ASX Update: First Rise in Three Days As RBA Says Inflation Peaked

The Market Herald2023-02-01

The share market recovery of 2023 got back on track as a first rise in three sessions lifted the S&P/ASX 200 to a fresh nine-month high.The Australian benchmark rose to within 1.3 percent of its 2021 ...

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Flight Centre and battery metal miners were among the morning’s strongest performers.What’s driving the marketA new month continued the January uptrend after a positive session on Wall Street soothed any jitters ahead of interest rate decisions in the next 48 hours in the US, Europe and UK. Wall Street wrapped up its best January in four years with further gains as a slowdown in wage growth added to evidence that inflationary pressures are easing.“Wall Street got a boost after a report showed employment compensation growth slowed towards the end of 2022. Although it is not welcome news for U.S. citizens struggling to keep up with high inflation, markets took it positively, as it bodes well for Fed’s rate decision tonight,” Kunal Sawhney, chief executive at research group Kalkine, said.“Given the drop in inflation over the last few months, Wall Street expects the Fed to announce a 25 bps rate increase tonight.”The S&P 500 rallied 1.46 percent. The advance extended the US benchmark’s tally for the month to 6.2 percent, mirroring gains here for the ASX 200. The broader All Ordinaries fared even better, climbing 6.4 percent during its best start to a year since 1986.The scale of the January advance has stoked hopes for a strong year after the wipeout of 2022. The five times when the S&P 500 has risen more than 5 percent during the January after a losing year have been followed by annual gains of between 20.1 and 45 percent, according to Ryan Detrick at Carson Group.“We’re seeing all of these historical major drivers of the market starting to all point in a direction that we think would be supportive of equity market gains over the next few months,” Greg Bassuk, CEO of AXS Investments, told CNBC.Back home, investors were encouraged by confirmation the Reserve Bank thinks inflation peaked at the end of last year.“We think the peak in inflation was at the end of 2022 – at around 8 percent – and that inflation will begin to ease over the course of this year,” the bank’s head of economic analysis, Marion Kohler, told a Senate Committee on the Cost of Living this morning.Going upFlight Centre soared 7.64 percent to $17.04 after raising $180 million from institutional investors to fund the acquisition of a UK luxury travel business. The “strongly supported” placement was completed at $14.60 per new share.Imugene bounced 5.56 percent off yesterday’s four-week low. Copper and gold miner Sandfire rallied 5.28 percent.Battery metal miners filled most of the other slots at the top of the index following a rebound in US peers overnight. Nickel Industries advanced 4.34 percent after yesterday’s upbeat quarterly.Lynas Rare Earths put on 4.05 percent, Allkem 2.31 percent and Sayona Mining 2.88 percent.Atlas Arteria firmed 0.73 percent after the French government signed off on a plan to fund upgrades to the operator’s motorways through higher tolls.Silver miner Lode Resources more than doubled in value after reporting “exceptionally rich” drill intercepts from its Webbs Consol Silver Project in NSW. Managing Director Ted Leschke said the latest intercepts increased the potential for the overall prospectivity and scale of the project. The share price bolted from 12.5 cents to 28.5 cents, a gain of 137.5 per \\cent.Credit Corp firmed 1.16 per \\cent on the promise of a better second half after loss provisioning and increased US costs helped knock first-half net profit down 30 percent. The share price reversed an early loss as the company insisted earnings were expected to “recover strongly” in the second half. The company said its full-year profit guidance was “intact”.The Reject Shop added 1.22 percent as a 3.5 percent increase in first-half sales from the prior corresponding period helped offset the unexpected resignation of CEO Phil Bishop. First-half earnings were expected to improve from $20.5 million in H122 to $22.5-$23.5 million. Bishop resigned after just six months for “personal reasons”.A 4.3 percent increase in net sales last quarter, year-on-year, helped lift thinly-traded gourmet food business Maggie Beer 2.33 percent. Net profit from continuing operations for the first half was 10.2 percent stronger than H122 at $7.2 million.Going downCommonwealth Bank hit an all-time high at $110.81 before easing to a loss of 0.13 percent at $109.92. The bank has rallied almost 8 percent this year, outpacing its rivals.Gold miners trailled as the yellow metal pared its first rise in four sessions. Gold for April delivery eased US$2.10 this morning after settling US$6.10 or 0.3 percent ahead overnight at US$1,945.30 an ounce.Gold Road Resources lost 1.98 per cent,Perseus 0.7 percent and Silver Lake Resources 1.92 percent.Energy producers were also weak. Woodside Energy dropped 0.97 percent. Santos gave up 0.77 per cent.Agribusiness Nufarm faded 0.68 percent despite reaffirming revenue guidance at today’s AGM. CEO and Managing Director Greg Hunt said positive momentum had continued into the first quarter of FY23.Other marketsAsian markets advanced. The Asia Dow put on 0.58 percent, Hong Kong’s Hang Seng 0.36 percent, Japan’s Nikkei 0.5 percent and China’s Shanghai Composite 0.16 percent.US futures retreated ahead of tonight’s interest rate decision. S&P 500 futures dropped 11 points or 0.28 percent.Oil added to last night’s 1.1 percent advance. Brent crude lifted 31 US cents or 0.36 percent to US$85.77 a barrel.The dollar edged up 0.05 percent to 70.54 US cents.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9955359331,"gmtCreate":1675226823224,"gmtModify":1676538985084,"author":{"id":"4115257325505790","authorId":"4115257325505790","name":"T202311701","avatar":"https://community-static.tradeup.com/news/816311e9879fbae4e952e2a5386f68ca","vip":1,"crmLevel":9,"crmLevelSwitch":0,"idStr":"4115257325505790","authorIdStr":"4115257325505790"},"htmlText":"O","listText":"O","text":"O","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955359331","repostId":1190181252,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":21,"commentSize":1,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.1","shortVersion":"4.29.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1190181252"}