Flat as a tack 📌

Flat as a tack. That’s what the local market was today. Investors face a deluge of information this week – on the corporate and economic front, both domestically and abroad.  So - the ASX200 closed a paltry 0.02% lower. Materials lifted, so did utilities. A drop in the NASDAQ after poor tech earnings on Friday pushed our tech sector down 1.5%. Healthcare also dropped 1%. Quarterly results and updates are dripping into the market.  Oz Minerals downgraded its copper and gold production guidance, as well as its cost guidance. Its shares dropped 3.7%. Flight Centre upped its profit guidance. Its shares jumped 3%. South32 delivered its production guidance in line with expectations and its shares edged 0.8% higher. The biggest laggard was EML Payments (again) after the company released an update on its dealings with the Central Bank of Ireland, with the central bank not satisfied with the company’s forced remediation program. IAG shares were the market leader, trading up nearly 6%. There’s not much on the calendar tonight. Investors await quarterly results of Apple, Alphabet, Amazon and Microsoft as the week unfolds, along with an FOMC meeting on Thursday.


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