Stock Market - Australia - July 19, 2024
Paul Young
Experience Senior Financial Planning, Analysis and Reporting SME seeking P/T or F/T job.
It was a disappointing end to a promising week. But, as they say in the classics, nothing goes up in a straight line! ??
If you're in Resources stocks, particularly base metals and iron ore, it might feel like nothing ever goes up anymore. It was another tough day for the sector as commodity prices sold off overnight.
There were a few small glimmers of light in several retail companies, however, following the second positive trading update within this sector this week – today from Universal Store Holdings (UNI).
Elsewhere, Droneshield (DRO) topped the leaders list – a tidy rebound – but it remains well off it's intraweek high.
For all of this, plus the latest in charts, gainers and losers, broker updates, and scans...
The S&P/ASX 200 (XJO) finished 64.9 points lower at 7,971.6, 0.81% from its session high and 0.61% from its low. In the broader-based S&P/ASX 300 (XKO), advancers lagged decliners by a dismal 80 to 201.
For the week, the XJO finished up 12.3 points or 0.15% higher, 1.41% from its intraweek high and just 0.61% from its intraweek low.
Only one of the 11 major ASX sectors was up today, Communication Services (XTJ) (+0.04%) but, it hardly registered in the black. Aussie Broadband (ASX: ABB) was the top sector performer, rebounding 5.4% from Monday's post trading update sell-off. Talking about sell-offs earlier in the week, Droneshield (ASX: DRO) also bounced today, adding 13.3% and cutting the loss from Tuesday's $2.72 peak to just 28%.
Doing it tough today was the Gold (XGD) (-2.00%) sub-index. It dipped after gold price retraced from record highs set earlier in the week. Resources (XJR) (+1.6%) more generally were down, following further sharp falls in base metals, iron ore, and other precious metals prices.
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Paul is a former IBM Customer Success Manager that has deployed over 300 data and AI solutions across industry and geographies for the past 8 years. Paul is a Financial Planning, Analysis, and Reporting SME working with data including integration of macro and micro indicators as part of the integrated business planning and reporting cycle.
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Seeking employment - https://www.dhirubhai.net/posts/paul-young-055632b_hi-all-linked-in-followers-and-contacts-activity-7199365291288506369-qGVf?utm_source=share&utm_medium=member_desktop
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