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All Ordinaries (INDEXASX:XAO) down ahead of CPI: Woodside up on Japan sale

Here’s today’s latest market update by Drew Meredith, CFP, from Wattle Partners: The S&P/ASX 200 (INDEXASX: XJO) share price is up +0.5% to 7,800.90.

The local market weakened ahead of another round of inflation data due tomorrow, with the S&P/ASX 200 falling 0.4 per cent, dragged lower by the technology and real estate sectors which fell 1.5 and 0.5 per cent, respectively.

The energy sector was a rare highlight, with OPEC+ confirming production cuts would go ahead despite rising geopolitical tensions, which supported a 1 per cent gain in Woodside Energy Group Ltd (ASX: WDS). Woodside also announced the sale of another 10 per cent in its Scarborough LNG project to a Japanese buyer for US$910 million.

Shares in Boral Ltd (ASX: BLD) fell 2 per cent after the Seven Group Holdings Ltd (ASX: SVW) called out an independent valuation undertaken by the board following their offer to buy out the remaining 20 odd per cent that they don’t yet own.

Boral share price

They called the review ‘fundamentally misleading’ and will continue to proceed with the offer.

Premier spins off Smiggle: MesoBlast surges on trial results

The Solomon Lew-backed Premier Investments Limited (ASX: PMV) is set to spin off two of its fasting growing businesses in Smiggle and Peter Alexander, as they seek to expand these brands globally.

Management see greater growth opportunity as standalone businesses and analysts now expect the remaining, more mature brands, in Just Jeans and Portman’s, to be merged into Myer Holdings Ltd (ASX: MYR) at some point given the cross ownership.

MYR share price

Shares gained 4.4 per cent on the news despite the changes not set to take effect until 2025.

Shares in 29Metals Ltd (ASX: 29M) fell by 26 per cent after the company announced it would be shutting a Queensland copper mind due to recent rainfall and weather, which would have an impact on profitability this financial year.

It was the opposite story for embattled biotech Mesoblast Ltd (ASX: MSB) after the company reported that the FDA would allow a previously rejected license application to be resubmitted based on new test results; shares jumped 45 per cent.

US markets ease ahead of personal inflation data: NVIDIA & Apple stumble

All three US benchmarks fell on Tuesday, with the Dow Jones Industrial Average (INDEXDJX: .DJI) down 0.1, the S&P 500 (INDEXSP: .INX) 0.3 and the Nasdaq Composite (INDEXNASDAQ: .IXIC) 0.4 per cent, as a 2.6 per cent fall in NVIDIA Corp (NASDAQ: NVDA) dragged the tech sector lower.

Shares in United Parcel Service, Inc. (NYSE: UPS) fell heavily, down more than 8 per cent, after management forecast lower than expected full year revenue and a slower than expected return to profitability, which relies solely on the domestic parcel business to deliver greater efficiencies.

NVIDIA share price

Donald Trump’s start up ‘meme’ stock, Trump Media & Technology Group Corp (NASDAQ: DJT) gained 16 per cent as trading began for the mix of early stage businesses and the Truth social platform.

Markets remain muted ahead of another round of personal inflation data, due on Good Friday, being the Fed’s preferred measure.

Apple Inc (NASDAQ: AAPL) managed to hold ground, falling just 0.7 per cent, despite the company announcing a 33 per cent fall in iPhone shipments in China.

The Golden Rules of Investing

We might be experts in retirement, but with combined financial advice experience of 35+ years, we’ve nearly seen it all. 

In mid-2023, our senior team at Wattle Partners Financial Planning put the finishing touches on a brand-new report “The Golden Rules of Investing“.

In this free report, we outline the key principles that determine all of the portfolio construction and investment decisions of Wattle Partners. Collated over decades, this paper should be seen as a work-in-progress, constantly under review in light of the ever-evolving nature of markets. 

You’ll find the free report on my Author page. Simply click the button below to view the Golden Rules.

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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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