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Closing Bell 3 October

Grady Wulff
October 3, 2022

The Australian market see-sawed between positive and negative territory today before closing the first trading session of the week down 0.27%, as a sharp sell-off in technology stocks weighed on the key index amid rising global recession fears among investors. The energy sector was boosted today by an increase in oil prices as OPC+ considers cutting oil production.

The stocks that led the market gains today were Capricorn Metals (ASX:CMM) which lifted 3.33%, Origin Energy (ASX:ORG) added 2.9% and Iluka Resources (ASX:ILU) ended the day up 2.87%. Biotechnology company Mesoblast (ASX:MSB) also jumped more than 8% today after providing an update on its application to the US FDA, outlining the company has supplied the FDA with ‘substantial new information’ on the use of remestemcel-L in the treatment of children with steroid-refractory acute graft versus host disease. The information was supplied in response to the Complete Response Letter received from the FDA in September 2020 and is a ‘major milestone’ for Mesoblast’s complete response to the FDA.

And the stocks that weighed down the market, dragging the key index to the negative close today were West African Resources (ASX:WAF) which tumbled 10% today after providing an update on its operations in Burkina Faso to share that following a change in the military leadership in Burkina Faso over the weekend, its staff and contractors are safe, and the company’s Sanbrado Gold Operations continue to operate as normal. The political situation appears to be due to internal disagreement within the Burkina Faso military leadership, with the company saying it is continuing to monitor the situation.

Core Lithium (ASX:CXO) also declined more than 7% during the session today after the company completed its underwritten Placement of ~97.1m shares at $1.03/share to raise $100m. And Ramelious Resources (ASX:RMS) fell 5.6% today.

The top traded stocks by Bell Direct clients today were Vanguard Australian shares index ETF (ASX:VAS), Brambles (ASX:BXB) and Macquarie Group (ASX:MQG)

The dreaded RBA rate decision day is tomorrow, with investors anticipating just how dovish or hawkish the RBA will be when deciding the nation’s interest rate hike for October. Data for New home loans generated in the month of August is also out tomorrow which will give an insight into Australia’s property sector, with the market expecting a decline of 3.5% for the month.

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