The Australian share market has fallen for just the second time in 10 days. The S&P/ASX 200 index fell by just 2 points or 0.03%. The ASX 200 is up still up 4.9 per cent in January.
In overseas markets on Friday, US financial markets were closed for a holiday but European markets rose 0.4%.
In Australia on Tuesday there were gains in around half of 12 industry sectors. Consumer Staples rose 1.8% but Utilities fell 1.3% with Materials down 1.1%. Weighing on Materials was a 1.3% fall in shares of Fortescue (FMG) in response to a lower iron ore price.
Rio Tinto (RIO) issued its December quarter (fourth quarter) production report. RIO reported that Pilbara iron ore production was up 6% in the quarter to be up 1% on a year earlier. Shares in RIO fell by 1.2%.
JB Hi-Fi (JBH) issued a trading update. JBH said “Sales growth was strong throughout the half with total sales up 8.6% to $5.3 billion.” Unaudited net profit was up 14.6%. Shares in JBH fell 1.3% after being higher earlier in the session.
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HUB24 (HUB) issued a market update. HUB reported net inflows of $5.8 billion as at 31 December 2022, down 13.6% on the previous year. HUB noted this was a ‘strong’ result given the market and economic environment. Shares in HUB fell by 4.5%.
Origin Energy (ORG) has extended to January 24 the exclusivity period for a Brookfield-led consortium to conduct due diligence on its $18.4 billion takeover proposal. Shares in ORG fell by 2.1%.
On Tuesday, 2.9 billion shares were traded, worth $6.6 billion. Overall 604 stocks rose over the session, while 730 fell and 432 finished unchanged.
In terms of economic data, Australian consumer confidence rose by 5% in January according to Westpac and the Melbourne Institute.
Early December figures show that both arrivals and departures were both near three-year highs.
In China, the economy grew at a 2.9% annual rate in the December quarter (consensus 1.7%). Industrial production rose 1.3% in December and retail sales fell 1.8%. All results exceeded forecasts.
Originally published by Craig James – Chief Economist (Author), CommSec
