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Closing Bell 24 August

Grady Wulff
August 24, 2022

The Australian market posted its first positive close for the week today, with the ASX200 closing the session up 0.52%.

The energy sector led the gains today as investors piled into the sector following its solid performance in Europe and the US overnight.

Paladin Energy (ASX:PDN) was the winning energy stock today, gaining more than 8% at the closing bell despite no price sensitive news released by the uranium miner today.

Some of the key winners and losers today were WiseTech Global (ASX:WTC) which surged more than 10% during the session following the release of impressive FY22 results including underlying NPAT soaring 72% and the signing of 5 new rollout deals for its CargoWise software including UPS.

Iluka Resources (ASX:ILU) also soared just under 10% today after releasing half-year results including NPAT rocketing 186%, a 25cps interim dividend and mineral sands revenue jumping 30%.

On the losing front, EML Payments (ASX:EML) tumbled more than 10% today after the payments technology provider announced its Sentenial business has identified recent fraudulent activity that could result in losses up to $7.9m.

Nanosonics (ASX:NAN) also fell more than 5% today following the release of the company’s full year results yesterday.

On the economic front today new home sales in the US fell by almost 13% for July while locally, the RBA’s head of domestic markets Jonathan Kearns, said the climate crisis is a significant issue for the economy and society.

The most traded stocks by Bell Direct clients today were: BetaShares Geared Australian Equity (Hedge Fund) (ASX:GEAR), BHP Group (ASX:BHP), NOVONIX (ASX:NVX), and Whitehaven Coal (ASX:WHC).

As for what to watch overnight, investors will be keeping a close eye on US GDP data for the second quarter released tomorrow to determine whether the world’s largest economy is in recession territory, as well as initial jobless claims in the US which will reveal if the labor market in the US is continuing to cool.

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