The COB from ausbiz

A hawkish ECB, combined with soaring US inflation and failed diplomatic talks sent many investors straight to the exit today. The handful of stocks that closed in the green were skewed towards commodities, food and energy. Champion Iron and Allkem, both closed 4% higher. Meanwhile, food inflation provided a tailwind for Incitec Pivot fertiliser, so its share price crept back to levels last seen in late-2018. Growth stocks were left in the lurch, namely Zip, Appen and Xero. Magellan and Mesoblast both finished down 6% to take out equal last place. As event risk is high heading into the weekend, we are not socked by the Friday fizzer, as the S&P/ASX200 closing down 69 points or -1%.

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