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Our local market ended yesterday’s session higher, rising 0.2% despite mining and energy stocks coming under pressure off the back of subdued commodity and metal prices.
Sectors wise, the majority of the market posted gains, with the consumer discretionary, tech and communication services sectors advancing the most. While the energy sector declined 1.8%.
As for the best and worst ASX200 performers, Megaport (ASX:MP1) was up the most, following a rebound in the tech sector, as well as a bullish broker note out of Goldman Sachs. The broker reiterated its buy rating with a $9 price target. MP1’s last closing price was $6.60, so this implies about 36% share price growth in a year. Qantas’ (ASX:QAN) shares also took off yesterday, lifting 4.3%. This comes as the airline announced it is removing vaccine mandates for international travellers commencing next week and following the drop in oil prices recently which has potentially eased the pressure on jet fuel costs. Now, on the flip side, major oil producer, Woodside Energy (ASX:WDS) saw a drop in its share price, off the back of the fall in oil prices, and other decliners yesterday included Viva Energy Group (ASX:VEA) and Alumina (ASX:AWC).
Moving to the US, stocks fell after US inflation came in hotter than expected. The consumer price index increased 9.1% from a year ago during the month of June. This was above the 8.8% expected. So, this inflation reading could push the Federal Reserve into an even more aggressive position at its next meeting later this month. So as for the major benchmarks, the Dow shed 200 points, the S&P500 fell 0.5%, and the Nasdaq was down 0.2%.
What to watch today: