How was your Monday?
A sunny start to the week in Melb post a long weekend of footy, hiking and golf (and many beers).
Have you been following the Graphite space lately?
Well…UBS thinks it’s poised for a run.
Click here to read more.
Across Markets…
A subdued trading session on the ASX edged the sharemarket near three-month lows on Monday, as markets brace for the next cash rate call from the Reserve Bank of Australia.
The S&P/ASX 200 closed 15.4 points, 0.2 per cent, lower at 7033.2, with The All Ordinaries also edging 0.2 per cent lower.
Healthcare stocks were the worst performing, down 1.3 per cent. The sector was dragged by a 2.9 per cent decline in dual-listed ResMed, which fell to $22.93 after it was downgraded to peer perform from outperform by Wolfe Research over the weekend. CSL, the largest healthcare stock on the benchmark, fell 1.8 per cent to $246.36.
The rate-sensitive consumer staples sector was the only other of the ASX’s 11 sectors to decline 1 per cent or more, dropping 1.1 per cent. Woolworths fell 1.2 per cent to $36.87 and Coles dropped 0.6 per cent to $15.47.
The subdued session arrives ahead of the first cash decision from Reserve Bank of Australia’s under new governor Michele Bullock, during which most analysts predict the central bank will hold rates for a fourth time.
In what could prove a positive sign for the RBA’s fight against inflation, Judo Bank’s inflation gauge, the Australia Manufacturing Purchasing Managers Index, declined to 48.7 in September from 49.6 the previous month, according to a research note released Monday.
Warren Hogan, chief economic advisor at Judo Bank said the Reserve Bank would likely welcome the signs of easing in the manufacturing sector.