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Magellan lost in a sea of green 🌎
As Omicron fears faded overnight - and combined with a dash of China policy stimulus - it was a green light to buyback yesterday’s battered tech/BNPL sector, as well as buy back into the usual re-opening stock suspects. Fading virus fears also boosted oil, pushing the energy complex over 2% by the close, led by a 3% pop in Oil Search which is destined to become part of Santos after proxies voted in favour of the merger. At the other end of the spectrum, poor performance, fund outflows and a surprise CEO departure put Magellan in a bad space, closing down 6%. The final RBA rates decision of the year made no noise. After a late afternoon feeding frenzy, the ASX200 closed around 70 points higher, or 1%.
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