Chalk and cheese 🧀

The local market edged higher to start the month, helped by a bid in blue chips. There was a clear tilt towards quality names, perhaps reflecting that June is traditionally not great for market returns. The S&P/ASX 20 jumped 1.4%. In contrast, the Small Ordinaries slid 1.7%. Chalk and cheese. Utilities was the laggard, slumping 5.3% as Origin Energy withdrew guidance and warned of “extreme volatility” in thermal coal markets. Unsurprisingly, its shares were smoked, falling 14.6%. Elsewhere, Goldman Sachs’ downbeat view on the lithium price outlook had an impact, even if the market reaction was curiously delayed. Pilbara Minerals tumbled 21.9%, Liontown 18.7% while Allkem skidded 16%. The S&P/ASX 200 rose 0.3%, adding 22.8 points to 7234.0. 

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