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The Australian market had a solid session on Tuesday, with the key index closing the day at a 10-week high. The materials sector led the charge, closing the day more than 1.66% higher on the back of mining giant BHP (ASX:BHP) releasing record results for FY22, which in-turn caused OZ Minerals (ASX:OZL) shares to lift 1.3%. Gains in the materials sector were dampened though by Lake Resources (ASX:LKE) tumbling over 8%.
Life360 (ASX:360), a stock recommended by Bell Potter as one to watch in FY23, soared almost 5.5% yesterday after also releasing strong half year results including monthly active users topping 42 million and subscription revenue lifting 88%. Investors sharply sold-off Challenger (ASX:CGF) shares after the investment management firm released FY22 results including a 57% decline in annual profit.
Lake Resources (ASX:LKE) and Core Lithium (ASX:CXO) also fell over 8% and 7% respectively yesterday and were two of the most traded stocks by Bell Direct clients during the session, alongside Betashares Australian Equities Strong Bear Hedge Fund (ASX:BBOZ) and Amcor (ASX:AMC).
Taking a look at Wall Street overnight, the key US indices closed mixed with the Dow Jones and S&P500 boosted into positive territory by strong earnings results released by Walmart and Home Depot indicating consumer spending could remain strong. The tech-heavy Nasdaq however closed the session in the red. US Industrial production data for July released yesterday showed the world’s largest economy’s value of production output rebounded for the month to 0.6% which was double what markets were expecting. US building permits for July also beat consensus for July with 1.674 million issued over the month, but new house starts in the US fell to 1.44 million in data released yesterday. Over in Europe, the Stoxx, FTSE, DAX and CAC each closed marginally higher on Tuesday but are struggling to build on the strong momentum from last week’s rally.
What to watch today: