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What is the main topic discussed in this episode?
A listener production. A small lift for the Aussie market is just two sectors. Keep the market positive.
And we're heading into the busiest 24 hours of the entire week for investors.
Good afternoon. I'm Steve Daglian.
How did the Australian share market perform overall on Wednesday?
I'm Laura Veserati.
It's Wednesday, the 22nd of July. Welcome to the ComSec Market Update.
Well, another small move for the Aussie market today, but at least we are moving in an upward direction. So leading into the close, the Aussie market is up by around a quarter of 1%. We've roughly halved our improvements as the day has gone on. So we did do our best work earlier on in the session, about an hour into trade, but we have pulled back a little bit from those levels. And look, as you rightfully point out, we're only seeing two of 11 sectors up. lifting, but luckily one of them is our second largest sector. So it is quite a big support.
Yeah. So very much another choppy performance from our market. But what's interesting today is that we had the peak and trough of the session all within that first 60 minutes of trade. The low point was actually on the open in the opening 15 minutes of trade. We're up by as little as 0.05%. So at that point, it looked like we might have another 5%. flat performance, which we've had a number of, of course, over the past couple of weeks. But the high point came about half an hour later when we're up a little more than half a percent. But you're right, markets have faded from those levels. In addition to this, of course, I think markets are just still waiting for a bit more clarity on the And that's something that's, of course, important for other things, inflation included.
That feeds into interest rate expectations as well. We've got quite a bit of important data out in the next day and also important earnings as well, which we'll discuss later.
Yeah, we certainly do. So just looking across the different sectors, materials is lifting most, lifting by over 2%. The energy sector also up by a little over 1.5%. tracking the extended lift in oil prices, which are now sitting roughly around $90 a barrel. But look, most of the other sectors are definitely in negative territory. We are seeing tech stocks down by around 1%, but keep in mind they did lift by over 3% yesterday. Healthcare continuing its rough ride down by around 2%. So they are the worst performers of the day in terms of sectors and also real estate stocks down by around 1.5% as a group. So certainly not helpful for the broader market.
And of course, there was that rotation into healthcare in particular last month, but also over the course of May as well. So stocks like Cochlear are struggling today. They're one of the worst performers, but they're up 21% last month. CSL was up almost 20% last month as well. But of course, you've got to remember that these healthcare stocks have been some of the worst performers over the past six and 12 months on the market.
All right, so let's get into the reason for some of the moves. So the materials sector, as I mentioned, is the outperformer today. Now, we know commodity prices have continued to be a big driver of the moves on the Aussie market. Of course, we did see higher oil prices lead energy stocks to advance more than 20% so far this year. Generally, easing gold prices have weighed on our gold miners today. That's not the case, though. We have seen gold miners actually lifting by around 3%. As we've seen, gold prices actually jumped by around two. But over the years so far, it has been a theme that gold has been easing. And look, overnight, copper was in focus after it surged to its highest level in roughly five weeks on the back of firm demand from top consumer China.
as well as supply disruptions caused by wild weather in Chile, which is the world's largest copper-producing nation. So higher copper prices have seen many of our miners leading today's gains. BHP, of course, the largest stock on the Aussie market, is one of the biggest supports. It's up by over 2%. Rio Tinto, about 2.5% higher. And then some of the smaller copper miners like Sandfire Resources, Capstone Copper, 29 Metals, they've all jumped between the range of around 2% to around 4.5% today.
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