1 October we become SureStone CapitalSame team, same ABN. Our website and email addresses move to surestone.com.au.
Preparing video
The local market dropped during Wednesday's trade, following a return to risk-off sentiment.
The S&P /ASX 200 closed at 7828.30 points, down 0.4%.
The tech sector was hindered by a Wall Street stumble overnight, falling 0.9%. In stock specific news, WiseTech's founder Richard White admitted to not being fully transparent with the board about disclosing details of his personal relationships. The stock fell 2.3%.
In the meantime, the miners offered a contrasting picture with BHP advancing 0.2% while we saw some profit taking in the gold space with the sub-index slightly down. Mineral Resources flagged haulage disruptions on its Onslow Iron haul road, leaving the stock 3.9% lower at the end of the session.
In the retail space, Myer said trading conditions remain challenging in the second half, with sales down 1.3% in the first five weeks. And Citi warned of similar circumstances for Premier Investments. However, JPMorgan upgraded JB Hi-Fi to ‘overweight’, pointing to strong dividends in the next couple years. The stock sprung 3.6%.
Overnight, all eyes will be on the FOMC rate decision, with the Fed expected to leave interest rates on hold.
Tomorrow, we’ll get local unemployment data while Cochlear, a2 Milk and Kelsian Group will be trading ex-dividend.
