The local market remained resilient on Wednesday, with one trading day left before Easter, the S&P/ASX 200 (ASX: XJO) finishing 0.3% higher.
The strength was broad-based with property the only detractor, falling 0.5%, and energy the standout, up 1% as the oil price moved above US$100 once again. Santos Ltd (ASX: STO) and Origin Energy Ltd (ASX: ORG) were standouts, gaining 1.3% each.
RBNZ hikes interest rates
But all eyes were across the ditch, after the Reserve Bank of New Zealand unexpectedly hiked rates by another 50 basis points, or 0.50% as they continue to fight inflation in the import reliant country.
Rates now sit at 1.5%, with the property market beginning to slow, but the currency remains strong and inflation is expected to peak before the end of the financial year.
EML share price jumps on secret bid
Shares in EML Payments Ltd (ASX: EML) were the standout with the prepaid card provider jumping 10.5% after disclosing it had been subject to potential takeover offers from the likes of Bain Capital. There is clearly a renewed focus on acquisitions in the low margin, but scaleable payments sector.
Ingenia downgrades
Shares in holiday and rental accommodation builder and developer Ingenia Communities Group (ASX: INA) gained 1.8% despite warning of another 5-10% hit to earnings for the financial year.
The company blamed labour shortages and rain for delays in developing new properties, which has hit both sales and profits.
Platinum’s record low
The funds management industry continues to struggle with passive strategies likely to force management fee cuts in the coming years.
Platinum Asset Management Ltd (ASX: PTM) fell to a record low of $1.82 during the session but finished slightly higher after another difficult quarter for performance, driven by its large weightings to China.
ASX mining companies simplify
Energy explorer Cooper Energy Ltd (ASX: COE) jumped more than 5% after announcing it had been granted an exploration permit for an offshore site in Victoria with significant potential.
Sticking with mining, Northern Star Resources Ltd (ASX: NST) added 1.5% after announcing the sale of $44 million of non-core gold mining projects, whilst Iluka Resources Limited (ASX: ILU) gained 1% after announcing a similar demerger of its Sierra Rutile asset.
ASX 200 today
Looking ahead, the ASX 200 is set to open higher this morning, following a positive lead from US stock markets overnight. All three US benchmarks rose, with the Nasdaq the strongest performer, gaining 2.0%.
