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Closing Bell 7 September

Grady Wulff
September 7, 2022

Investor sentiment was dampened today in the wake of the RBA’s 50-basis point interest rate hike, GDP data showing the Australian economy grew 0.9% in the June quarter and the price of oil tumbling 2%, which caused a sell-off in energy stocks. The market closed the midweek session down 1.42%, dragging the index down more than 10.6% over the last 52-weeks.

The story of the session was Australia’s economy or GDP growing 0.9% in the June quarter and 3.6% for the year, driven by the boom in resource exports and high household consumption. The high consumer household spending, which jumped 2.2% in the quarter, indicates the full impact of RBA rate hikes are yet to fully be felt by consumers, with the biggest increases in spending done at cafes, restaurants and on transport services. The overall GDP data came in relatively in-line with market expectations.

Today’s winning stock was ResMed (ASX:RMD), which jumped 4.23% after Morgans placed an Add rating on the stock with a price target of $37.08 per share, based on the sleep treatment company’s positive long term growth outlook. Virgin Money (ASX:VUK) also rallied 3.3% today, while Fisher & Paykel Healthcare (ASX:FPH) added just over 3%.

Energy stocks faced a sharp sell-off today as the price of oil and natural gas prices are down around 2% each in the aftermath of Russia announcing Nord Stream 1 would be offline indefinitely, OPEC placing a price cap on Russian oil and China’s COVID zero goal hurting demand. Viva Energy Group (ASX:VEW) fell more than 6.5% today, while New Hope Corporation (ASX:NHC) and Beach Energy (ASX:BPT) lost 4.9% and 4.5% respectively. The session’s worst performing stock was Chalice Mining (ASX:CHN), which fell more than 13% despite no price sensitive news released by the company today. Qantas (ASX:QAN) shares also took a hit today after the ACCC found the cheapest domestic airfares were 56% more expensive in August than the four months prior, travellers faced record delays and the number of flights cancelled surged to three times the long-term average in July.

The top traded stocks by Bell Direct clients today were Whitehaven Coal (ASX:WHC), the BetaShares Geared Australian Equity Hedge Fund (ASX:GEAR), and Fortescue Metals Group (ASX:FMG).

On the economic calendar US trade balance data is released tonight while local investors will be keen to hear RBA Governor Philip Lowe’s speech tomorrow to look for any signs on how aggressively the RBA will continue to raise interest rates moving forward, following the rate hike yesterday

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