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Closing Bell 13 December

Grady Wulff
December 13, 2022

The local market reversed Monday’s losses to close Tuesday’s session up 0.31% as a rally for technology, industrials and financial stocks boosted the key index into positive territory, while a sell-off in materials stocks pared back strong gains. Tomorrow and Thursday are the sessions investors are most anticipating this week amid the release of US inflation data and the Fed’s latest interest rate hike decision.

Star Entertainment shares came under pressure today as ASIC begins civil penalty proceedings in the Federal Court against 11 current and former directors and executives for alleged breaches of their duties.

Inoviq (ASX:IIQ) shares jumped 15% today after the cancer diagnostic and treatment development company announced positive results from its Ovarian cancer study confirming the utility of the company’s EXO-NET for EV-biomarker discovery and generation of multivariate index assay had over 90% accuracy for the detection of early-stage ovarian cancer.

The winning stocks today were led by Bendigo and Adelaide Bank (ASX:BEN) jumping 6.86% after the company provided a trading update outlining net interest margin improvements to 1.85% post revenue share arrangements YTD, unaudited cash earnings YTD of $245m, up 22% on the PCP and lending balances up 5.2% over the last 12-months. Megaport (ASX:MP1) added almost 6% today and Imugene (ASX:IMU) rallied 5.41% on Tuesday.

And on the losing end of the market, Chalice Mining (ASX:CHN) fell 8.06% as investors respond to the delay of the company’s scoping study, while Champion Iron (ASX:CIA) and Fortescue Metals Group (ASX:FMG) each also lost over 4%.

The most traded stocks by Bell Direct clients on Tuesday were MSL Solutions (ASX:MSL), Bank of Queensland (ASX:BOQ) and BHP Group (ASX:BHP).

On the commodities front, crude oil is up 1.18% at US$74.02/barrel, natural gas is up 1.55%, uranium is flat at US$48.70/pound, gold is flat at US$1782.77/ounce and iron ore is up 1.79% at US$113.50/tonne.

The Aussie dollar is buying 67.47 US cents, 92.85 Japanese Yen, 55 British Pence and 1 New Zealand Dollar and 6 cents.

Westpac consumer confidence data for December out today showed an increase of 3% from a decline of 6.9% in November as investor optimism is boosted by expectations that the RBA’s interest rate tightening cycle is nearing an end.

NAB business confidence on the other hand fell to minus 4 for November from 0 in October amid rising inflation and higher interest rates.

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