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A choppy session that mirrored yesterday’s move to end the week as higher oil prices kept a lid on the local market for most of the day until a decent ~50pt rally from the lows saw the index finish almost flat into the close. The selling in financials eased, providing some stability, while materials weighed as gold stocks took a hit.
NB: There will be no MM reports on Monday due to the Anzac Day public holiday.
- ASX 200: 8,786.50 / −6.91pts / −0.08%
- AUD/USD: 0.7127 / −0.01%
- Best sectors: Utilities +2.17%, Energy +1.47%, Consumer Staples +0.38%
- Worst sectors: Industrials −0.32%, REITs −0.34%, Materials −1.01%
- Technology stocks held up surprisingly well despite Microsoft (MSFT US) and other US tech firms announcing layoffs overnight — Xero (ASX: XRO) +0.30%, WiseTech (ASX: WTC) +0.14% held ground while TechnologyOne (ASX: TNE) −2.32% fell.
- Suncorp (ASX: SUN) +4.47% rallied after announcing the purchase of a five-year aggregate reinsurance cover and signalling underlying insurance trading ratio is expected to come in toward the upper end of guidance.
- Pilbara Minerals (ASX: PLS) +1.58% rose after reporting a 52% jump in revenue driven by stronger lithium prices, despite lower overall sales volumes.
- Vulcan Energy (ASX: VUL) +3.11% gained after construction commenced at its central lithium chemical plant in Germany.
- IGO (ASX: IGO) −17.92% fell after cutting guidance for spodumene production at its Greenbushes operation.
- Fortescue (ASX: FMG) −5.67% dropped following its quarterly production update and announcement of a US$680m investment into green power projects.
- Newmont (ASX: NEM) +0.72% edged higher after a strong 1Q result, with earnings, cash flow and margins all beating expectations.
- EVT (ASX: EVT) −7.25% declined after issuing a trading update signalling growth in its hotels division would only be marginally higher than last year.
- Nuix (ASX: NXL) +14.98% jumped after the Federal Court dismissed the long-running ASIC case alleging the company misled investors around its 2020 IPO guidance.
- Data#3 (ASX: DTL) +5.81% moved higher after broker Taylor Collison upgraded the stock to a Buy rating from Hold.
- Oil: trading around $US95.60/barrel (WTI)
- Gold: trading around $US4,676/oz around our close.
- Iron Ore: down 0.3% to $US107.05
- Asian Markets: China -0.3%, Hong Kong +0.2% and the Nikkei +1.2%.
- Global Futures: S&P 500 E-Mini +0.1%, Dow E-Mini -0.2%, FTSE −0.13%
- US Earnings Tonight: HCA Healthcare (HCA US)
