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Closing Bell 18 October

Grady Wulff
October 18, 2022

The local market jumped 1.72% today amid a rise in US futures after a solid session on Wall Street overnight driven by solid earnings results released including from the Bank of America, which rose 6% after reporting stronger than expected Q3 results. Locally, the tech sector led gains on the key index today adding more than 4%, taking lead from the Nasdaq posting its best session since July overnight. Every sector aside from the energy sector closed higher today. Another pivot out of the UK in the form of new finance minister Jeremy Hunt saying he will reverse nearly all tax-cuts announced and that the energy price guarantee would continue through the winter, boosted markets around the world today.

The RBA’s meeting minutes for October were also released today, outlining the RBA’s shock decision to raise the country’s cash rate by 25 basis points in October was “finely balanced” with the risk of a global and domestic economic slowdown, but that further interest rates hikes would likely be required.

Today Westpac (ASX:WBC) confirmed its in takeover talks with embattled fintech company Tyro Payments (ASX:TYR) to acquire 100% of the company’s issued share capital in a bid to strengthen Westpac’s small business proposition particularly in the hospitality and healthcare sectors. Following the announcement, shares in Westpac (ASX:WBC) rose 2.3%, while Tyro Payments (ASX:TYR) shares rallied 1.9%.

The winning stocks for today’s session were NOVONIX (ASX:NVX) which added 18.99% amid the surge in tech stocks today, Hub24 (ASX:HUB) jumped 14% today after the company released a quarterly update outlining net inflows of $3 billion for the quarter, and Telix Pharmaceuticals (ASX:TLX) added 11% today after the company released promising preliminary data from two investigator-initiated studies in triple negative breast cancer, and non-muscle-invasive bladder cancer.

On the losing end of the market today, St Barbara (ASX:SBM) took the biggest hit, tanking more than 21.5% after releasing a first quarter report for the three months to September 30, including a downgrade to the gold miner’s guidance for FY23 on the back of a slower than expected ramp up in underground mine equipment availability and utilisation impacting production at its Leonora operation where the company’s Gwalia Mine is located. Adbri (ASX:ABC) extended its dive today, falling another 4.5%, and Coronado Global Resources (ASX:CRN) dropped 4.4% today.

The most traded stocks today by Bell Direct clients today were Lake Resources (ASX:LKE), the BetaShares Geared Australian Equity Hedge Fund (ASX:GEAR), and the BetaShares Australian Strong Bear Hedge Fund (ASX:BBOZ).

US housing starts and building permits data for September will be released tomorrow, with the markets expecting a decline on both metrics from the month of August.

The Australian dollar is buying 62.9 US cents, 55.26 British Pence, 94.09 Japanese Yen and 1 dollar and 11 New Zealand cents.

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