Flat as pancake 🥞

Life back above 7000 was short-lived, with an initial rally for the ASX200 faded throughout the day. The local bourse closed flat at 6974. IT stocks had a good day - especially stocks of a more speculative nature. Telecommunications, REITs and utilities also pushed higher. The drag on the market primarily came from the iron ore miners and energy stocks - the latter falling after a larger than expected build in US Crude Inventories drove oil prices back into the low $90 range. Consumer staples also lagged. As far as the high flyers go - Tyro Payments jumped 17%, PointsBet rose 12%, and Imugene rallied 8.7%. Punter favourite Zip Co. gave up a big early gain to close 3% lower. Orica shares flopped following the announcement of its raise to fund the acquisition of Axis Mining Technology. Grain Corp extended its decline by 6.6%. Looking ahead, the Bank of England meets tonight and is expected to raise its key bank rate by 50bp to 1.75%. In US earnings, Block, Alibaba and Warner Bros will report quarterly results.  


Our top three VODs:

Investing for when the pandemic is over

The case for copper

To list, or not to list? That is the question


Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.