The local market fell sharply on the back of an unexpected 0.25 per cent interest rate increase by the Reserve Bank of Australia. The news took the cash rate to 3.85 per cent, adding more pressure to household balance sheets and came despite most experts suggesting hikes had come to an end. The hardest hit…
The local sharemarket finished 0.4 per cent higher on Monday, buoyed by the energy and utilities sectors, which gained 1.3 and 1 per cent, despite the oil price continuing to fall. The sector was buoyed by an earnings upgrade from Origin Energy (ASX:ORG) which sent shares 0.5 per cent higher with AGL Energy (ASX:AGL) also…
The local sharemarket managed to keep losses to just 3 points on Thursday despite a significant selloff in the materials sector, which fell 2 per cent. This was driven by weakening commodity prices and the likes of BHP (ASX:BHP) and Mineral Resources (ASX:MIN) falling 5.5 and 2.6 per cent respectively. The cyclical financial and retail…
The local sharemarket managed to eke out a tiny 0.1 per cent gain on Wednesday as another mixed week continued amid mixed economic and corporate profit messages. The only sector truly in the green was materials, with iron ore miners Independence Group (ASX:IGO) and BHP (ASX:BHP) adding 4 and 1.5 per cent respectively and driving…
The Australian sharemarket reversed course on Tuesday, falling 0.3 per cent after the Reserve Bank released the minutes from its latest board meeting. According to the summary, there is a strong case for further rate rises, which triggered weakness in property related sectors led by Domain Group (ASX:DHG) which fell by 2.6 per cent. Across…
The local market managed to post a positive start to the week with the S&P/ASX200 gaining 0.3 per cent on the back of a rally in the more cyclical property and retailing sectors. Real estate gained 1.3 per cent and the discretionary sector 0.7 with Star Entertainment (ASX:SGR) a highlight, finishing 4.9 per cent higher….
The local market finished the week strongly, gaining 0.8 per cent on Friday, and 3.2 per cent for the week. Once again, the cyclical financial and materials sectors drove the gains, adding 1.9 and 0.5 per cent with both Rio Tinto (ASX:RIO) and BHP Group (ASX:BHP) adding 2.5 per cent. The former benefited from an…
The local market opened weaker on Wednesday, hit by worsening sentiment offshore, but ultimately finished 0.2 per cent higher. The rally was led by the materials and energy sector which both gained 1.2 per cent, buoyed by news that a disagreement between Iraq and Kurdish officials had led to a reduction in supply. The healthcare…
The local market continues to overcome weakening global economic sentiment, with the S&P/ASX200 powering to another 1 per cent gain on Tuesday. The market was buoyed by the mining and energy sectors, which gained 4.1 and 2.2 per cent respectively on the back of a suite of takeover offers. The highest profile of which was…
The local bourse finished 0.2 per cent lower taking the weekly loss to 0.6 per cent with the financial sector the biggest detractor, finishing 1.1 per cent lower. Poor sentiment around the outlook for banks contributed to a 1.2 per cent drop in Commonwealth Bank (ASX:CBA), while the materials and utilities sectors outperformed, gaining 0.6…
