Step One sees the bottom 🩲

A big early bounce fizzled, undermined by weak Chinese economic data a reluctance from policymakers to ease monetary policy further. But back-to-back gains have been rare recently, so we’ll take the green on screen. Info Technology started where it left off last week, adding another 2.1%, helped by a big bounce on the Nasdaq on Friday. Xero’s substantial price drop is still attracting buyers, seeing it lift by a further 5.1%. Industrials enjoyed a strong day with a pop of 2.4%, helped by confirmation private equity firm CVC is entering takeover talks with Brambles. Shares in the pallet business surged 11%, making it the top performer on the benchmark index. Prang of the session went to Step One after the underwear retailer delivered a big profit warning, resulting in its shares tanking 55.2%. That’s some painful financial chafing for shareholders! But it was the exception to the broader rule. The S&P/ASX finished a quiet Monday up 17.9 points, or 0.25%, at 7093.


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Gold is looking extraordinarily cheap



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