A rally in the US overnight helped the Aussie market post its strongest gain in over a week, with the ASX 200 up 0.7 per cent or 0.5 points, to 7231.8. Nine sectors (of 11) and 67 per cent of stocks in the ASX 200 finished in positive territory. Coal miners improved significantly, helping the broader Materials sector add 1 per cent. Oil producers Woodside Energy (WDS), Santos (STO), and Beach Energy (BPT) posted back-to-back gains, and contributed to the Energy sector’s 1.3 per cent rally.
Qantas (QAN) improved by 5.3 per cent (best day in a month) and was the fourth strongest performer in the ASX 200 today. The airline upgraded its 1H23 underlying profit before tax guidance by around 12 per cent to $1.35 billion – $1.45 billion, and expects its net debt to fall to around $2.4 billion by the year-end. This comes after QAN noted an improvement in its operational performance, and an acceleration in its revenue inflows.
WiseTech Global (WTC), the second biggest technology company on the Aussie sharemarket, fell by 6.7 per cent today, dragging the broader Tech sector 1.1 per cent lower. The logistics software solution company held its annual general meeting today, and reiterated its FY23 outlook of a 20 – 23 per cent lift in revenues, and a 23 – 30 per cent increase in earnings (EBITDA).
PolyNovo (PNV) had its worst day since August, after falling 8.9 per cent. The medical device developer resumed trade after announcing a $30 million equity raise at $1.90 per share (9.1 per cent discount to its previous close). PNV said that funds from the raise will be used to ‘accelerate growth’ in international markets, and will also aid in the construction of a new manufacturing office facility in Port Melbourne.
Chalice Mining (CHN) posted its strongest gain since mid-October and was amongst today’s best performers. This comes after the miner held its annual general meeting, and released better-thanexpected drilling results from its Julimar Project in Western Australia. CHN shares rose 6.5 per cent.
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In economic news, the Reserve Bank of New Zealand (RBNZ) lifted its official cash rate by a widely anticipated record 75 basis points, to 4.25 per cent – a 14-year high. The RBNZ Committee also considered rate hikes of 50 and 100 basis points, but agreed that a 75 basis point lift was appropriate.
Tomorrow morning, minutes from the Federal Reserve’s most recent meeting will be released. The US Central Bank raised interest rates earlier this month by 75 basis points for a fourth straight meeting.
Today, 3bn shares were traded, worth $6bn. 716 stocks rose, 616 fell & 445 finished unchanged.
Originally published by CommSec
