Follow the money 💵

The COB from ausbiz

06-09-2022 • 14 mins

Without a Wall Street lead and ahead of an RBA meeting, the ASX200’s early gains were fleeting, with the index grinding lower throughout the session to finish down 0.38% and at 6826.


The sell-off gathered pace after the RBA handed down its decision; a 50 point hike as expected, and a tacit commitment to data dependency, with policy “not on a pre-set path”. The AUD/USD reclaimed an intra-day dip following the meeting.


Across the market: IT and energy stocks lifted, the latter supported by moves from Russia to cut gas supply into Europe and a decision by OPEC+ to reduce output. New-energy stocks outperformed. Pilbara Minerals finished the session 6.9% higher, Allkem added 4.3%, while Paladin gained 7.2%. The lithium miners were bolstered by a bullish broker note from Jefferies.


As far as the laggards go, Super Retail dropped 6% as the stock went ex-dividend. Codan was down 4.9%, and Breville was off by 4.5%.


Magellan was the stock of the day, watch all 11 stocks covered in the call here.


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