Teasing a turnaround 🔄
Call it Turnaround Tuesday! After a horror week last week and 7-successive days of declines, the ASX bounced today, recording a 1.4% gain. A bounce in cyclicals drove the gains. After taking a bath yesterday, materials and energy stocks gained 1.6% and 2.8%, respectively. Financials also added 2.6% and consumer stocks pushed higher. As far as top performers go, PointsBet jumped 7.8%, adding to Monday’s rally following news of a share placement scheme by SIG Sports Investment Corp. Uranium play Paladin was a stellar performer, climbing 8.4% for the session. The RBA minutes and a speech from Governor Lowe failed to shift the currency much, despite both hammering home the central bank’s new focus on fighting inflation and importantly, inflation expectations.
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