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All Ordinaries (INDEXASX:XAO) gains on Fed rate pause: Origin (ASX:ORG) sinks despite offer

The local share market was buoyed by the Federal Reserve’s decision to keep rates on hold and hope that the RBA may do the same on Tuesday.

The All Ordinaries (INDEXASX: XAO) gained 1% and the S&P/ASX 200 (INDEXASX: XJO) 0.9% on a strong day for the market, with the interest rate sensitive sectors in technology and property leading the way, up 3.2% and 2.4%.

The financial sector was a strong contributor, as both ANZ Group Holdings Ltd (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) added more than 2% on hopes of a settling of interest rates and improving property market.

The utilities sector was the worst, falling 3.8% as Brookfield’s revised offer for Origin Energy Ltd (ASX: ORG) was met with another denial from Australian Super, despite an increase from $8.47 per share to $9.52; shares fell 6.6%, with traders clearly thinking a takeover may be scuttled.

Origin share price

CSR upgrades: Santos hit by pause

The energy sector fell by 2% as Santos Ltd (ASX: STO) dropped 2.9% on news that work on the Barossa gas pipeline project in Timor had been put on hold due to a federal court case.

Building products supplier CSR Limited (ASX: CSR) gained 0.7% after the company reported a 12% drop in net profit despite a 5% increase in revenue. The positivity came as management delivered a brighter outlook for the building products division as higher mortgage rates force higher levels of renovations.

CSR share price

Lithium miner Sayona Mining Ltd (ASX: SYA) led the market, gaining more than 7% after reporting significant hits at its Canadian mines and upgrading its resource expectations.

Another fund manager was in the news with Janus Henderson Group CDI (ASX: JHG) gaining 2.5% on news the company planned to de-list form the ASX before the end of the year.

Global market rally continues: Tech stocks rally ahead of Apple result

The S&P 500 (INDEXSP: .INX) managed it’s best day in six months, gaining 1.9% as hope grew that rate hikes were now complete.

This also boosted the Nasdaq Composite (INDEXNASDAQ: .IXIC), which gained 1.8% and the Dow Jones Industrial Average (INDEXDJX: .DJI), which was 1.7% higher. The result came amid positive news of improving productivity in the US economy and falling labour costs as a result.

The UK central bank also kept rates on hold as expected. Shares in cybersecurity platform Palantir Technologies Inc (NYSE: PLTR) rallied more than 20% on positivity in the technology sector which PayPal Holdings Inc (NASDAQ: PYPL) gained over 6% after the new CEO delivered strong quarterly results.

He delivered a strong quarterly result but investors were buoyed by a renewed focus on speed to market and development.

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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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