Playing chicken with the bears 🐔

Make that four on the trot. But keep the champagne on ice. Unusual price action often occurs ahead of financial year end. Two days to go. Having been marked down heavily in recent weeks, materials and energy returned to do the heavy lifting, rising 3% and 3.6% respectively. The utility sector also had a good day, chiming in with a gain of 3.2%. Despite a lift in bond yields, REITs added 1%. To the downside, consumer discretionary was the laggard, sliding 1.3%. The big banks were weaker, dragging the broader financial sector down 0.25%. The contrasting fortunes of retailers were on clear display. KFC owner Collins Foods surged 11% after delivering hot and spicy full year results. At the other end of the spectrum, BWX shed 39.9% after announcing a heavily discounted capital raise while simultaneously delivering a guidance downgrade. Oof. In the M&A space, Canadian firm Cooke had a nibble at Tassel Group. However, the aquaculture producer didn’t take the offer 'hook, line and sinker.' Its shares surged 16.4%. The S&P/ASX 200 finished at session highs, adding 0.86%, or 57.6 points, to close at 6763.6.

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