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May 27 Markets at a glance

ASX rebounds from four straight days of losses.

The S&P/ASX200 has started the trading week in positive territory snapping a four-session losing streak, with financials and miners leading the charge.

The big four banks are all trading in positive territory, while tech stocks gained ground, tracking their peers on Wall Street.

Gold and energy however are lower, as investors eagerly await the release of April inflation data on Wednesday for any hints on the RBA’s path of policy after the central bank’s May meeting minutes flagged higher inflation risks.

In currencies, the Australian dollar has gathered strength as a holiday in the US and UK sees the US dollar trading in a tight range. 

Stock specific, shares of Lendlease Group (LLC) are the outperformer in today’s session set for the best day since April 2020, if gains hold. It comes after the property and investment company said it will recycle AU$4.5 billion of capital by exiting its overseas business and unveils a AU$500 million on-market share buyback.

Cettire (CTT) shares are also marching higher, as the global luxury online retailer denies media reports it is selling non-genuine products on its platforms. Adding it is not aware of any ACCC investigation into its customer service practice. 

Finally Australian listed shares of gold miner St Barbara (SBM) have taken a hit, as the company cuts its Q4 and FY24 gold production forecast for its Simberi operations.

All prices and analysis at 27 May 2024.  The content is distributed by WealthHub Securities Limited (WSL) (ABN 83 089 718 249)(AFSL No. 230704). WSL is a Market Participant under the ASIC Market Integrity Rules and a wholly owned subsidiary of National Australia Bank Limited (ABN 12 004 044 937)(AFSL No. 230686) (NAB). NAB doesn’t guarantee its subsidiaries’ obligations or performance, or the products or services its subsidiaries offer.  This material is intended to provide general advice only. It has been prepared without having regard to or taking into account any particular investor’s objectives, financial situation and/or needs. All investors should therefore consider the appropriateness of the advice, in light of their own objectives, financial situation and/or needs, before acting on the advice.  Past performance is not a reliable indicator of future performance.  Any comments, suggestions or views presented do not reflect the views of WSL and/or NAB.  Subject to any terms implied by law and which cannot be excluded, neither WSL nor NAB shall be liable for any errors, omissions, defects or misrepresentations in the information or general advice including any third party sourced data (including by reasons of negligence, negligent misstatement or otherwise) or for any loss or damage (whether direct or indirect) suffered by persons who use or rely on the general advice or information. If any law prohibits the exclusion of such liability, WSL and NAB limit its liability to the re-supply of the information, provided that such limitation is permitted by law and is fair and reasonable. For more information, please click here.


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