The key takeaways from the last 24 hours
The S&P/ASX 200 Index (ASX: XJO) added 21.8 points, or 0.3 per cent, to 8,918.0 on Wednesday, while the broader All Ordinaries Index (ASX: XAO) rose 3.6 points, barely noticeable on a percentage scale, to 9,177.4. Seven of 11 sectors on the Australian Securities Exchange (ASX) finished in the green, with real estate and financials leading, but materials and healthcare weighed on the gains.
The heavyweight financials sector gained 1.4 per cent as the four major banks all gained. National Australia Bank Limited (ASX: NAB) elevated $1.49, or 3.7 per cent, to $42.03; Westpac Banking Corporation (ASX: WBC) put on 92 cents, or 2.5 per cent, to $38.23; Australia and New Zealand Banking Group Limited (ASX: ANZ) advanced 64 cents, or 1.9 per cent, to $33.41; and Commonwealth Bank of Australia (ASX: CBA) gained $1.35, or 0.8 per cent, to $172.40.
Biotech heavyweight CSL Limited (ASX: CSL) extended its losses, a day after announcing job cuts and the spin-off of its vaccine arm, with the stock down $4.76, or 2.1 per cent, to $220.74; CSL Limited (ASX: CSL) is down almost 19 per cent since it reported its result, and down 21.5 per cent year-to-date.
In big mining, BHP Group Limited (ASX: BHP) slid 37 cents, or 0.9 per cent, to $41.75; Rio Tinto Limited (ASX: RIO) receded 15 cents, to $112.90; and Fortescue Ltd (ASX: FMG) gave up 31 cents, or 1.6 per cent, to $19.38. In oil and gas, Woodside Energy Group Ltd (ASX: WDS) eked out a 2-cent gain, to $26.16; while Santos Limited (ASX: STO) slipped 19 cents, or 2.5 per cent, to $7.56, on news that its results had to be delayed because a United Arab Emirates (UAE) takeover bid was pushed back.
In gold, Evolution Mining Limited (ASX: EVN) rose 9 cents, or 1.1 per cent, to $7.98; Genesis Minerals Limited (ASX: GMD) helped itself to 4 cents, up 0.9 per cent to $4.39; Gold Road Resources Limited (ASX: GOR) moved 3 cents higher to $3.33; and Capricorn Metals Ltd (ASX: CMM) added 1 cent to $9.69; but there was little joy elsewhere in the sector. West African Resources Limited (ASX: WAF) was down 5 cents, or 1.9 per cent, to $2.63; Perseus Mining Limited (ASX: PRU) lost 4 cents, or 1.1 per cent, to $3.53; and Ramelius Resources Limited (ASX: RMS) eased 3 cents, or 1.1 per cent, to $2.77.
Coal miners also had a bad day, with Yancoal Australia Ltd (ASX: YAL) particularly grisly, sinking 71 cents, or 11.4 per cent, to $5.51, after reporting that first-half net profit had slipped 61 per cent on last year, amid weak coal prices. Whitehaven Coal Limited (ASX: WHC) was down 21 cents, or 3.2 per cent, to $6.43.
The real estate index was up 1.8 per cent, helped by asset manager HMC Capital Limited (ASX: HMC), which rocketed 58 cents, or 17.7 per cent, to $3.85, after a 6.6 per cent loss on Tuesday; and developer Stockland Corporation Ltd (ASX: SGP), which gained 40 cents, or 7 per cent, to $6.12.
In the United States (US), a broad tech decline pulled the S&P 500 Index (NYSE: INX) and Nasdaq Composite Index (NASDAQ: IXIC) lower, with the S&P 500 Index (NYSE: INX) posting its fourth straight loss, down 15.59 points, or 0.2 per cent, to 6,395.78; and the Nasdaq Composite Index (NASDAQ: IXIC) off 142.09 points, or 0.7 per cent, to 21,172.86. The blue-chip Dow Jones Industrial Average (NYSE: DJI) managed an advance of 16.04 points, to 44,938.31.
Investors continued to take profits from several heavyweight technology and semiconductor names, fanning concerns about their high valuations and the longer-term strength of the ‘buy AI’ trade. Intel Corporation (NASDAQ: INTC)dropped about 7 per cent, while NVIDIA Corporation (NASDAQ: NVDA), Advanced Micro Devices Inc. (NASDAQ: AMD), Broadcom Inc. (NASDAQ: AVGO), Palantir Technologies Inc. (NYSE: PLTR), Apple Inc. (NASDAQ: AAPL), Amazon.com Inc. (NASDAQ: AMZN), Alphabet Inc. (NASDAQ: GOOGL) and Meta Platforms Inc. (NASDAQ: META) were also lower.
Minutes from the Federal Reserve’s July meeting released Wednesday showed that the central bank continued to be preoccupied with the state of the jobs market and inflation, although most policymakers agreed that it was too soon to lower interest rates. The bank held rates steady in July, but Fed governors Christopher Waller and Michelle Bowman dissented, marking the first time two voting Fed officials have done so since 1993.
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