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The ASX200 closed the week up 0.1%.
The IT sector finished on top, gaining 0.9%. Financials followed, gaining 0.75%. Materials took the hardest hit, falling just short of a percent.
US Inflation
The US will release its latest PCE inflation data tonight after posting quarterly GDP growth overnight at a slow pace of 1.4% growth.
Core PCE inflation is expected by analysts to come in at 2.6%.
Much like Australia saw this week, a surprise read to the upside could likely be a risk event – though, the weekend could dampen strong reactions one way or the other.
In the Green
Tech company, Pointerra (ASX:3DP) shot up 14% on its successful receipt of US$1.6M in funding from the US Department of Energy (DOE).
The company will use its 3D civil infrastructure software to model a series of power grid resilience simulations for the Department.
3DP closed the day at 4.1 cents.
Recce Pharmaceuticals (ASX:RCE) gained five and a quarter per cent, on news that its synthetic anti-infective drug RECCE 327 (or R327) is effective in treating bacterial growth, following a Phase I/II clinical trial on urinary tract infections and urosepsis.
RCE closed the day at 60 cents.
Suncorp Bank (ASX:SUN) gained 3.6% following the Federal Treasurer’s approval of the proposed purchase of Suncorp Bank by ANZ Banking Group under the Financial Sector.
The long-running deal saw ANZ overturn a previous regulator decision that the deal should not go ahead.
Completion of the deal is expected by the 31st of July 2024.
SUN closed the day at $17.41.
In the Red
Just over one week on from listing at $30, Guzman Y Gomez (ASX:GYG) slipped 7.5% in early afternoon trades.
The company regained losses from last Friday midweek but has fallen to a new all-time low for the fast-food chain’s stock price.
GYG closed the day at $27.42.
Online retailer Adore Beauty Group (ASX:ABY) announced it is set to acquire beauty and wellness brand iKOU Holdings Pty Ltd, entering into a binding agreement which will see the purchase confirmed for $25 million cash.
Despite the news, shares fell 5.85% and saw ABY close the day at 88.5 cents.
