1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
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The local market started the week on a negative tone, as investors continued to monitor the war in the Middle East, and ahead of an expected RBA hike tomorrow.
The S&P/ASX 200 closed Monday's session lower by 0.39% to 8,583.40 points.
Gold slid under US$5,000 on a strengthened greenback. Gold stocks continued their descent with Northern Star 5.4% lower.
Iron ore stocks also came under pressure as China’s state-sponsored iron ore trader said it would temporarily ease restrictions on BHP’s exports. The mining giant shed 1.2%. And South 32 dropped 5.7% after placing its Mozal aluminium smelter on maintenance due to power supply concerns.
Lynas Rare Earths was a spot of green among the miners. It inked a new supply deal for the US, inclusive of price floors.
Meanwhile, energy stocks maintained their gains despite the International Energy Agency flagging oil reserves will be released in Asia. Coal stocks gave back some ground however.
In corporate news, Perpetual announced it will sell its wealth management business to Bain Capital Private Equity for $500 million. Shares rose 1.8%. And shares in Telix Pharmaceuticals fell 2.8% as it confirmed it will resubmit a brain cancer drug application to the US regulator.
Tomorrow, the RBA is expected to lift the cash rate to 4.10%, as inflation concerns followed a rise in oil prices.
