Australian sharemarket closed higher on the final trading session of the month off the back of better than expected CPI data. The ASX 200 index rose 0.4 per cent or 30.9 points to 7,284.2, and 6 (of 11) sectors gained ground. Energy was the best performing sector, driven by gains in coal miners as well as Woodside Energy (WDS) which reversed early losses to close 1.3 per cent higher. Whitehaven Coal (WHC) gained 8.4 per cent while New Hope (NHC) added 6.8 per cent to be among the top performers.

In company news, AUSTRAC has commenced legal proceedings against casino operator Star Entertainment
Group (SGR) in relation to anti-money laundering breaches. Despite the announcement, SGR edged 0.4 per cent higher.

Online furniture retailer Temple & Webster (TPW) rose by 14.1 per cent off the back of a trading update it provide on their AGM held today. Revenue for the year had a 55 per cent increase on a ‘two year compound annual growth rate basis’.

The fast food store operator Collins Foods (CKF) had a second straight day of losses, dropping 4.5 per cent for the day, and closing 18.6 per cent lower for the month. Yesterday it warned that ‘significant inflationary headwinds’ and ‘margin pressures’ were to be expected for the rest of FY23.

For the second straight month, the local market closed higher with a gain of 6.1 per cent. All sectors finished in positive territory. Utilities were the best performing sector off the back of a takeover offer for Origin Energy (ORG) which rose 41.1 per cent for the month. Gold and iron ore miners were among the top performers, notably Sandfire Resources (SFR) and Fortescue Metals (FMG) which rallied 45.2 per cent and 31.8 per cent respectively. Lithium miners were some of the worst performers. Novonix (NVX) lost 16.4 per cent and Pilbara Minerals (PLS) closed 8.4 per cent lower. The agribusiness company Elders Ltd (ELD) was the worst performer falling 20.6 per cent after it relesed its full year results earlier in the month.


Top Australian Brokers


Ahead: In the US, ADP private payrolls, goods trade, wholesale inventories, pending home sales, economic growth (GDP) and job vacancies data are scheduled with the Fed’s Beige Book. US Fed Chair Jerome Powell is also scheduled to speak.

Today, 5.2bn shares were traded, worth $18bn. 740 stocks rose, 603 fell & 418 finished unchanged.


Originally published by CommSec