• Local shares finished higher after recovering from early losses
  • Energy, bank stocks higher while other sectors dropped
  • Bond market volatility has become main focus for investors

 

The ASX 200 gained back early losses to finish higher by 0.2% on Tuesday.

Investors shrugged off wild swings in the US bond market overnight where the 10-year Treasury yield jumped to a 16-year high of 5.02%, before ending the day 7bp lower at 4.85%.

Markets in US and Europe were generally choppy overnight, driven by uncertainties in the Middle East where Israel has reportedly sent its heavy tanks into Gaza in preparation for a ground assault.

On the ASX today, Energy, Financial and Comm Services closed higher while other sectors dropped.

Big four banks all rose, while oil stocks Boss Energy (ASX:BOE) and Meridian (ASX:MEZ) tracked oil price higher.

Across the region, Asian stock fell as traders nervously await the next stages of the Israel-Hamas war. The MSCI’s Asian stock benchmark index was down -0.5% to its lowest level in 11 months.

“One thing is certain, October will add to its reputation as the most volatile month of the year,” Sam Stovall, chief investment strategist at CFRA told Bloomberg.

And later tonight, Michele Bullock is set to give her maiden speech as RBA Governor at 7pm AEDT.

 

BIG CAP WINNERS

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Leasing company McMillan Shakespeare (ASX:MMS) was the best performer, up 9% after releasing a trading update for Q1 FY24. During the quarter, MMS achieved strong growth in novated lease sales contributing to higher than expected MMS Group earnings. MMS’s leasing segment recorded a 28% increase in novated lease unit sales versus the pcp. Group normalised revenue increased 15% versus the pcp.

Casino operator Star Entertainment (ASX:SGR) jumped 5% despite reporting that State Street Corporation and its subsidiaries ceased to be a substantial shareholder of the company on October 19. Current gaming laws prohibit an individual from having a voting power of more than 10% in the company.

Gold miner Perseus Mining (ASX:PRU) rose after releasing its September quarter activity update. The company produced 132,084oz of gold at a $US937/oz AISC during the quarter. It sold 115,594oz, 17.5% fewer ounces than for the June quarter, due to timing. Perseus also delivered $US999/oz average cash margin, up 8% for the quarter. The company holds $US594m in cash and bullion, and no debt.

Engineering group Monadelphous (ASX:MND) lifted after announcing new contracts and extensions worth a total $170m.

 

BIG CAP LOSERS

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Auckland International Airport (ASX:AIA) was down 1% as it conducts a $NZ200 million, six-year, fixed-rate bonds offer.

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