ASX utilities shares lead the market on Thursday

Only two market sectors finished in the green today.

| More on:
A male electricity worker in hard hat and high visibility vest stands underneath large electricity generation towers as he holds a laptop computer and gazes up at the high voltage wires overhead.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

ASX utilities shares and ASX mining shares were the only two of the 11 market sectors to close in the green on Thursday.

The S&P/ASX 200 Utilities Index (ASX: XUJ) gained 1.3% and the S&P/ASX 200 Materials Index (XMJ) lifted 0.14%.

The worst performer was the S&P/ASX 200 Information Technology Index (ASX: XIJ), losing 2.56%.

The S&P/ASX 200 Index (ASX: XJO) closed 0.61% lower at 6,812.3 points.

Why did ASX utilities shares do best?

Here were the big gainers in the utilities space today:

  • Mercury NZ Ltd (ASX: MCY) shares, up 3.58%
  • Meridian Energy Ltd (ASX: MEZ) shares, up 2.73%
  • AGL Energy Limited (ASX: AGL) shares, up 2.38%.

There was no price-sensitive news out of any of the three ASX utilities shares today.

However, Meridian announced that the company and NZ Windfarms had formed a 50-50 joint venture to repower and extend the Te Rere Hau wind farm.

Meridian said:

This will be New Zealand's first wind farm repowering project and has the potential to generate seven times the annual renewable energy production of the existing fleet.

In the mining sector, the Azure Minerals Ltd (ASX: AZS) share price finished 43% higher at $3.49.

Investors bought the ASX lithium share on news it had agreed to a takeover offer from overseas lithium giant Sociedad Quimica y Minr de Chile SA (NYSE: SQM) for $3.52 per share.

What's up with tech shares?

Today's tech share sell-off followed a tough night on Wall Street. The NASDAQ Composite fell 2.43% and entered official correction territory, having fallen more than 10% since its mid-year peaks.

The Megaport Ltd (ASX: MP1) share price went into freefall today after the company released its quarterly update. Megaport shares closed down 16.33% at $9.63.

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport. The Motley Fool Australia has recommended Megaport. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Why EOS, Evolution Mining, Renascor, and Woodside shares are jumping today

These shares are ending the week on a high. But why?

Read more »

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

Why Accent, Cettire, Ioneer, and Pro Medicus shares are dropping today

These shares are ending the week in the red. What's going on?

Read more »

A group of three miners in hard hats and high visibility vests confer at a rocky mining site.
Broker Notes

Up 66% in a year, just how much more upside does Macquarie tip for Perseus Mining shares?

Just how much higher might Perseus Mining shares soar? Here’s what Macquarie had to say about the ASX 200 gold…

Read more »

Rising share price chart.
Broker Notes

Why this exciting ASX 200 share could rise almost 50%

Bell Potter has good things to say about this biopharmaceutical company.

Read more »

A man holds his head in his hands after seeing bad news on his laptop screen.
Share Market News

Guess which popular ASX stock is crashing 21% today

Its earnings are expected to fall well short of consensus estimates.

Read more »

Buy and sell written on silver cubes on a stock market chart.
Broker Notes

2 buys and 2 sells in the ASX 200 financials sector: analysts

We reveal what the experts think of these ASX 200 financial shares.

Read more »

An analyst wearing a dark blue shirt and glasses sits at his computer with his chin resting on his hands as he looks at the CBA share price movement today
Opinions

What are Soul Patts shares worth?

This company has delivered strong gains. But what is its intrinsic value?

Read more »

Business woman watching stocks and trends while thinking
Share Market News

5 things to watch on the ASX 200 on Friday

It looks set to be a good session for Aussie investors today.

Read more »