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All Ordinaries (INDEXASX:XAO) drops below 6,800 on Gaza fear

The Gaza-Israel conflict was front of mind on Monday, with news of an Israel offensive sending markets into a risk off mood.

The S&P/ASX 200 (INDEXASX: XJO) and All Ordinaries (INDEXASX: XAO) share prices both fell by 0.8% with technology the only sector able to manage a positive result, adding 0.4%.

Xero Limited (ASX: XRO) share price has once again become a safe haven, gaining 2.2%, on a day when geopolitical risk dominated headlines.

Xero share price

The energy sector was among the hardest hit, pushed lower by a weakening of the oil price, with investors concerned about the potential for a broader regional conflict in the Middle East.

IGO Ltd (ASX: IGO) share price dragged most, dropping by more than 9% after reporting a 42% fall in earnings as the lithium price continued to normalise in 2023 after an incredible performance in 2022.

Gold miners continued to rally, buoyed by both the weakening Australian dollar and search for safe haven assets, with Northern Star Resources Ltd (ASX: NST) share price a rare winner, adding 0.4%.

Tietto jumps 32% on bid: Endeavour growth slows

Tietto Minerals Ltd (ASX: TIE) share price gained close to 33% on Monday, after Tietto received an all-cash bid from Chinese group Zhaojin Mining.

The offer prices Tietto at 58 cents, a 38% premium to the last close and may see the West African gold miner leave the ASX.

Tietto Minerals share price

Retail sales recovered much more strongly than anticipated, growing 0.9% in September, tripling expectations of a 0.3% increase. The demand is increasingly driven by older demographics with department store and household good sales driving the growth.

The weakening younger consumer was evidenced in Dan Murphy’s owner Endeavour Group Ltd’s (ASX: EDV) share price market update which saw sales increase just 2.1%, the majority of which came from the hotels segment. Management highlighted that consumers were increasingly trading down to cheaper options across their bottle shops.

Market buoyed by earnings season: McDonald’s and SoFi outperform

US benchmarks were buoyed by hopes of rates remaining on hold this week, with all indices pushing higher following a week in which both the Nasdaq Composite (INDEXNASDAQ: .IXIC) and S&P 500 (INDEXSP: .INX) entered a correction.

The Dow Jones Industrial Average (INDEXDJX: .DJI) share price added 1.7%, the S&P 500 share price 1.3% and the Nasdaq share price 1.2%.

The news comes as the oil price consolidated and hopes for rates to remain on hold grew traction in the US.

The Bank of Japan (TYO: 8301) also announced a further loosening of its interest rate cap from 0.5% to 1%, a shift that sent shockwaves through global markets the last time it occurred.

In company news, McDonald’s Corp’s (NYSE: MCD) share price gained more than 1.7% after the company posted same store sales growth of 8.8% globally. This contributed to a 14% increase in revenue, smashing expectations.

McDonald’s share price

It was a similar story for fintech bank SoFi Technologies Inc (NASDAQ: SOFI) share price which saw a rebound in lending, particularly student loans, up 101%, and personal loans up 38%. While the SoFI focuses on profitability a return to growth supported a per cent increase in the share price.

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At the time of publishing, the author or their clients may have a financial interest in some of companies or securities mentioned.

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Wattle Partners is a financial advice firm, servicing clients around Australia, specialising in retirement planning (pre and post retirement). 

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