the COB: the Crown jewels 👑
While US markets embraced 40-year highs in inflation, SPI futures were flat. But not to worry Aussie blue chip stocks were hoovered up, aka banks and miners. The big four banks opened higher and stayed there, but didn’t exactly shoot the lights out and closed up 0.4%. Iron ore prices reached $130/t, boosting BHP and Rio into today’s top 10. In fact, it was a commodities-heavy upbeat session for lithium and nickel stocks as well, with Pilbara Minerals, Liontown Resources and Nickel Mines - closing at least 3.5% higher. Oil prices also rose, and the energy sector closed up 1.2%. However, the ASX200 jewel was in (the) Crown, closing over 8% higher as Blackstone once again upped its bid. At the other end, BWX closed down nearly 16% thanks to unexpected c-suite shuffles.
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