Another false start 🚩
An early rally fizzled as quickly as it began, undermined by steep falls in commodity prices that heaped pressure on the miners. The materials sector was slammed, tumbling 4.6% with the likes of BHP, Rio Tinto and Fortescue siding between 4.9% to 8.3%. Energy was hit even harder, sliding 5.2% on the back of recession fears. Utilities and staples also dragged, finishing with losses of 1.9% and 0.7% respectively. Helping to limit the damage, longer duration names generally fared well. The REITs sector was the standout performer, jumping 3.6%. A positive update from Vicinity Centres contributed to the positive mood, seeing its shares surge 7.9%. Pointsbet Holdings was the top performer on the benchmark, soaring 17.1% on news of a fresh capital injection. As one of the most shorted stocks on the local bourse, position covering may explain the size of the move. The history books will show the S&P/ASX 200 eased 0.64%, falling 41.4 points to 6433.4.
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