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

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's what Westpac says the RBA will do with interest rates next week

Will the RBA increase rates again next week?

Read more »

A hand outstretched with questionmarks floating above it, indicating uncertainty about a ahreprice

6 questions to ask yourself before selling ASX shares

Morgans financial advisor Tania Smyth discusses what to consider before making any decisions.

Read more »

A man sits in deep thought with a pen held to his lips as he ponders his computer screen with a laptop open next to him on his desk in a home office environment.

Forget Pilbara Minerals, I'd buy this ASX mining stock instead

Pilbara Minerals is a fine company, but I'd rather own another one instead...

Read more »

A man holds up a block from falling in a row of dominos.
Share Market News

Here's how the ASX 200 market sectors stacked up this week

The ASX 200 gained 0.36% and the technology sector stood out.

Read more »

A woman sits with her hands covering her eyes while lifting her spectacles sitting at a computer on a desk in an office setting.
Broker Notes

Are ASX short sellers right about Core Lithium shares?

Two top brokers give their verdict on this junior ASX lithium miner.

Read more »

a tired and sad looking bulldog sits at an office desk with a pen an paper on it and a cup of coffee with his head resting on the desk as he gives a mournful look to the camera.
Share Market News

Here are the top 10 ASX 200 shares today

Do you own any of today's winning ASX 200 shares?

Read more »

A man holds his hand under his chin as he concentrates on his laptop screen and reads about the ANZ share price
Share Market News

Playing fair: Could the big four ASX bank shares be in hot water again?

A federal Senate inquiry into bank branch closures in regional areas began today.

Read more »

A man and woman in an office look at a laptop and discuss investing, budget strategies or other financial concepts
Broker Notes

Brokers name 3 ASX shares to buy now

Here's why brokers are feeling bullish about these three shares this week.

Read more »