The Aussie sharemarket kicked off in positive territory and managed to improve throughout the course of the session, with the ASX 200 ending near session highs with a gain of 0.66 per cent or 45.5 points, to 6894.2. Mining stocks (up 3.3 per cent) did most of the heavy lifting and posted their biggest gain since April 2022 after the price of iron ore rebounded above the US$100 per tonne territory overnight. Tech stocks rallied for the fourth straight day,
adding another 0.5 per cent today. The Big 4 banks all rose on average by 0.5 per cent.
Over the week, the market edged 0.96 per cent higher. The Mining sector posted its strongest gain since March, rising 5.1 per cent. Tech stocks finished 3.8 per cent higher, their best week since late July. Financials fell for a fourth straight week (down 0.9 per cent) and the Utility retreated by 1.9 per cent – its fifth consecutive weekly loss. 5 sectors (of 11) and 126 stocks (of 200) finished higher, with 71 stocks ending the week in negative territory.
In company news, Mineral Resources (MIN) today responded to media speculation of it potentially listing its lithium business. MIN advised shareholders that any previous undisclosed potential initiatives being considered ‘are not sufficiently advanced or certain to warrant disclosure’. MIN was the best performer today after it rose by 13.6 per cent – its strongest rally since November 2018.
Ramsay Health Care (RHC) confirmed that ‘discussions between Ramsay, Sime Darby and IHH’, have terminated. This comes after IHH submitted a US$1.35 billion proposal to acquire the Ramsay Sime Darby joint venture earlier this year. RHC shares fell by 1.3 per cent to close at $70.15.
PointsBet (PBH) announced that its Maryland subsidiary, PointsBet Maryland, has taken its first retail sportsbook bet. This represents PBH’s 12th sportsbook operation in the US. The sports betting company says that it expects to launch online operations in Maryland in early Q3 FY2023. PBH shares closed 4.4 per cent higher.
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On the economic front, the European Central Bank lifted its benchmark deposit facility rate by an unprecedented 75 basis points to 0.75 per cent overnight, and hinted at further hikes to tackle soaring inflation.
4.1bn shares were traded, worth $8bn. 794 stocks rose, 586 fell & 401 finished unchanged.
In the US tonight, inventories figures are released.
Next week, inflation data for US will be released on Tuesday – headline inflation is expected to ease by 0.1 per cent. On Thursday, China will hand down its interest rate decision. Locally, unemployment data will be released on Thursday.
Originally published by Divik Nigam – (Author), CommSec
