022, 04:49 pm
© Reuters

© Reuters

By Oliver Gray 

Investing.com - The S&P/ASX 200 added 20.9 points or 0.3% to 6,800.1 during Wednesday’s trade, extending gains of 1.4% in the previous session as investors monitored local trading updates and annual general meetings from several major companies.

Among stocks, Utilities led the gains with AGL Energy Ltd (ASX:AGL) up 0.7%, Infratil Ltd (ASX:IFT) adding 1.2% and APA Group (ASX:APA) up 3.1%.

Materials finished 0.3% higher despite BHP Group Ltd (ASX:BHP) falling 1% after its quarterly update, with Pilbara Minerals Ltd (ASX:PLS) up 5.8%, European Lithium Ltd (ASX:EUR) gaining 10% and Core Lithium Ltd (ASX:CXO) up 8.2%.

Energy finished 0.8% lower, with Beach Energy Ltd (ASX:BPT) falling 1% after reporting an 8% decline in quarterly oil and gas production. Santos Ltd (ASX:STO) finished 1.3% lower, Woodside Energy Ltd (ASX:WDS) fell 1% and South32 Ltd (ASX:S32) dropped 2.1%.

Meantime, Megaport Ltd (ASX:MP1) plunged 22.1% after the company reported lower than expected sales growth for the September quarter.

On the bond markets, Australia 10-Year yields were at 3.951%, while United States 10-Year rates were at 4.03%.

In New Zealand, the NZX 50 gained 0.6% to 10,916.7.

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