• Australia records its highest inflation figures since 1990 at 7.3%, above consensus from economists
  • Costa Group announces US company Paine Schwartz Partners  has acquired a 13.78% stake in company
  • Medibank Private share price plummets after confirming all customers’ data compromised in cyber attack

 

It might be time investors and markets had a calming cup of tea with stocks paring gains after the latest inflation figures came out today, which were not pretty. Inflation has jumped to 7.3% over the year to September, its highest level since 1990 described by Federal Treasure Jim Chalmers as “public enemy No.1”.

Trimmed-mean inflation, the RBA’s preferred measure that trims away large price movements, rose 1.8% in the quarter and 6.1% annually suggesting inflation throughout the economy is broad-based.

Last night’s Federal Government budget figures had inflation reaching 7.75% by end of 2022, before slowing to 5.75% by June 2023 and then 3.5% by mid 2024.

The rising inflation figures were above consensus and raises the chance of a Melbourne Cup Day rate rise being much higher as the RBA moves to bring inflation back to its target of 2-3%.

Chalmers delivered his first budget since being elected in May with a five-point plan to address higher costs of living via reduced childcare costs, expansion of paid parental leave, cheaper medications, more affordable housing and getting wages rising.

“This is seven and a half billion package that helps put some money back in people’s pockets, boost productivity and grow the economy,” Chalmers said.

The S&P/ASX 200 finished Wednesday up 0.18%. The real estate sector led the winners, up by 2.49% followed by utilities, consumer discretionary and industrials.

Consumer staples led the laggards down 2.2% followed by the energy sector.

 

BIG CAP WINNERS

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Code Name Price % Change Volume Market Cap
CGC Costa Group Holdings 2.47 11% $3,901,645 $1,035,938,619
CEN Contact Energy Ltd 6.58 6% $1,552 $1,551,991,297
GUD G.U.D. Holdings 7.65 5% $560,009 $1,022,895,493
NUF Nufarm Limited 5.63 4% $1,876,433 $2,049,109,536
OCL Objective Corp 14.26 4% $16,366 $1,300,681,670
CLW Chtr H Lwr 4.3 4% $2,944,275 $2,985,806,075
CIP Centuria I REIT 2.91 4% $1,157,779 $1,777,805,778
AWC Alumina Limited 1.335 4% $9,988,338 $3,728,660,621
APA APA Group 10.26 4% $2,611,786 $11,657,351,218
DEG De Grey Mining 1.09 4% $3,472,973 $1,617,835,711
MCY Mercury NZ Limited 4.87 4% $13,559 $6,514,237,421
NST Northern Star 8.56 4% $5,523,217 $9,587,387,579
SGM Sims Limited 12.66 3% $421,810 $2,364,013,257
EVN Evolution Mining Ltd 2 3% $11,292,614 $3,550,558,851
IGO IGO Limited 16.44 3% $4,487,753 $12,048,130,905
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While continual wet weather has put a dampener on vertically integrated fresh produce company Costa Group (ASX:CGC) today there was some sunshine among the clouds.

The company announced US sustainable food chain fund Paine Schwartz Partners was acquiring a 13.78% stake.  CGC said Paine Schwartz Partners indicated through its broker it was seeking to obtain an interest up to 15% through the after-market acquisition at a price of $2.60/share.

Among other big winners was lithium play Contact Energy (ASX:CEN)  and GUD Holdings (ASX:GUD) , which owns a portfolio of companies in the automotive and water products sector. Both had no news.

 

BIG CAP LOSERS

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Code Name Price % Change Volume Market Cap
MPL Medibank Private Ltd 2.87 -18% 84,284,649 $9,652,781,356
WHC Whitehaven Coal 9.52 -8% 18,111,585 $9,631,677,071
PLS Pilbara Min Ltd 4.98 -7% 26,567,198 $16,012,141,784
NHC New Hope Corporation 6.19 -7% 7,366,058 $5,831,780,575
MMS McMillan Shakespeare 13.07 -5% 321,657 $1,068,633,088
EDV Endeavour 6.98 -5% 6,155,447 $13,109,973,724
YAL Yancoal Aust Ltd 5.46 -5% 3,267,459 $7,552,913,580
CRN Coronado Global Res 1.93 -4% 3,508,665 $3,386,436,535
360 Life360 Inc. 6.57 -4% 794,899 $1,283,683,689
AKE Allkem Limited 14.36 -4% 4,100,887 $9,558,494,709
PNV Polynovo Limited 1.875 -4% 2,110,172 $1,286,983,246
SMR Stanmore Resources 2.87 -3% 1,506,833 $2,677,103,643
WOW Woolworths Group Ltd 32.33 -3% 2,881,798 $40,605,969,715
COL Coles Group 16.16 -3% 5,795,196 $22,217,299,464
HUB HUB24 Ltd 24.3 -2% 174,086 $1,992,648,050
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It hasn’t been a good day for Medibank Private (ASX:MPL) which saw its share price plummet upon an update that the entity behind its cyber attack had access to all Medibank, ahm and international student customers’ personal data, including health claims.

The company said investigations into the cybercrime were continuing with a focus on identifying which systems and networks were accessed and which data was removed.