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Woolies sees inflation impact, Perpetual rejects new bid, AUB lifts guidance

Shares in Woolworths(ASX:WOW) neared a one year low, falling 3.5 per cent, after the company delivered another quarterly update. While the headline numbers were solid, with sales up 1.8 per cent to $16.36 billion, concern was raised about the impact of food price inflation of 7.3 per cent in Australia, and whether this will impact…

Drew Meredith | 4th Nov 2022 | More
Market flat ahead of Fed decision, Amcor slides, building approvals slump

The local market managed a small gain on Wednesday, adding 0.1 per cent, as strength in the energy and materials sectors, up 1.1 per cent each, offset losses in property and technology. Among the standouts were a rally in fund manager Perpetual (ASX:PPT), which gained 5.5 per cent, and Rio Tinto (ASX:RIO) which finished 2.4 per cent higher. Amcor…

Drew Meredith | 3rd Nov 2022 | More
  • Another 0.25 per cent hike, market rallies, the end is near

    The local market was spurred on by a smaller than expected cash rate increased by the Reserve Bank of Australia. The 25 basis point increase once again proved that what the market ‘prices in’ isn’t always correct, quite the opposite. As early as this morning the National Australia Bank (ASX:NAB) suggested that there was a real risk of…

    Drew Meredith | 2nd Nov 2022 | More
    Tech pushes market to gain, rate decision ahead, EML slump deepens

    The local market followed a strong overseas lead to post another 1.2 per cent gain on Monday, spurred higher by a rally in the technology and discretionary sectors, which added 2.6 and 2.7 per cent respectively. The strength was broad based with only the energy sector contracting, as smaller and mid-cap companies took centre stage…

    Drew Meredith | 1st Nov 2022 | More
  • Market sinks on commodities, real estate gains, Brainchip tanks

    The local market finished the week on a negative tone, falling 0.9 per cent as the country’s largest iron ore miners were hit by further falls in the price of the commodity. The entire sector fell 4 per cent driven loan by a 9.2 per cent fall in Champion Iron (ASX:CIA), an 8.2 per cent drop…

    Drew Meredith | 31st Oct 2022 | More
    Four on the trot for the Aussie market

    The local sharemarket advanced for a fourth straight day on Thursday, with a strong performance by the energy and mining sectors outweighing losses by three of the big four banks. The benchmark S&P/ASX200 index closed up 34.2 points, or 0.5 per cent, to 6845.1, with the broader All Ordinaries rising 37.2 points, also 0.5 per cent, to 7042.3. Driving Thursday’s…

    Drew Meredith | 28th Oct 2022 | More
    Aussie market shrugs off inflation reading

    The local share market managed a small gain on Wednesday despite the latest inflation reading surprising on the upside, raising the possibility that the Reserve Bank of Australia (RBA) could become more aggressive on rate hikes. The benchmark S&P/ASX200 index finished Wednesday up 12.3 points to 6810.9, a gain of 0.2 per cent, while the broader All Ordinaries index climbed 11.4 points,…

    Drew Meredith | 27th Oct 2022 | More
    Local market making baby steps

    The Australian share market crept higher on Tuesday ahead of the second Budget statement of the year, with the benchmark S&P/ASX 200 Index adding 19.2 points, or 0.3 per cent, to 6798.6, while the broader All Ordinaries rose 15.3 points, or 0.2 per cent, to 6993.7. Every sector was up except for energy and mining, in which investors were busy assessing…

    Drew Meredith | 26th Oct 2022 | More
    Miners push market into the green

    The miners led the local market higher on Monday, with the S&P/ASX 200 Index advancing 1.5 per cent, or 102.6 points, to 6779.4, while the broader All Ordinaries gauge ended up 108.5 points, or 1.6 per cent, to 6978.4. Gold stocks were prominent in the rise, after the yellow metal’s 1.8 per cent gain to $US1,658 an ounce in New…

    Drew Meredith | 25th Oct 2022 | More
  • Energy offsets losses, Adairs confirms, coal stocks at record levels

    A sustained rally in the energy sector, which finished 2 per cent higher on Friday, wasn’t enough to reverse broader losses with the S&P/ASX200 ultimately finishing 0.8 per cent lower. The utilities and real estate sectors were the hardest hit, falling 2.3 and 1.8 per cent on growing concerns about the regulatory environment for the…

    Drew Meredith | 24th Oct 2022 | More
    Bonds make life difficult for shares

    Thursday saw a retreat from the benchmark S&P/ASX 200 Index, which dropped 69.4 points, or 1 per cent, to 6370.7 points, while the broader All Ordinaries Index surrendered 81.1 points, or 1.2 per cent, to 6,918.7. The bond market sell-off extended as benchmark risk-free US 10-year bond yields added 2 basis points to 4.15 per…

    Drew Meredith | 21st Oct 2022 | More
    Solid effort from Aussie market

    The Australian share market backed-up its Tuesday effort with a solid performance on Wednesday, with the benchmark S&P/ASX200 index gaining 20.9 points, or 0.3 per cent, to 6,800.1, while the 500-stock All Ordinaries index added 23.6 points, or 0.3 per cent, to 6,999.8. Among the big miners, Rio Tinto eased 26 cents, or 0.3 per cent, to $94.01; South32 slipped 8 cents,…

    Drew Meredith | 20th Oct 2022 | More