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Closing Bell 26 September

Grady Wulff
September 26, 2022

The Australian market dipped to a 3-month low during today’s session amid global recession fears, oil prices diving and the US dollar surging to a fresh-peak. The ASX200 closed the first trading session of the week down 1.6%.

The ASX was also sold-off as the UK pound nosedived to a new record low US$1.035 on the promise of new tax cuts in the UK’s mini-budget as investors fear a surge in government borrowing to pay for the huge tax cuts.

The energy sector which is leading the gains in 2022, was hit hard today with the sector experiencing its worst session since March 2020, as oil prices continue to plunge. The price of brent is down a further half a percent today at US$85.76 per barrel, while crude oil is down 0.54% at US$78.31 per barrel today. Whitehaven Coal (ASX:WHC) led the losses on the energy sector, down 11% today, wiping off some the coal producers’ recent gains.

The winning stocks today were Nanosonics (ASX:NAN), Megaport (ASX:MP1) and REA Group (ASX:REA), which are part of the technology sector that gained more than 1% today. And on the losing side, New Hope Corporation (ASX:NHC) took the biggest hit today, diving almost 15%, followed by Costa Group (ASX:CGC) plunging just over 14% today after the company announced it is back on the hunt for a new CEO just 18-months after Sean Hallahan will step down with effect from today, September 26, 2022, just 18-months after the biggest leadership change in ASX history.

The most traded stocks by Bell Direct clients today were Whitehaven Coal (ASX:WHC), Argosy Minerals (ASX:AGY), and BHP Group (ASX:BHP).

On the economic data front, it’s a slow week for the release of any economic data that will come as a slight relief for investors who have been very responsive to crucial economic data that has been released of late.

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