Tailwinds, winners and wine 🍷
Happy days. Happy week and month, actually. The local market closed 0.81% higher for the day, taking the weekly and monthly gain to 2.3% and 3.6% respectively. It was a broad-based rally again, too. All bar the healthcare sector finished in positive territory - but it was only down 0.06%. The drop in global yields after weaker than expected US GDP data supported rate sensitive areas of our stock market. Utilities were 2.5% higher, while real estate closed just shy of a 3% gain. The gold miners were a bright spot too after the yellow metal rallied 2% in US trade. St Barbara shares topped the ‘200’ with a 9.7% rally. Onto the biggest movers and shakers. The Zip Co rollercoaster kept running with a 25% drop; Pointsbet Holdings shares tumbled 10% despite delivering a fourth quarter update revealing a 41% year on year increase in quarterly total net win. Looking ahead - US PCE Index data will be the next big piece to put together the US macro puzzle. On the earnings front, Wall Street welcomes quarterly results from Exxon Mobil, Chevron and Procter & Gamble.
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