Good Afternoon. Jonathon Davidson here with HotCopper’s Market Update. Since filming and writing this, the RBA has delivered an interest rate cut!
It’s an interest rate decision Tuesday, and this one is proving of some interest given the overwhelming volume of economists predicting the RBA will cut.
The big question really is, what is the RBA looking at and valuing as more important – the CPI read, or, the still strong labour market?
Health Care was in the lead in afternoon trades up +0.5% followed by IT up one-fourth of a percent.
The energy sector was the biggest faller in afternoon trades down nearly -1.7% driven in part by Woodside which has warned dividends could get the chop in the foreseeable future. Not too surprising, given that oil prices have settled from their COVID highs.
Looking at what else is around on this earnings heavy and RBA facing day.
Judo Bank jumped nearly 13% on a well received report including the revelation the bank continues to keep its head down and grow assets under management, posting a recent 45% jump to $18.5B. The shares last traded at $2.15 per share.
Seek Limited meanwhile notched modest gains on its latest earnings report which saw some investment bankers rate the stock a buy, the company says the rate at which job ads continue to decline from COVID highs has started to ease, indicating a tight labour market could be around to stay.
Finally, an interesting one for New Zealand Coastal Seafoods – that small and somewhat obscure company has been hit with a censure order from the ASX. The company has been told off for not disclosing certain interests between parties it was meant to inform the bourse operator about. Now its shares are suspended.
That’s Market Update, stick with us for HotCopper’s Market Close live from RIU’s Explorers’ Conference.