Under pressure... pushing down on markets 👨🎤
The local market took the path of least resistance and traded lower from the get go. Growth stocks are again labouring under elevated bond yields, and tech closed down 3.3%, dragged by Block’s 6.4% loss. Westpac shone, the market rewarding an earnings beat, and closed up 3%. Otherwise the financial sector closed down smalls. Energy was a rare sector in the green (oh the irony) closing up 0.5%. Novonix, City Chic and Newscorp were smashed for different reasons: the media giant due to broker downgrades, while Magellan closed over 9% lower after curbing its appetite for burritos (Guzman Y Gomez). The Australian dollar sank to a three-month low of $0.6999 as we write this update, let’s hope the myriad of unhedged importers aren’t asleep at the wheel. The S&P/ASX200 closed at 7120 on a last-second pop, still 1.2% lower on the day, led by a 3% slump in small caps.
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