• The ASX climbed by 0.3% on Wednesday
  • Mining and Financials were the best sectors
  • Boral and Suncorp’s results helped pushed the sectors higher


Mining and Financials pushed the benchmark index higher today as the ASX 200 climbed 0.3% on Wednesday.

The financials sector was driven higher by Suncorp (ASX:SUN), which rose to a 6-month high after reporting a 44% increase in profit for the half to $560m.

Suncorp’s board has declared an interim dividend of 33 cents per share, an increase of 43% on the pcp.

In the Materials (Mining) sector, Boral (ASX:BLD) surged 12% to a one-year high after reporting a 12% increase in first half revenue to $1.68 billion.

Boral’s NPAT increased by 53% to $56.8 million, and the company declared no dividend.

A report has circulated about the death of a BHP (ASX:BHP) worker who was struck by a train at the mining giant’s Port Hedland site. BHP said a full internal investigation would be undertaken.

President Biden meanwhile has just concluded his State of the Union address to Congress. In his speech, Biden vowed once again to stand with Ukraine as long as needed.

“Putin’s invasion has been a test for the ages, a test for America, a test for the world,” Biden said.

Biden also said he was willing to co-operate with great power rival China, but vowed “to protect our country”.

Back home, Treasurer Jim Chalmers said that inflation remains the government’s “major focus”, while signalling that a recession is not expected despite RBA’s continual rate hikes.

“I am very hopeful, backed up by the comments itself of the Reserve Bank and others, that inflation has peaked,” Chalmers said.

Jessica Amir, a market strategist at Saxo Market is at the opposite end, and believes the RBA could make upward revisions to underlying inflation forecasts this Friday.

“For investors, this means volatility in the ASX200 could pick up on Friday – financials and insurers could be supported with the RBA seeing more hikes ahead,” said Amir.

Amir also reckons consumer discretionary stocks will likely face headwinds if inflation does get revised. On the flip side, the energy sector will be supported, she said.



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Security Description Last % Volume MktCap
BLD Boral Limited 3.94 11.79 10,052,541 $3,882,871,235
ARU Arafura Rare Earths 0.64 5.79 13,064,303 $1,276,284,936
ABC Adbri Limited 1.93 4.62 1,695,489 $1,200,834,701
SNZ Summerset Grp 9.40 3.98 93 $2,098,336,722
SUN Suncorp Group 12.94 3.77 6,293,055 $15,763,022,695
NIC Nickel Industries 1.11 3.76 6,296,159 $3,184,751,652
LKE Lake Resources 0.77 3.69 3,852,467 $1,057,858,804
LTR Liontown Resources 1.52 3.41 9,424,401 $3,218,235,385
SYA Sayona Mining Ltd 0.24 3.19 51,471,872 $2,042,061,727
ARB ARB Corporation. 30.12 3.19 211,872 $2,392,754,565
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Medibank Private (ASX:MPL) rose 3% despite telling the market it was facing a class action filed in the Federal Court over last year’s cybercrime event.



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Security Description Last % Volume MktCap
PNV Polynovo Limited 2.36 -10.94 2,448,938 $1,823,210,078
DDR Dicker Data Limited 9.41 -9.69 714,928 $1,876,553,711
AX1 Accent Group Ltd 2.09 -6.70 913,879 $1,237,510,306
ELD Elders Limited 8.87 -5.44 3,904,924 $1,467,750,264
HLS Healius 2.825 -5.20 3,343,796 $1,730,822,117
UMG United Malt Group 3.54 -4.32 767,226 $1,106,962,800
RGN Region Group 2.57 -3.75 2,347,374 $3,067,546,956
ORA Orora Limited 2.87 -3.69 1,812,705 $2,519,148,334
JLG Johns Lyng Group 5.49 -3.51 2,514,175 $1,486,281,509
CNI Centuria Capital 1.7975 -3.36 662,017 $1,481,300,245
AMC Amcor PLC 16.705 -3.27 4,292,469 $11,261,282,145
LNK Link Admin Hldg 2.045 -3.08 1,594,915 $1,082,403,585
CGC Costa Group 2.675 -3.08 597,193 $1,282,148,246
APE Eagers Automotive 10.78 -3.06 296,253 $2,840,026,861
SHL Sonic Healthcare 29.29 -2.69 1,668,397 $14,477,447,221
GQG GQG Partners 1.495 -2.61 1,032,334 $4,532,556,341
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Amcor (ASX:AMC) fell 3% after reporting its half year results.

The company’s net sales for the half was $7.35 billion, up 6% on the pcp. The company also reported that price increases for its bottles, pouches and food containers have blown out by 10%, which equated to $US670 million for the half.

Dicker Data (ASX:DDR) fell 9% after declaring dividends for FY22 at 2.5 cents per share, fully franked.

Polynovo (ASX:PNV) fell 10% on no specific news.