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Closing Bell 10 October

Grady Wulff
October 10, 2022

Following the global market sell-off on the back of stronger than expected jobs data out of the US that ended last week on a negative note, the ASX kicked off the new trading week in the red, driven by a sharp sell-off in utilities, technology, and gold stocks today although every sector ended the session lower. At the closing bell, the ASX200 fell 1.4% to 6667.80 points.

Iron Ore stocks avoided the sharp sell-off today amid a rise in the price of the commodity, which saw BHP (ASX:BHP), Fortescue Metals Group (ASX:FMG) and Rio Tinto (ASX:RIO) shares ending Monday’s session in positive territory despite the overwhelming sell-off among all sectors today.

The few winning stocks of today’s session were Sims (ASX:SGM) and Fortescue Metals Group (ASX:FMG), amid the rising price of iron ore and Tabcorp rounded out the top three winning stocks for today. On the losing front, Johns Lyng Group (ASX:JLG) tanked 14.8% today after providing a business update, announcing the company’s Managing Director and Group CEO Scott Didier has sold 4 million shares in the company. Capricorn Metals (ASX:CMM) and Imugene (ASX:IMU) also tumbled more than 10% and more than 7.5% respectively to start the week.

The most traded stocks by Bell Direct clients today were in-line with market movements today, with the BetaShares Australian Strong Bear Hedge Fund (ASX:BBOZ), Whitehaven Coal (ASX:WHC), and Pilbara Minerals (ASX:PLS).

On the economic data front for tomorrow, Westpac Consumer Confidence data for October is out tomorrow with the market expecting a decline of 2.8% from a rise of nearly 4% in the previous month. NAB Business Confidence data for September is also out tomorrow with the market also expecting a slide from 10 points to 8 points for the month.

The Australian dollar has weakened to buy 63.3 US cents, 92 Japanese Yen and 57.19 British Pence.

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