The ASX200 index rebounded on Tuesday after yesterday’s fall, although it gave back some early gains to finish the day 29.6 points higher to close at 7,056.1.
The afternoon drag came after the RBA released the minutes from its October meeting. The minutes showed that members discussed the possibility of raising the cash rate by 25 basis points, as inflation remains well above target. Services inflation remains sticky, with higher fuel prices also adding to headline inflation.
The Healthcare (-1.21%) sector was again in the red, as CSL (-1.1%) continues to fall despite six broker rating updates today, all of which had a >$300 price target and a buy rating.
The ANZ-Roy Morgan Consumer Confidence dropped 3.7 points to 76.4 this week. Consumer Confidence is now 5.8 points below the same week a year ago and is below the 2023 weekly average of 78.1.
A2 Milk (A2M) & Synlait (SM1) are heading to arbitration after A2 Milk cancelled Synlait’s exclusive manufacturing and supply rights to produce its infant formula. Synlait disputes that A2M has the right to cancel the exclusivity arrangements.
Bapcor (BAP) shares fell after it told investors at its AGM today that pro-forma NPAT at the end of September is behind the company’s expectations, to the tune of “mid-single-digit millions of dollars”.
Telstra (TLS) had their AGM today, providing FY24 Underlying EBITDA guidance of mid-single digits while stating CAPEX guidance of $3.6bn - $3.7bn.
United Malt Group (UMG) confirmed that its takeover by Malteries Soufflet has gone into effect, and trading of UMG shares will be suspended at the close of trading today.
Volpara Health (VHT) reported its fourth consecutive month of positive net operating cash flow at NZ$1.2m. Cash receipts during the period were up 32%.
