Market Wrap / shaky ceasefire

The S&P/ASX 200 held the line over most of the day’s trade despite uncertainty around the solidity of the Iran ceasefire.

The local equity index ended Thursday fairly flat at 8,973.20 points. After bouncing back 2.6% the day before. 

A strong Wall Street session did not stop a tech selloff locally, with investors worrying of continued economic weakness.

Similarly, gold miners were in the red, illustrated by Newmont 2% loss. 

But the energy stocks turned around, as the Strait of Hormuz remained closed. Woodside was up 4% while Ampol gained 3.5%. The latter also increased its number of sites to divest, in a bid to win over the ACCC, and move forward with the acquisition of EG.

Meanwhile, Bendigo Bank surged the most in 11 months, off the back of cost savings measures including layoffs and outsourcing contracts. 

Heading the other way, Orora dropped 18% after slashing its earnings guidance, and confirming a Middle-East facility had to close due to the conflict. 

Inflation concerns remain elevated, with US core prices for February expected to rise 0.4% for February, ahead of the jump in energy costs.