The Aussie sharemarket wrapped up a rather choppy trading session on a flat note, after the ASX 200 rose only 0.04 per cent or 2.5 points, to 6647.5. Performance today was mixed, with around 50 per cent of stocks in the ASX 200 losing ground. Energy stocks (down 1.5 per cent) slumped for the third straight day on the back of retreating oil prices. Miners fell 0.9 per cent and Tech stocks also lost ground. The Big 4 banks on the other hand did most of the
heavy lifting and helped the Financial sector climb 1.9 per cent – its first rally in five days.
The Bank of Queensland (BOQ) was the best performer in the ASX 200 after it rose 11.1 per cent – its best daily climb since February 2021. This comes after it released a stronger-thananticipated FY22 earnings result. While the bank’s net interest margin (NIM) for FY22 eased slightly – due partly to ‘ongoing competition’ and ‘higher fixed rate lending volumes’ – its secondhalf NIM strengthened modestly. It also declared a 24 cents-pershare final dividend.
Coronado Global Resources (CRN) surged 8 per cent and was the second-best performing stock in the ASX 200 today. This comes after the coal miner confirmed media speculation, saying that it is in ‘confidential discussions’ with Peabody Energy Corporation, a Missouri-based coal mining company (US$3.8 billion market capitalisation). Its discussions were in regard to a ‘potential combination transaction’. CRN shares had their best day this month, and are up 83 per cent year-to-date.
CSL Limited (CSL) and Commonwealth Bank of Australia (CBA), the Aussie market’s largest healthcare and financial
companies, held their annual general meeting today. CSL reaffirmed its FY23 revenue and earnings guidance and said that it has a ‘strong mid-term outlook’, while CBA did make mention of its current quarter performance. Shares of CSL fell for the fifth straight day, losing 1.1 per cent, while CBA shares climbed by 2.4 per cent amid a sector rebound.
Lake Resources (LKE) earlier this morning, announced that it has entered into an agreement with SK On (South Korean battery manufacturer), for the ‘offtake of up to 25,000 tonnes per annum of lithium from the Kachi Project’. SK On will also acquire 10 per cent of LKE via a strategic investment. LKE shares snapped three straight days of declines after rising 2 per cent.
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Regis Resources (RRL) shed 3 per cent today after its shares traded ex-dividend. Its 2-cents-per-share final dividend is scheduled to be paid to eligible shareholders on October 28.
Today, 3.1bn shares were traded, worth $6.9bn. 513 stocks rose, 818 fell & 395 finished unchanged.
In the US, the Producer Price Index is issued with weekly mortgage applications and minutes of the last Federal Reserve meeting. Federal Reserve officials Barr and Bowman deliver speeches.
Originally published by Divik Nigam – (Author), CommSec
