the COB: no TGIF for BNPL
A weak lead overnight squashed any glimmers of green on the screen today. Textbook growth stocks were belted, and with the Nasdaq closing 2.5% lower the usual pavlovian response is to smash the Aussie BNPL space. Afterpay copped it on the chin, losing another 9%. Tech closed down -1.6% in the end. After a decent week, commodities were meh, as was the materials sector. A standout was AGL, getting a decent tailwind from record gas prices. Financials also reversed yesterday’s rally, closing 1% lower. There were some juicy corporate updates to chew on. Qantas announced reduced flight capacity, although early losses were squared up in the end. City Chic Collective’s trading update was a blockbuster, boosting the share price 15% higher at one stage. Michael Hill’s update was equally perky, closing 1.4% higher is an outperformance in this soggy market. At the other end, Pendal smashed on its update of lower FUM, down over 15%. A very strong home loan data report again proving that calling the death of housing rarely comes to fruition. Overall, bye-bye yesterday’s blue-chip rally, it was a tech-led slump and the ASX200 closed down over 80 points or -1.1%.
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