the COB - 02.08.24

The Australian share market mirrored its global peers and slumped on Friday as investor euphoria over rate cuts turned to dismay over weak economic growth and corporate earnings.

Having rallied to a record in yesterday's session, the S&P/ASX200 fell 2.11% to 7943.20, its worst day since March 2023. The index is flat for the week.

The financials led the losses with NAB shares down 4.1%. The miners were also sold off, despite iron ore futures rising. Fortescue lost 1.3%, while the lithium producers suffered as well with Arcadium shares down 8%.

Energy stocks fell along with oil prices as traders focused on global demand concerns over a threat to supply from a wider Middle East conflict.

The uranium producers were the worst performers with Boss and Paladin losing around 13% and Deep Yellow plummeting 19.2% after the world's largest uranium miner, Kazatomprom, lifted production guidance sparking concerns about lofty uranium prices.

Positive results from Block and Pinnacle Investments saw those stocks defy the gloomy trend, rising 5.1% and 4.2% percent respectively. However, shares in ResMed reversed course after also posting positive results.

Iress lost 1.4% as it completed the sale of its UK Mortgage sales business and Johns Lyng Group shares drifted lower as it moves to buy SSKB Strata and Chill-Rite HVAC for $57 million.

US equities are expected to open lower, while markets will have a close eye on the US non-farm payrolls report.

#asx #sharemarket #stocks #ausbiz #shares #investing #equities #hotstocks #stockpicking #marketwrapup

[matthewbatty]

I love this show, but please figure out your sound. Every single time we roll into stock of the day, you blow up my speakers with distortion.