Onwards and upwards 🧗
Hopes that US inflation has peaked helped push the local market to fresh multi-month highs. The S&P/ASX 200 climbed 1.1% to 7071, closing at the highest level since June 8th. From the recent lows, the benchmark has added a cool 10.4%. Underneath the hood, gains were broad based with only utilities finishing lower. Materials, consumer discretionary, information technology, healthcare and REITs were the standout performers, climbing between 1.2% to 2.2%. As seen in other parts of the world recently, the top individual performances came from stocks dominated by retail investors. Lake Resources jumped 20% on no news, leading a string of battery materials firms higher. Novonix added 10%, Core Lithium 5% while Pilbara Minerals climbed 4%. BNPL players, non-profitable tech and funds management names also performed particularly well. Among the winners from the day’s raft of earnings, Mirvac jumped 4.3% while QBE climbed 3.4%. Of the disappointments, Telstra slipped 1.6% while AMP eased 1.7% despite both planning larger capital returns to investors. Elsewhere, Rio Tinto slid 4.2% after trading ex-dividend while Computershare and St Barbara fell 4.3% and 1.4% respectively on broker activity. IDP Education skidded 1% after appointing a new CEO.
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