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Market fails to bite on solid economic data

Local shares followed Wall Street lower on Wednesday, despite the release of data showing that the Australian economy grew by 0.6 per cent in the September quarter, for an annual growth rate of 5.9 per cent, a strong result coming off the back of the final wave of COVID-19 lockdowns in 2021. The quarterly figure was slightly…

Drew Meredith | 8th Dec 2022 | More
Although expected, rate rise weakens market

The Australian share market eased on Tuesday as the eighth consecutive rate hike from the Reserve Bank saw the cash rate lifted by 0.25 percentage points, to 3.1 per cent – up from 0.1 per cent in just seven months. The rate hike was mostly expected, and the central bank indicated that further tightening was in store in…

Drew Meredith | 7th Dec 2022 | More
Market up ahead of likely rate rise

Despite plenty of uncertainty around what the Reserve Bank will announce with the cash rate this morning – although consensus expects that the central bank will lift the cash rate by another 25 basis points, to 3.15 per cent – there was a reasonably positive mood afoot on the local stock market on Monday, with the benchmark S&P/ASX…

Drew Meredith | 6th Dec 2022 | More
  • ASX falls, but up 1.3 per cent for the week, Santos sinks on exploration, Premier delivers record trade

    The week ended poorly for the domestic sharemarket, with the energy sector (down 2.5 per cent) dragging the S&P/ASX200 0.7 per cent lower. Real estate also fell 2.6 per cent with healthcare and communications the highlights, gaining 1.1 and 0.8 per cent. The property sector sold off heavily amid news that global giant Blackstone had seen…

    Drew Meredith | 5th Dec 2022 | More
    ASX jumps on Fed policy, Cochlear competition concerns, return forecasts upgraded

    The local market joined the global rally in risk assets with the S&P/ASX200 finishing 1 per cent higher on Thursday on the back of Jerome Powell’s dovish comments in the US. A peak in the cash rate may well be in sight, which has moved the Dow Jones out of bear market territory.

    Drew Meredith | 2nd Dec 2022 | More
    ASX gains on inflation data, energy, materials surge, Temple & Webster jumps

    What began as another rough day for the S&P/ASX200 finished on a much more positive note, as the market closed at its high, 0.4 per cent higher.

    Drew Meredith | 1st Dec 2022 | More
  • ASX gains as China protests slow, Collins Food tanks, consumer sentiment up

    The local market managed to deliver another gain, the S&P/ASX200 adding 0.3 per cent as signs of improvement in China supported a rally in key commodity prices. Rio Tinto (ASX: RIO) gained 3.5 per cent and Fortescue (ASX: FMG) 2.2 per cent after the latter named a new CEO, Fiona Hick, who was previously part of the Woodside’s Australian leadership team. An important…

    Drew Meredith | 30th Nov 2022 | More
    China threat hits ASX, RBA says sorry, Frazis to leave BOQ

    It was a tough start to the week in Australia, with little in the way of a US lead, all eyes were on growing unrest in China, which ultimately saw the S&P/ASX200 fall 0.4 per cent on Monday. Both the energy and materials sectors detracted, down 1.7 and 0.9 per cent as a surge in COVID-19 cases…

    Drew Meredith | 29th Nov 2022 | More
  • CBA hits new high, ASX gains, EML jumps on Chairman’s departure

    The local sharemarket finished the week on a positive note, with the S&P/ASX200 gaining 0.2 per cent as more than half of listed companies gained. The standouts were property, utilities and the retail sector all of which finished 1.1 per cent higher. Among the biggest contributors though, was the Commonwealth Bank (ASX: CBA) which gained 1.1 per…

    Drew Meredith | 28th Nov 2022 | More
    ASX strength continues, energy sinks on coal sales, Harvey Norman, Nick Scali shine

    Performance across the key sectors of the S&P/ASX200 continues to diverge with a weak day for energy, down 1.8 per cent, offset by gains in the technology and real estate sectors, which both added 1.2 per cent. Vicinity Centres (ASX:VCX) was a highlight, adding 4.1 per cent following the departure of its CEO, while Whitehaven…

    Drew Meredith | 25th Nov 2022 | More