Out of the frying pan into the fire 🔥 - a podcast by ausbiz

The local market appears Teflon-coated, powering to a fifth consecutive gain on continued buying in materials and energy names. The S&P/ASX 200 lifted 0.5%, closing at 7151 points. Rumours China is seeking to secure key commodity supplies, along with speculation the government may soon abandon its zero COVID policies, saw commodity prices spiral higher yet again, led this time by iron ore and coal. Headlines suggesting China’s crackdown on property developers has come to an end only added to the bullish mood. The energy sector surged 2.6%, closing highs not seen since February 2020. Materials also added 2.6%, taking its gain over the week to 8.6%. The iron ore majors all climbed more than 3.8%. At the other end of the spectrum, staples and healthcare struggled, falling 2.3% and 1.3% respectively, the former impacted by the supermarket giants trading ex divided.

Our top three VODs:

Is a geopolitical crisis a good time to test your portfolio?

Why Bogdan is overweight healthcare

Industrial metals are the commodities to buy now

---

See acast.com/privacy for privacy and opt-out information.

Further episodes of The COB from ausbiz

Further podcasts by ausbiz

Website of ausbiz