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The Australian share market regained some ground on Tuesday, closing the session 0.5% higher, as investors piled back into technology stocks, giving long-term tech shareholders a brief sigh of relief. Energy stocks also rallied again during today’s session.
Mineral Resources (ASX:MIN) led the gains on the ASX today as investors bought into the mining company following CEO Chris Ellison sharing the company’s vision to build a battery manufacturing plant in Western Australia over the next couple of years. MIN also announced it is pushing ahead with the $3b Onslow Iron Ore project with the backing of China’s biggest steel maker. The a2 Milk Company (ASX:A2M) also jumped more than 6% today after releasing strong FY22 results yesterday.
On the losing front, Sandfire Resources (ASX:SFR) shares came under fire today as investors digested the copper miner’s FY22 results today. Despite reporting record sales revenue of $922.7 million, investors were more focused on the company’s scrapping of its final dividend this financial year which led to the sell-off in SFR stocks. Ramelius Resources (ASX:RMS) stocks were also sold off today, closing the session down more than 5%.
On the economic data front today, Australian building permits data for July was released showing a decline of 17.2% which significantly exceeded the markets’ expectations of a 2% decline, indicating the country’s building industry remains in crisis mode. Private house approvals data for July was also released today also showing a decline from June to 0.7% which beat market expectations of a 0.5% rise.
As for what to watch overnight, US house price index data for June will be released as well as JOLTs Job Openings data for July in the US.