1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The S&P/ASX 200 recouped some early losses to finish flat this Thursday. The index rose just 1.6 point to 8,724.
It was a mostly negative session on global markets overnight, as investors reacted to comments from new US Fed chair Kevin Warsh, who said he would “disappoint” anyone who expects loose monetary policy.
There was also some profit-taking in US tech stocks, which weighed on the local tech sector, which closed down 1.2%.
The consumer space was weaker too, with Wesfarmers shedding 4.3% over the session, after Goldman Sachs downgraded the stock to a sell.
Energy stocks fell alongside Brent crude as more barrels passed through the Strait of Hormuz. Woodside shed 1.4%, also as non-executive director Tony O’Neill resigned from the board.
Gold stocks fared better, with Northern Star gaining 5% after the board appointed Suresh Vadnagra as new managing director and chief executive.
In corporate news, Perpetual rejected an unsolicited takeover bid from Windflower, adding 2.8% to Wednesday’s double-digit gains.
ElectroOptic Systems added 3% after securing around $38 million in new defence orders from customers in the Middle East.
Overnight, US nonfarm payrolls are due ahead of a Friday public holiday.
