• ASX rallies after opening lower today
  • Energy stocks lead the pack on higher oil prices
  • Australia CPI is due tomorrow

 

Local blue chips brushed off early jitters to finish the day higher by 0.32%.

The ASX was bracing for another day of losses this morning, following the broad-brushed selloff on Wall Street overnight.

The US CPI, which had jumped 8.5% year-on-year to a 40-year high, is pretty much dictating sentiment as investors fear a faster than expected rate hike.

The Reserve Bank of New Zealand has lifted its cash rate by 0.5% today to 1.5%, and said that NZ’s inflation rate will peak over the first half of this year.

Brent crude, which has recently fallen below US$100, climbed back up overnight to US$105 a barrel as China relented and lifted lockdowns partially.

On the ASX, Energy stocks led the pack on the back of higher oil prices. Miners and Retail stocks were also some of the best performers today.

The Aussie unemployment rate, due to be released tomorrow, will be the next catalyst that investors are watching for.

 

BIG CAP WINNERS

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EML Payments (ASX:EML) rallied 10% as it responded to media speculations regarding a takeover interest by Bain Capital.

EML confirmed that earlier in the year it was in discussions with Bain Capital regarding a potential change of control proposal. But those discussions have now ceased, it said.

Imugene (ASX:IMU) advanced 7% after providing an update on its Phase I clinical trial of its oncolytic virotherapy candidate, CHECKvacc.

IMU said it has now dosed the first cohort 2 patient and will gradually perform a dose escalation, followed by an expansion to 12 patients at the final dose.

Metcash (ASX:MTS) touched its all time high of $4.71 earlier today before retreating to $4.66. The wholesale food distributor has been riding on a high as food prices are rising around the world.

 

BIG CAP LOSERS

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