The ASX 200 index managed a close above the 8,700 mark today, ending the day at 8,704.60 points, for a 0.08% increase. While the overall movement was relatively calm, the close higher could be important, with this being only the third time for the index.
Looking at the daily movers, and it was Catapult Group shares (CAT) that led the index, rising 4.06% to close at $6.66. EVT Ltd (EVT), operating in the entertainment and hospitality sectors, saw its stock climb 3.73% to $16.70, closing back in on it’s recent high; whilst Austal Ltd (ASB)closed up 3.62% at $6.30.
On the other end, there were some notable decliners on the day, with Greatland Resources shares (GGP) pulling back sharply, down 23.95% to $5.24 as earnings, and the cost outlook for the next year caused concern in Aussie markets. Viva Energy Group Ltd (VEA) also faced downward pressure, declining 6.39% to $2.05 on lower tobacco sales, whilst Paladin Energy Ltd (PDN) saw its shares fall 5.79% to $6.51.
Tuas Ltd (TUA), BSP Financial Group Ltd (BFL), and Liontown Resources Ltd (LTR) rounded out the list of top decliners, falling 5.07%, 4.49%, and 4.05% respectively.
Evidence of sector rotation is emerging, with increased interest in defensive stocks and select technology names. Resource stocks, on the other hand, remain volatile amid fluctuating commodity prices, contributing to the mixed performance of the ASX200.
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The next wave of earnings reports is expected to shape the next leg for the markets, with attention heightened particularly for those important names in the resource and financial sectors. The index’s ability to hold 8,700, and move higher will now depend on a combination of factors, including the strength of corporate earnings, the stability of commodity prices, and the overall health of the economy.
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