Dog's breakfast 🐶

A predictably messy month-end with positioning and window dressing creating wild price action at the individual stock level. But the overall benchmark was largely unchanged, recovering from an early dip after Wall Street fell for a third consecutive day. The S&P/ASX 200 slipped 0.16% to 6968.6. Over August, it rose 0.6%, adding the strong rally in July. It was a dog’s breakfast at the sector level with materials and energy tumbling 1.4% and 2.9% respectively on an apparent resurgence in global growth concerns. But in the same breath, financials climbed 1.1%, so go figure! Tech put in the strongest performance, lifting 1.7%. Heavily shorted Clinuvel Pharmaceutical led gainers on the benchmark, soaring 16% after telling the market FY23 will be a year of “transformational expansion”. Tyro Payments jumped 8.6% on positive broker activity. Webjet climbed 7.7% after confirming all three of its business units were profitable so far this year. On the downside, investors punished Pointsbet for betting big on the US gambling market, sending it to bottom of the scoreboard with a fall of 12.95%.

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