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Ouch. Energy & Mining lead falls to 7-week lows.🩹
Description
It was a nasty day. The local market skidded to fresh seven-week lows with every single sector except healthcare and tech hammered.
Apparently, strong data and free-spending governments are doing nothing to deter speculation about elevated inflation and even more aggressive rate hikes. The resilience in long duration names came despite another sharp uplift in bond yields domestically and abroad.
Miners were hit hard as commodity prices fell as Chinese trade data showed demand faltered at home and abroad; pressure came through in iron ore, copper and gold. BHP and Rio Tinto ended down 2.3% and 1.5% respectively. Fortescue suffered even larger falls down 2.55%.
Energy was bruised with the sector suffering its worst losses in a two months. Concerns about demand destruction are seemingly outweighing the OPEC+ cut for now. Woodside finished down 3.4%
Elders and Graincorp did well. Another bright spot was Metcash, after telling shareholders at its AGM sales are up in the first few weeks of FY23, Citi subsequently saying the Metcash update is evidence of resilience in consumer spending.
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