Finance News

ASX Completes Second Week of Gains, Comments We Financial Senior Account Manager Lucas Morgan

We Financial senior account manager Lucas Morgan points out that investors can expect a big week ahead as the CPI for the second quarter will be released. Over the few days, the ASX 200 went up by 10.8 points, which is a 0.15 percent increase. Currently, the index is enjoying its second week of gains.

Of course, the market is eagerly waiting for other notable events, such as a decision on current rate hikes by the Federal Reserve. Also, investors are looking forward to Amazon and Microsoft’s earnings reports. The consumer price index report is set to roll out coming Wednesday. It will be critical to determine if the RBA will increase interest rates at the August meeting. This comes after the labor market released a stronger-than-expected report for June.

ASX Finishes Mix, Tech Sector Takes A Hit 

Lucas Morgan from We Financial also reports that next week’s data on retail sales and inflation will be crucial. At the moment, many policymakers are in favor of increasing interest rates again in August. This week, the 11 sectors in the ASX 200 finished mix, but it’s clear that tech took the greatest hit.

After Netflix released an underwhelming earnings report, it triggered a massive sell-off on Wall Street, which caused tech stocks to fall by 2.7 percent. Among the different ASX shares, Technology One fell by 2.9 percent and now sits at $15.33, while Wisetech Global’s share price was reduced by 2.4 percent to $80.05. However, Xero took the biggest hit as it dropped by 3.9 percent and is not at $122.20 per share.

An interesting observation by Lucas Morgan from We Financial is that the mining sector finished this week lower, with a 0.5 percent decrease. This is despite the fact that Rio Tinto and BHP showed impressive gains.

BHP saw an increase of 0.9 percent, reaching a share price of $45.02, while Rio grew by 0.3 percent. Fortescue, on the other hand, fell by 0.2 percent, with the share price now at $22.54. Lithium and gold mining companies lost ground over the week.

Coronado Global Resources reaffirmed its year guidance and gave impressive production numbers for the second quarter. As a result, their share price increased by 2.8 percent and is now priced at $1.65.

Finance Dips And Blackmores Prepares For Acquisition

In contrast, the four major banks, which finished up just a few days ago, were lower. Westpac was down by 0.6 percent, as the share price is now at $21.98. NAB dipped by 0.1 percent, priced at $27.90 per share, while ANZ’s share price reduced by 0.8 percent to $25.16. Lastly, CBA dipped by 0.7 percent, as the share price is currently $104.55.

The price for Macquarie Group Limited’s stock reduced as well, decreasing by 1.4 percent to $182.83. But Blackmores remained steady on its last day on the ASX, priced at $94.73.

One of the subsidiaries of Kirin Holdings, a Japan-based beverage company, is set to acquire the vitamins maker for $1.9 in April. That would be the equivalent of paying $95 per share. Venita Services Group is set to take its place on the ASX 200 on Monday.

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