Latest News

• The Aussie sharemarket kicked off the session on a weak note and finished near session lows, after the ASX 200 finished 1.4 per cent lower, or 101.4pts, to 7019.7. Today’s losses come after the Financials sector recorded its fourth straight loss, shedding another 2.1 per cent today as the sector recalibrates to recent rate hikes. Despite iron ore recording its sixth straight win, mining stocks fell by 2.2 per cent. Bucking the trend however, was the Energy sector, which added 0.6 per cent after oil prices lifted by ~2.5 per cent overnight.

• In economic news today, China announced that its exports jumped by 16.9 per cent in May against a year earlier (survey: 8 per cent). Imports were also higher-than-expected, rising by 4.1 per cent (survey: 2 per cent). Over the past week, China has eased some of its severe Covid-19 related lockdowns. In terms of major commodities, iron ore prices have improved for six straight days.

• In company news, shares of Magellan Financial Group (MFG) were amongst the best performers today, rising another 2.2 per cent. This comes after the fund manager announced that its cofounder, Hamish Douglass, will “resume working with the business in a new consultancy role”. MFG also said that the appointment of David George as Chief Executive Officer and Managing Director of MFG “has been brought forward to 19 July 2022”. Shares of MFG are however, on track to post their largest weekly loss in 16 weeks.

• Crown Resorts (CWN) also stood out, lifting by 2 per cent after casino watchdogs in NSW and VIC approved US investment group Blackstone’s proposed $8.9bn takeover bid.


Top Australian Brokers


• Building restoration services company, Johns Lyng Group (JLG), has shed 5.5 per cent today after it provided a revenue and EBITDA forecast upgrade. JLG upgraded its revenue expectations by 8.0 per cent to $867 million, and has also upgraded its EBITDA forecast by 5.4 per cent to $83 million. This comes as a result of increased catastrophe activity in FY22, “primarily in northern NSW and south-east Queensland as a result of the devastating floods”.

• 4.6bn shares were traded, worth $9.2bn. 393 stocks finished higher, 1066 ended lower, while 385 closed unchanged.

• In the US, data on initial claims for unemployment insurance (jobless claims) are released.

• The European Central Bank (ECB) holds its monthly policy meeting tonight, with markets expecting no change in rates. Analysts will be watching for any changes to the ECB’s previously released guidance, which suggested that the bank will hike its rate in July. On Friday, US inflation numbers will also be issued for May.

Originally Published by CommSec