• The ASX has closed 0.77% lower on the last trading day before Christmas 
  • Markets fell across the globe following strong falls on Wall Street
  • TPG recoups some losses after falls earlier in the week after ACCC blocks deal with Telstra

 

Stockhead’s very talented Gregor Stronach has come up with a poem to describe the last trading day before Christmas 2022.

T’was day before Christmas, and all through the bourse
The grinch and his cronies were out in full force.
Cackling and thieving all value they saw,
Leaving nothing but red on the ASX floor.

Large Cap or Small Cap, the size mattered not,
As the grinch sucked up gains like a foul trading bot,
‘Til the bells of St Nicholas rang in the air,
And investors let out a world-weary cheer.

For the bells mark the end of a bad trading day,
Their ringing and pinging all driving away
The rotten old grinch and his light-fingered friends,
While investors all wondered “is this how it ends?”

And sadly, it is – for the market has sagged,
With very few winners after most shares had lagged
But fret not, investors – you’ve nothing to fear,
As they say in the classics: “There’s always next year”.

The benchmark S&P/ASX200 closed down 0.77%, following renewed rate hikes fears on Wall Street, which saw the Dow Jones lose 1.05%, the tech heavy NASDAQ down 2.18% and S&P 500 fell 1.45%. Stocks in Europe also fell.

It was a flood of red on local markets with IT leading the losses, down 1.73% followed by energy stocks which lost 1.20% and consumer discretionary falling 1.13%.

There were similar falls around the Asia-Pacific region today with all the major indices losing ground.

South Korea led the losses with the Kospi down 1.63%. The Heng Seng fell 0.51%, with the CSI 300 down 0.019%.

The Topix fell 0.47% and Nikkei 225 lost 0.83% in its afternoon session.

 

LARGE CAP WINNERS

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TPG Telecom (ASX:TPG) was back on the winners list recouping some of the losses from earlier in the week  after the the competition regulator announced it would block its landmark Multi-Operator Core Network (MOCN) agreement with Telstra (ASX:TLS).

The Australian Competition and Consumer Commission argued the infrastructure deal would lessen competition and leave Australian mobile users worse off, despite “some benefits”.

TPG and TLS have both said they will appeal the decision.

 

LARGE CAP LOSERS

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