The key takeaways from the last 24 hours
Energy holds up ASX, Santos (ASX:STO) rallies, Newmont (ASX:NEW) leads gold miners higher on US-Iran worries
The local market posted a 0.3 per cent loss on Thursday, despite seven of the 11 sectors rallying, led by energy. The banking sector was the biggest detractor, with the likes of the Commonwealth Bank (ASX:CBA) and Westpac (ASX:WBC) falling slightly. The energy sector was boosted by Santos (ASX:STO) which rallied 0.2 per cent as the oil price moved back above US$70 per barrel. The gold price also rallied, supporting Northern Star (ASXNST) which gained 1.2 per cent, on media reports that President Trump was growing increasingly concerned that Iran would cease enriching uranium amid a threa of strikes between the nations. Monash IVF (ASX:MVF) remains in the news, with CEO Michael Knaap stepping down following a second embryo bungle by the company amid an environment where investors are demanding significantly greater transparency from boards. Long suffering shareholders in packaging group Pact (ASX:PGH) will have just four weeks to get rid of their shares before the company formally delists from the ASX.
Cettire (ASX:CTT) tanks on further downgrade, Cochlear maintains despite earnings reduction
Luxury online retailer Cettire (ASX:CTT) felt the brunt of the market and falling expectations with shares tanking by more than 30 per cent during the session. CEO Dean Mintz warned of weaker demand from the US, with the company reporting just 1.7 per cent growth in sales for the full year well below expectations. The company remains fixated on further expansion despite growing global challenges for luxury retailers. AGL Energy (ASX:AGL) confirmed that it is considering the sale of its 29 per cent investment in Tilt Renewables, amid a cleaning up of its balance sheet, shares were 0.9 per cent lower. In a sign of growing demand for higher quality earnings, shares in Cochlear (ASX:COH), which producing ear implants, rallied 0.7 per cent despite the company downgrading earnings guidance. The market was clearly expecting worse, with the company suggesting a new range of $390 to $400 million, down from $410 to $430 million as sales slowed.
Rally gathers steam, as inflation, bond yields surprise on the positive, Oracle surge continues
The Nasdaq and Dow Jones both posted 0.2 per cent gains overnight, as another round of positive inflation data supported hopes of a rate cut. Yields fell to 4.8 per cent after a massive US government bond auction, allaying fears of growing debt issues, and also boosting the S&P500. Inflation for companies, being the producer price index rose 0.1 per cent, weaker than expected and Cathie Wood of ARK Invest flagged an improving outlook for capital expenditure from the world’s largest companies, particularly around AI and computing power. US auto tariffs may be raised next, with both Ford (NYSE:F) and Stellantis faling briefly. Shares in Oracle (NYSE:ORCL) posted a massive double digit gain after the company flagged hopes that cloud infrastructure sales with jump by more than 70 per cent this financial year.
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