What's Affecting Markets Today
Japan’s Nikkei 225 and Topix indices rallied Monday after the ruling Liberal Democratic Party (LDP) and coalition partner Komeito lost their majority in the lower house, securing 215 out of 465 seats, according to NHK. The opposition, led by the Constitutional Democratic Party and the Democratic Party for the People, made notable gains.
The Nikkei advanced 1.5%, leading Asian markets, while the Topix rose 1.18%, buoyed by a weaker yen, which dropped 0.96% to 153.75.
In South Korea, the Kospi gained 0.61%, and the small-cap Kosdaq rose 1.02%.
Conversely, Hong Kong’s Hang Seng index slipped 0.24%, while China’s CSI 300 fell 0.73% following bleak industrial profit data. China’s industrial profits declined 27.1% year-on-year in September, the worst drop since the pandemic, impacting market sentiment across the region.
ASX Stocks
ASX 200 - 8,211.8 (+0.01%)
Key Highlights:
Australian shares remained steady early Monday afternoon, with the S&P/ASX 200 down 1 point at 8211.2 in a restrained start to the week. Gains in technology balanced declines in energy and utilities sectors, as five of the ASX’s 11 sectors rose.
Technology led with a boost from WiseTech, up 1.4%, rebounding after last week’s founder resignation and a 12.7% surge Friday. Miner shares, including BHP, Rio Tinto, and Fortescue, gained on iron ore price increases in China. Mineral Resources rose 1.1% amid board investigations into founder Chris Ellison’s conduct.
Among banks, ANZ fell 0.8% after flagging a $196 million Suncorp-related charge. Zip climbed over 6%, while energy stocks lagged on lower oil prices; Woodside and Santos dipped 0.5% and 0.4%, respectively.
Elsewhere, Whitehaven Coal surged 4% after Citi’s target price upgrade. Paladin Energy dropped 16.5% on potential delays in its Fission Uranium acquisition, marking its largest one-day fall in over a year.
Leaders
VUL Vulcan Energy Resources Ltd (+13.57%)
BCI BCI Minerals Ltd (+6.67%)
DRO Droneshield Ltd (+5.41%)
ZIP ZIP Co Ltd (+4.65%)
WHC Whitehaven Coal Ltd (+4.23%)
Laggards
PDN Paladin Energy Ltd (-15.37%)
ADT Adriatic Metals Plc (-5.58%)
NST Northern Star Resources Ltd (-4.98%)
BOE Boss Energy Ltd (-4.56%)
WGX Westgold Resources Ltd (-4.41%)
