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The ASX started the week exactly how it was anticipated to, closing Monday’s session 1.54% higher on the back of the strong rally that took over Wall Street on Friday. All eleven sectors of the ASX closed the first trading session of the week in positive territory.

Energy stocks were the worst performing today but still managed to close 0.74% higher despite oil prices dropping amid dampened sentiment following the conclusions of the party congress in China, with analysts in the region saying, ‘oil will remain choppy as recession risk and supply tightening balance each other out’. Fuel supplier Viva Energy (ASX:VEA) rallied today on the back of a Q3 FY22 trading update outlining sales volumes reached their highest level since pre-COVID-19 in during the quarter, rising 19.7% on the PCP. NOVONIX (ASX:NVX) shares rocketed a further 33% today as investors continue piling into the battery materials and technology company following the release of the major announcement last week that the company’s Anode Materials division has been selected to enter negotiations to receive US$150m in grant funding from the US Department of Energy. The materials sector led the rally today, adding more than 2.5% driven by Evolution Mining (ASX:EVN) adding 8.3%, Gold Road Resources (ASX:GOR) rallying 6.4% and Pilbara Minerals (ASX:PLS) lifting 6.21%.

The winning stocks for today’s session were NOVONIX (ASX:NVX), Evolution Mining (ASX:EVN) and Gold Road Resources (ASX:GOR). On the losing end of the market, South32 (ASX:S32) took the biggest hit today dropping just 1.88%, Beach Energy (ASX:BPT) fell 1.3% and Graincorp (ASX:GNC) also lost 1.3%.

The most traded stocks by Bell Direct clients today were South32 (ASX:S32), Pilbara Minerals (ASX:PLS) and Alumina (ASX:AWC).

China’s GDP growth rate for Q3 soared to 3.9% in data released today, which well exceeded market expectations of a 3.4% rise, and was a big jump from the 0.4% increase in Q2. Local investors will be keeping a keen eye out for Australia’s inflation rate for Q3 which is out on Wednesday.

The Australian dollar is buying 63.8 US cents, 56.58 British Pence, 94.42 Japanese Yen and 1 dollar and 10 New Zealand cents.