Falling at the finish line 🏃

It was a soggy end to what’s been a soggy month, quarter, half and year. Rather than farewell, good riddance seems a more appropriate way to send off the financial year. Fittingly, losses were widespread. Be they small or large, cyclical or growth, everything was given the treatment. Utilities, energy, materials and financials led the losses, though over the first half energy stocks rose more than 30%. The S&P/ASX 200 finished at its lows, tumbling 132 points, or 1.97%, to close 6568. For June, it shed 8.9%, the largest decline since the early stages of the pandemic in March 2020. That extended the quarterly loss to 12.42%, leaving the benchmark down 10.2% for the financial year.

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