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Greetings and welcome to HotCopper’s the ASX Today for Tuesday of Week 33, I’m Jon Davidson, and in line with overwhelming consensus, the Reserve Bank of Australia has kept rates on hold on Tuesday, the same day Australians appeared to shrug off oil the pains of the world for a day of gains.
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Despite Brent Crude prices climbing back up on their way to $90 a barrel USD, the market stayed green intraday, albeit only up three tenths of a percent. But it’s a far cry from the knee-jerk nervous market we saw last week – perhaps the excitement of earnings season is part of that.
Earnings wasn’t so exciting for family safety app provider Life 360, however, which plummeted on Tuesday down more than -15% even after beating Q2 EBITDA estimates by 53% – though, EBITDA doesn’t mean much.
It appears investors have qualms with management’s confidence it can keep going up and to the right as relayed on an earnings call.
Going in the opposite direction up over +15% was Australian government-backed shipbuilder Austal Ltd. Despite posting a $175M loss in the US, shares soared on Tuesday – perhaps because South Korean shipbuilding giant Hanwha wants to buy Austal’s US division for just over $1B dollars, and that’s after a failed takeover attempt of the Australian business, and, the acquisition of a 9.9% stake last year.
Outside of stock specific news it was another winning day for gold, above $4,400 an ounce USD at the time of writing; even as Brent Crude prices climb higher. Copper prices jumped sixth tenths of a percent overnight, though as for the banking side of the ASX, Westpac continued to slide on Tuesday along with its peers though CBA was flat heading into mid-arvo trades.
With oil prices back on the way up, I shouldn’t have to tell you Woodside jumped +3% either. That’s the ASX Today for Tuesday of Week 33, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
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