Closing Bell
3 Things Affecting Markets
- Ukraine attack on Russian Vessel – triggering higher oil and grain prices
- Iron ore prices – fall to 2-month lows weighing down materials sector
- Inflation figures – global inflation numbers due this week
ASX Today 7309.2 (-0.22%)
The ASX has a quiet day due to the Sydney bank holiday with volumes thinner than usual. Lithium stocks were a bright spot, led by PLS who upgraded their resource by 30% at their Pilgangoora mine to 407kt from 300kt. Oil held gains after Ukraine attacked another Russian vessel over the weekend, putting at risk significant flows of the nation’s commodities from the Black Sea such as crude and grains. Iron ore fell to fresh 2-month lows, dragging down the big miners. This compounded a weak earnings report from RIO last week which saw declining profits and compressed profit margins. Markets were also awaiting key inflation readings from the U.S. and China this week, with the latter expected to slip closer towards disinflation amid a slowing post-COVID economic recovery.
Leader
EHE – received an increased bid from private capital giant Bain & Co
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Laggards
Block shares are tumbling again today after closing down 5.8% on Friday.
The heavy selling pressure follows the release of the ASX BNPL stock’s quarterly update, which hit the wires on Friday morning Aussie time.
On the surface, the quarterly results looked reasonably solid.
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Calendar
Economic
Earnings
