• ASX 200 dips 0.50%
  • Energy stocks lead, while Tech lag
  • The RBA is set to have the board meeting on Tuesday

Local shares dipped today, down by 0.50% ahead of tomorrow’s RBA board meeting.

The Melbourne Institute (MI) has this morning revealed that Australia’s inflation gauge has surged to a 14-month high.

According to the MI survey, the spike in gas prices could push headline ­inflation beyond 6%, bolstering the case for the RBA to keep raising rates.

Job advertising however, appears to be stabilising after a spike earlier this year. According to the ANZ also released this morning, job ads rose by 0.4% in May, after falling by 2% in April.

On the ASX, Energy was the best performing sector after a preliminary Eurostat data on Friday showed a 39.2% increase in energy prices in May, up further from a rise of 37.5% in April.

Global oil prices rose 2% on Friday, as traders weigh up the EU embargo on Russian oil versus the OPEC’s decision to ramp up its output to 650,000 barrels a day in July and August.

Traders believe that increased output by OPEC won’t be enough to satisfy the demand from China, as it rebounds from recent lockdowns.

“Whichever way you look at it though, both Brent and WTI prices are nearing post-Ukraine highs, stripping at the days of the initial hostilities themselves,” said Oanda senior analyst, Jeff Halley.

“A potential recovery in demand from mainland China as it has got on top of omicron provides yet more reasons to believe that physical demand will keep prices elevated,” he added.

The ASX Tech sector meanwhile was the worst performer today, tracking the 2.5% fall on Nasdaq on Friday.



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Code Name Price % Change Volume Market Cap
WDS Woodside Energy 32.88 3% 8,368,928 $60,380,242,718
STO Santos Ltd 8.565 2% 10,279,707 $28,450,141,734
MEZ Meridian Energy 4.35 2% 13,352 $5,363,000,158
BPT Beach Energy Limited 1.855 2% 5,835,622 $4,152,027,254
AMP AMP Limited 1.1375 2% 14,756,810 $3,658,038,555
NHC New Hope Corporation 3.99 2% 3,590,583 $3,246,192,620
ZIM Zimplats Holding Ltd 28.45 3% 3,878 $2,977,257,371
SMR Stanmore Resources 2.66 2% 1,508,891 $2,361,620,049
GNC GrainCorp Limited 10.065 4% 1,445,866 $2,208,456,810
TAH TABCORP Holdings 0.99 5% 13,179,784 $2,092,225,401
BKL Blackmores Limited 71.59 2% 16,954 $1,364,211,333
TLX Telix Pharmaceutical 4.16 2% 317,980 $1,277,083,686
AAC Australian Agricult. 2.11 1% 829,329 $1,253,754,834
KAR Karoon Energy Ltd 2.165 3% 1,805,893 $1,176,107,486
NAB National Aust. Bank 31.83 2% 3,435,534 $99,792,408,626

Wagering company Tabcorp (ASX:TAH) was up 5% after it announced the conditional settlement of litigation with Racing Queensland.

Tabcorp and Racing Queensland have today entered into an agreement to settle the legal proceedings, with Tabcorp paying Racing Queensland and the Queensland Government a combined total amount of $150m (ex GST).

Woodside Energy (ASX:WDS), Meridian Energy (ASX:MEZ), and Santos (ASX:STO) were some of the best performing stocks today on the back of rising oil demand.


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Code Name Price % Change Volume Market Cap
MFG Magellan Fin Grp Ltd 12.89 -14% 4,649,461 $2,772,737,148
JLG Johns Lyng Group 5.565 -7% 1,903,911 $1,557,762,395
INR Ioneer Ltd 0.4925 -7% 5,267,560 $1,108,388,693
HGH Heartland Group 1.8 -6% 1,001 $1,132,446,296
ACL Au Clinical Labs 4.76 -5% 548,512 $1,015,225,095
WAM WAM Capital Limited 1.99 -5% 3,202,939 $2,261,924,871
JRV Jervois Global Ltd 0.745 -4% 943,160 $1,185,405,750
MP1 Megaport Limited 6.25 -4% 979,631 $1,031,407,074
SYR Syrah Resources 1.585 -4% 2,162,345 $1,107,743,669
NVX Novonix Limited 3.5 -4% 2,035,952 $1,773,722,497
CDA Codan Limited 7.41 -4% 634,916 $1,396,423,978
BRN Brainchip Ltd 1.0225 -4% 8,294,518 $1,825,795,683

Magellan Financial Group (ASX:MFG) was the worst performing large cap, after reporting that its funds under management (FUM) fell from $68.6m on 29 April to $65m on 31 May.