ASX Opens 0.9pc Higher, Buoyed by Strong Gains across the Materials and Tech Sectors

australian financial review2022-05-18

The S&P/ASX 200 has jumped 0.9 per cent, or 66 points, to 7178.5 in the opening minutes of trade, buoyed by strong gains across the materials and technology sectors.

BlueScope Steel rose 4.1 per cent to $18.66 after upgrading its earnings guidance for the second half of the FY22 on the back of strong steel prices and spreads in the US.

Fortescue firmed 2.3 per cent to $19.83 on news that Andrew Forrest will directly run his company’s iron ore business for the first time since 2011.

Eagers Automotive dropped 4.6 per cent to $11.34 after warning that a reduction in the number of new vehicles delivered to customers in the first half of 2022 is expected to impact its half-year financial performance.

Boral tumbled 0.9 per cent to $3.18 after flagging it expects to take a $45 million to hit to its FY22 earnings due to heavy rainfall and surging energy prices.

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