Closing Bell 21th May: James Hardie Plunges Amid Weaker Housing Outlook
Australian shares dipped midday Tuesday as declines in James Hardie and Sonic Healthcare offset a tech rally following a record high for the Nasdaq.
Australian shares dipped midday Tuesday as declines in James Hardie and Sonic Healthcare offset a tech rally following a record high for the Nasdaq.
The Australian sharemarket edged closer to its record high, driven by robust gains in the mining sector.
The trade in Graincorp has worked in our favor and has now hit the highs of the technical. We are going to take profit on the trade.
Incitec Pivot faces $148M loss; Aristocrat reports strong growth; GrainCorp stabilizes operations. Copper Warrants (ZHGKOB) highlighted as trade of the week amid supply shortages and record prices.
The S&P/ASX 200 surged on Thursday as the jobless rate rose faster than expected to 4.1%, indicating an economic slowdown aligning with Reserve Bank forecasts.
Sell 3% of Incitec Pivot Limited (ASX: IPL). The ongoing divestment of its Fertilisers business introduces significant complexity and uncertainty, impacting financial stability.
Ahead of the federal budget, Australian shares saw modest declines, with the S&P/ASX 200 dropping by 0.4 percent as the market reacted to a flat performance on Wall Street and awaited crucial inflation data from the US. The real estate sector felt the brunt of the losses, dipping 0.9 percent, influenced by interest rate sensitivities.
The Australian Stock Exchange saw gains, led by energy companies as optimism over China’s economic rebound and rising commodity prices fueled market enthusiasm.
The investor sentiment pattern, in the US equity market in particular, is of extreme selective hearing with any weakness in the economy cheered because it will trigger rate cuts, while any strength in the economy is cheered as “proof” of a soft landing.
Australian shares fall sharply with retailers and banks hit hard by rising living costs and dampened consumer spending, signaling tougher economic times ahead.
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