The Aussie sharemarket fell for the seventh straight day – its longest losing streak since March 2020 – after the ASX 200 retreated by another 0.6 per cent or 41 pts, to 6433.4. Resource stocks weighed most, on concerns that an economic slowdown would reduce commodities demand. The Materials sector had its worst day in around eight weeks, while the Energy sector shed 4.6 per cent. The Tech sector rose by 1.2 per cent, snapping a six-day losing streak.
According to the Australian Institute of Petroleum, the terminal gate or wholesale price for unleaded petrol hit a fresh record high of 200.5 cents a litre. The national average unleaded petrol price rose by 6.5 cents to 205.5 cents a litre last week.
In company news, PointsBet (PBH) secured a A$94.16 million investment from SIG Sports, a member of Susquehanna International Group of Companies (SIG). PBH will issue 38.75 million shares to SIG Sports at a price of A$2.43 per share. SIG Sports will become PBH’s largest shareholder, with an approximate ownership of 12.8 per cent. PBH was the best performer today after it shares climbed 18.6 per cent.
Vicinity Centres (VCX), a shopping centre manager and owner, climbed 6.3 per cent after it upgraded its earnings guidance for the 12 months to 30 June 2022. VCX now expects its Funds from Operations to be at or above 12.6 cents per security on the back of ‘sustained strength of retail sales and improved negotiation outcomes with retailers’.
Infomedia (IFM) has received a $1.70 per share acquisition proposal from Solera Holdings. This follows a $1.70 per share proposal received from TA Associates & Viburnum funds on May 13 and a $1.75 per share offer from Battery Ventures on May 27. Shares of IFM climbed 7.4 per cent and snapped six straight days of declines.
Top Australian Brokers
- eToro - Social and copy trading platform - Read our review
- IC Markets - Experienced and highly regulated - Read our review
- Pepperstone - Trading education - Read our review
With the end of the financial year around the corner, we’ve compiled a comprehensive analysis of the 2021/2022 financial year and our forecasts for the fiscal year ahead, in our End of Financial Year Wrap report. You can access the report here.
4.2bn shares were traded, worth $8.2bn. 508 stocks rose, 987 fell & 351 finished unchanged.
In the US, financial markets are closed in observance of the Juneteenth National Independence Day holiday.
Looking ahead, the Governor of the Reserve Bank of Australia (RBA), Philip Lowe, speaks tomorrow. Minutes of the latest monetary policy meeting are also released tomorrow.
Originally published by Divik Nigam – (Author) CommSec
