Local shares have clawed back losses from Friday, gaining 1.21% in a session where 10 out of 11 sectors rose.

Financials, Healthcare, Discretionary were some of the best performing sectors today. Even the Tech finished in the green, despite a pullback of 2% in the Nasdaq index on Friday.

Brent crude and gold prices, two barometers for the war in Ukraine, have steadied to US$109.50 a barrel and US$1,974 an ounce respectively after a volatile past two weeks.

Australia has just announced fresh sanctions against 33 Russian oligarchs, which now include Chelsea Football Club owner Roman Abramovich.

“We strongly support recent announcements by Canada, the EU, New Zealand, the UK, and the US of further restrictive measures against key Russian individuals,” Foreign Minister Marisa Payne told the AFR.

And with the national budget just two weeks away, PM Morrison has hinted at possible packages to ease the pain at the petrol pump. Plans could include reducing or freezing the fuel excise tax.

Meanwhile, all eyes will be on the US Fed FOMC meeting this Wednesday that’s expected to bring about a 25 basis point rate hike.

While earlier bets of a 50bp March hike has all but dissipated after the Russian attack on Ukraine, traders are still expecting a total of 200bp increase for the year.


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Agricultural company Elders Limited (ASX:ELD) was the best large cap performer today, up by 10.5%.

Elders updated the market with a strong outlook statement, saying that it expects the FY22 Underlying EBIT in the range of 20% – 30% above FY21 figures, exceeding analysts’ forecasts.

“We have seen improvement in our Retail and Wholesale segments compared with the same time last financial year due to increased sales and favourable seasonal conditions in most parts of Australia,” said CEO of Elders, Mark Allison.

“Our Agency business continues to perform strongly as a result of high prices in both sheep and cattle, offset to some extent by lower volumes due to restocking and the good availability of feed on farm,” he said.

Flight Centre (ASX:FLT) was also up 1.3% after it announced further investment in its travel technology business, TP Connects (TPC).

FLT has agreed to increase its equity interest from 22.5% to 70% in the Dubai- based software as a service (SaaS) business, which has been at the forefront of ongoing changes to traditional distribution.

TPC provides services to customers in both the aviation and travel agency sectors.



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Westgold Resources (ASX:WGX) was down 12% after announcing a $100.8m cap raise.