Closing Bell
What's Affecting Markets Today
Westpac’s Ellis says RBA clues could point to tightening
Luci Ellis, Westpac’s chief economist, suggests a nuanced shift in the Reserve Bank of Australia’s (RBA) language, indicating a propensity to raise interest rates to align with inflation targets. Ellis, leveraging her experience as a former RBA assistant governor, interprets this as a strategic move despite uncertainties in inflation trends, akin to patterns observed in New Zealand’s economic landscape.
Whitehaven set to buy BHP’s Queensland coal auction
Whitehaven Coal is poised to acquire BHP’s Daunia and Blackwater mines in Queensland, overcoming competition and investor opposition. This strategic acquisition, expected to be formalized soon, underscores Whitehaven’s competitive positioning and adaptability in navigating investor sentiments and market rivalries.
Gold edges up as Middle East conflict intensifies
Gold prices are experiencing a resurgence, driven by escalating conflicts in the Middle East. The geopolitical tensions, marked by uncertainties and the diminishing hopes for a diplomatic resolution, are steering investors towards gold, reinforcing its status as a safe-haven asset amidst global unrest.
ASX Stocks
ASX 200 - 7077.6 +21.5 (0.3%)
Key Highlights:
The ASX exhibited a nuanced performance, navigating through a tapestry of gains and losses, reflecting both global influences and stock-specific dynamics. BHP emerged as a focal point, witnessing a 0.5% uptick in shares, propelled by Whitehaven Coal’s strategic acquisition of two pivotal Queensland mines, underscoring a vibrant landscape of competitive positioning and strategic acquisitions.
In contrast, the tech sector mirrored Wall Street’s volatility, with notable players like Xero experiencing a 3.2% decline, illustrating the sector’s susceptibility to broader market sentiments. Cettire, an online luxury retailer, navigated through market dynamics with a fluctuating performance, ultimately closing with a 1.9% drop despite a promising revenue report.
Woodside Energy carved a space of resilience, marking a 1.4% increase, buoyed by a narrowed full-year production guidance, reflecting adaptability amidst market uncertainties. The market also witnessed strategic movements with Liontown Resources requesting an ASX trading halt extension, illustrating the tactical considerations pivotal in the current market landscape.
The day’s trading painted a portrait of a market in motion, where strategic acquisitions, sector-specific vulnerabilities, and individual stock performances collectively narrated the ASX’s unfolding economic saga.
Leader
WHC-Whitehaven Coal Ltd (+11.93%)
GMD-Genesis Minerals Ltd (+6.99%)
STX-Strike Energy Ltd (+6.25%)
CMM-Capricorn Metals Ltd (+5.47%)
TWE-Treasury Wine Estates Ltd (+5.32%)
Laggards
CCP-Credit Corp Group Ltd (-30.59%)
BAP-Bapcor Ltd (-7.45%)
NCM-Newcrest Mining Ltd (-6.45%)
HUB-HUB24 Ltd (-5.92%)
MCY-Mercury NZ Ltd (-4.64%)
Calendar
Economic
