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Closing Bell 24 January

Grady Wulff
January 24, 2023

The ASX extended its green run into Tuesday, adding 0.44% at the closing bell driven by a surge in real estate and technology stocks. Lithium stocks took flight today after UBS raised its rating on a number of key players including upgrading Pilbara Minerals (ASX:PLS) to Neutral, upgrading Mineral Resources (ASX:MIN) to Buy and upgrading lithium price outlook amid China’s reopening.

Cooper Energy (ASX:COE) shares came under pressure today after the oil and gas company released a Q2 update including revenues down 17% due to lower production especially at its Orbost gas processing plant and lower average gas prices.
Zip shares plunged more than 9% today after the buy now, pay later company released a Q2. Despite reporting a record quarter with record quarterly transaction volume up 22% to $2.7bn, record group quarterly revenue of $188m, record transaction numbers up 15% and cash transaction margin lifting 2.6%. For the first time, the company’s US operations delivered positive cash EBTDA in November and December. The company may have had a record quarter, but it still continues to burn through cash with available cash and liquidity falling almost 50% to $78.7m from the prior quarter.

Retail giant Myer (ASX:MYR) rallied more than 4% today after also releasing a trading update including sales growing 24.8% in the five months ended December 31, which is the best sales on record for the first five months, according to CEO John King.

The winning stocks from today’s session were Breville Group (ASX:BRG) adding over 7.5%, Block Inc (ASX:SQ2) rallying 5.7% and Mineral Resources (ASX:MIN) lifting 5.3%. And on the losing end Telix Pharmaceuticals (ASX:TLX) fell 3.45%, Imugene (ASX:IMU) lost 3.23% and Cochlear (ASX:COH) fell 2.53%.

The most traded stocks by Bell Direct clients today were BHP Group (ASX:BHP), Mineral Resources (ASX:MIN) and IGO (ASX:IGO).

On the economic data front today, NAB Business Confidence data for December was released today and came in at -1 point for the holiday month, which was the third consecutive decline but moderately higher than the 4-point drop in November, as pricing pressure began to ease hinting toward a likely peak in inflation.

Taking a look at commodities, oil is trading 0.25% higher at US$81.81/barrel, gold is slightly higher at US$1932/ounce, and iron ore is flat at US$124.50/tonne.

The Aussie dollar is buying US$0.70 US cents, 91.51 Japanese Yen, 56.81 British pence and NZ$1.08.

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