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FIVE at FIVE AU: Energy stocks drive market higher

Published Nov 24, 2023 15:08 Updated Nov 24, 2023 15:30
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The share market was in the green at the time of writing today on the back of rebounding energy stocks which recovered from Thursday’s sell-off.

Energy was 1.29% higher. Over the five days, the sector gained 2.09%.

The sector had shrugged off a lower crude oil price, as markets await next week’s OPEC+ meeting.

Woodside Energy Ltd gained 1.4%, Santos Ltd (ASX:STO) was 1.3% higher and Ampol Ltd edged up 0.8%.

Just before 3 pm AEST, the S&P/ASX200 had gained 19.90 points or 0.28% to 7,049.10. This index is virtually unchanged over the last five days and the year to date.

The top performing stocks in this index are Whitehaven Coal (ASX:WHC) Ltd and Insignia Financial Ltd, up 2.98% and 2.66% respectively.

Looking at the sectors, Origin Energy Ltd (ASX:ORG)’s 2.5% gain led Utilities higher but remains the talk of the town after AustralianSuper blasted Brookfield’s move to ‘buy more time’ on its $18.7 billion bid.

Utilities was the second best-performed sector, up 1.77%.

Information technology was the hardest hit for the day, losing 1.13%. Over the week, it took a 2.39% loss to be the worst performed.

While Real Estate was up 0.46% for the day at the time of writing, it was the second worst performed sector for the week, losing 2.01%.

On the small-cap front, the S&P/ASX Small Ordinaries (XSO) gained 0.11% for the day, however, it was down 0.80% for the week at 3pm on Friday.

It was a generally quiet day on the news front for small caps, potentially influenced by Thanksgiving and Black Friday sales.

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FIVE at FIVE AU: Energy stocks drive market higher
 

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