Out-of-favour software and biotechnology stocks led the Australian market to a small advance on Thursday as bond rates reflected a more bearish outcome for the global economy.
The weight of money is shifting to a full percentage point increase from the Fed on July 27 with futures pricing an implied Fed funds rate of 2.48 per cent at its July meeting from the present range of 1.5 per cent to 1.75 per cent. Bega Cheese dropped 8.5 per cent to $3.25 after an after-market profit downgrade on Wednesday warning prices paid to Victorian farmers for milk in June and July were up 30 per cent on financial 2022 levels. Bega’s full-year 2023 earnings are on track for $160 million to $190 million.short-selling research activist J Capital
Lendlease and its joint venture partner, Mitsubishi Estate Asia, will acquire project One Circular Quay for $800 million, targeting completion of the residential and hotel development by financial 2027. The value of the two-tower project is $3 billion fully developed. Lendlease edged up 0.2 per cent to $9.60.Data#3 firmed 9.9 per cent to $5.
Booktopia Group fell 4.6 per cent to 31¢ after the board issued “notice” to Tony Nash to vacate the chief executive role “in order to enable a new CEO to enter with a fresh start on well laid foundations”. Mr Nash will stay on as a director and the board is looking for a new CEO.