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the COB: beware the equity hangover 🍺
Yet another step down in commodity prices didn’t deter our local bourse, as it opened higher and maintained decent gains throughout the day. Every sector added to the upbeat trading session, a green bar phenomenon not seen for a while. After a few brutal days, tech companies were back on the shopping list today. Block led the pack to close up nearly 8% with WiseTech and Xero not far behind. Travel names embraced lower oil prices and New Zealand welcoming Wallabies supporters from April 12. It was a mixed bag at the bottom of the ladder, with Seven Group and Nanosonics closing down around 3%. Short of a catastrophe, the Fed will be hiking by 25bps at 5am tomorrow morning. Some analysts will be keeping a beady eye on the dot plot for signs of a higher terminal rate to fight inflation and inflation expectations. Ahead of a likely blockbuster Aussie jobs report tomorrow, the S&P/ASX200 closed up 70 points or 1.1%.
Our top 3 VODs of the day:
A stock to buy and a sector to avoid as the great equity "hangover" sets in
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