How was your Monday?
To all our friends in Perth, we’re excited to invite you to our Spotlight 2023 Investor Conference on the 25th of October at the Ritz-Carlton!
The conference will feature:
- 1-on-1 interactions with CEO’s
- Networking, canapés and drinks
- Panel discussions on current events
- Insights from industry leaders
- Presentations from ASX-listed co’s
For a full list of presenters and to register your spot, click here.
Across Markets…
A midday rally in tech stocks helped the Australian sharemarket recover early China-related losses in the materials sector to edge higher at the close of market.
The ASX/S&P 200 closed just 7.7 points, or 0.1 per cent, higher at 7042.7, but is still hovering near at its lowest point since July 11. The All Ordinaries also gained 0.1 per cent.
On the benchmark, the China-sensitive material sector ended the day the worst hit, after ratings agency S&P cut the forecast of the Asian juggernaut’s annual economic growth rate to 4.8 per cent, from 5.2 per cent, saying its fiscal and monetary easing had remained limited.
Iron ore futures in Singapore dropped 4.1 per cent to $US116.25 per tonne, compared with a six-month high of $US123.60 per tonne, reached last week.
A survey from industry research house Mysteel found that, of 90 Chinese downstream construction companies, less than half planned to replenish their inventories before a national holiday, with most expecting further price softening on weak demand.
Material stocks sank 1 per cent lower, with iron ore miner Fortescue Metals dropping 1.3 per cent to $20.54 and Rio Tinto falling 1.2 per cent to $113.18.
However, gains in tech stocks helped offset the heavier losses in materials, ending the day 1.9 per cent higher. WiseTech Global rose 1.5 per cent to $67.85, Xero jumped 2 per cent to $116.97 and Altium gained 1.7 per cent to $44.47.
Uranium miners also posted gains following another rally in the commodities price earlier this month. Paladin Energy gained 6.1 per cent to $1.04, Boss Energy jumped 5.1 per cent to $4.73 and Bannerman Energy soared 11.8 per cent to $2.76.