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All Ordinaries (INDEXASX:XAO) manages small gain: Iron ore miners sink

The local share market managed a small gain on Tuesday, with both the All Ordinaries (INDEXASX: XAO) and S&P/ASX 200 (INDEXASX: XJO) share prices adding 0.1%.

Eight of the 11 sectors were higher, led by the property sector share price, which added 1.1% as the likes of Dexus (ASX: DXS) rallied by close to 3% on signs that bond yields were beginning to reverse.

Dexus share price

The materials sector was the biggest detractor as the iron ore share price weakened on the back of slower Chinese manufacturing data, with BHP Group Ltd (ASX: BHP) share price down 1.4% and Rio Tinto Ltd (ASX: RIO) share price 0.6%. The driver was a further contraction in the manufacturing PMI in China, falling to 49.5 from 50.2 in September.

Poultry producer Inghams Group Ltd (ASX: ING) was the standout adding close to 8% after management upgraded both earnings and profit guidance for the first half of 2024 on stronger demand and flattening input costs.

Australian Super says no to Origin deal: Treasury in US acquisition

Australian Super, which owns over 13% of Origin Energy Ltd (ASX: ORG) making it the largest shareholding in the company has rejected the offer made by Brookfield and EIG.

The group is suggesting it undervalues the company significantly, with some suggesting a valuation exceeding $10 may be more appropriate. This comes after the company has managed to obtain all relevant approvals; shares were flat on the news.

Treasury Wine Estates Ltd (ASX: TWE) entered a trading halt as the company sought to fund the US$1 billion purchase of Californian group Daou Vineyards.

Gold miner St Barbara Ltd (ASX: SBM) once again evidenced the risk of investing into single commodity companies, with share price dropping more than 10%. St Barbara flagged significant cost increases in it’s PNH and Canada projects, both of which are nearing the cost being received for sale of the end product.

St Barbara share price

Dow gains ahead of Fed decision: Caterpillar sinks on weak result

US benchmarks were all positive leading into another Federal Reserve meeting that’s expected to see rates kept on hold once again.

The Dow Jones Industrial Average (INDEXDJX: .DJI) share price added 0.4%, the S&P 500 (INDEXSP: .INX) share price 0.6% and the Nasdaq Composite (INDEXNASDAQ: .IXIC) share price 0.4%, but it wasn’t enough to put an end to a three-month losing streak for the US market.

News of slowing manufacturing growth in China was seen as a positive for further rate hikes to be paused, while wage growth increased just 1.1%.

Home prices also increased 1% in the prior month, the six such months of gains despite mortgage rates now exceeding 8%.

In company news, BP plc (NYSE: BP) share price slumped by 4.6% after the company delivered a 60% drop in profits as oil prices normalised following an extraordinary 2022. BP also wrote down the value of several wind farms as energy prices continued to fall.

Caterpillar Inc. (NYSE: CAT) which is seen as a measure of the health of the global economy fell another 7% despite the company reporting a strong increase in profit. Revenue growth of 12.1% was weaker than expected with investors wary of the falling backlog of orders.

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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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