Latest News

A strong rebound in the local Materials sector paved the way for a rally in the Aussie market, with the ASX 200 up by 53.5 pts or 0.81 per cent, to 6648. Five sectors and 123 stocks finished higher. Mining stocks rebounded 2.5 per cent after posting a 5.0 per cent loss yesterday on the back of global economic slowdown concerns. A lift in treasury yields overnight weighed on the local Tech sector, which snapped a four-day winning streak after falling by 0.5 per cent.

According to the Australian Bureau of Statistics (ABS), Australia has posted 53 successive monthly trade surpluses. In the year to May the trade surplus was a record $136 billion. Exports rose by 9.5 per cent in May (up 38.1 per cent on a year ago). Imports rose by 5.8 per cent in May, to be 31.4 per cent higher than a year ago. A 20 per cent jump in coal exports contributed to the record surplus.

In company news, Pinnacle Investment Management (PNI) was the second-best performer today after it announced that its share of after-tax performance fees from ‘ten Affiliates’, will be $16.4 million (2HFY22: $10 million). PNI also expects its FY22 net return on principal investments to be $0.1 million after recording a $1.9 million loss in 2HFY22. PNI climbed 7.6 per cent – its best day in nearly two weeks, and is on track to post its best week since August 2021.

Chalice Mining (CHN) climbed 6.7 per cent after posting drill results this morning. The miner announced that it intersected a new nickel-copper-sulphide zone in its initial drilling at the Dampier Target. This is the miner’s best daily increase in roughly 1½ weeks.


Top Australian Brokers


Infomedia’s (IFM) Board has determined to ‘grant the TA Consortium (TA Associates & Viburnum) & Solera access to further information for confirmatory due diligence’. TA Associates & Solera both submitted $1.70-per-share acquisition proposals, on 13 May and 20 June, respectively. IFM fell 5.6 per cent – its worst day since mid-last month.

We’ve created an infographic on some of the key events which impacted the Australian sharemarket over the past financial year. You can access the infographic here.

2.9bn shares were traded, worth $7.2bn. 756 stocks rose, 578 fell & 369 finished unchanged.

In the US, the ADP employment report is released with Challenger job cuts, weekly jobless claims and the trade deficit data. A weekly update on US oil inventories is also due.

Originally Published by CommSec