Consumer trust isn’t something to be taken for granted, but reports from the UK, US and here at home are all pointing towards an uplift in trust levels around financial advice, which can only be a welcome development.
There are significant tailwinds behind the financial advice industry at the moment, but some major obstacles are still preventing advice practices from taking advantage of surging demand according to a new study from CFS.
All but 12 stocks gain on positive day, ASX (ASX:XAO) up 1.5 per cent, Megaport surges
Just 12 of the top 200 companies listed on the ASX posted a negative return on Tuesday, with the S&P/ASX200 (ASX:XJO) and All Ordinaries (ASX:XAO) gaining 1.5 per cent. Among the key triggers was news that the Chinese government was set to extend economic support and stimulus measures amid a slowing property market and the economy more broadly. The technology sector dominated once again, adding 2.6 per cent, primarily driven by a surge in Megaport (ASX:MP1) shares. The company announced a significant upgrade to prior earnings guidance of $41 to $46 million, with more details to be provided as part of the end of financial year report. The result was a 33.8 per cent jump in the share price.
Commodities, gold miners rally, Lottery Corp upgraded, InvoCare extends due diligence
Gold and copper miners contributed to a 1.9 per cent jump in the materials sector, the second best on the day, with Bellevue Gold (ASX:BGL) gaining 15.2 per cent, Sandfire (ASX:SFR) also added 5.6 per cent as risk on sentiment spread throughout the market. The Lottery Corporation (ASX:TLC) gained 1.2 per cent after broker UBS flagged the potential for outperformance in the year ahead, with a particular focus on the defensive nature of gambling income amid threats of a recession. Shares in funeral provider InvoCare (ASX:IVC) were 1.7 per cent higher despite the company announced it needed to extend the due diligence period for it’s private equity suitor TPG.
Dow up 300 points ahead of inflation data, Activision jumps on court victory
US benchmarks finished strongly higher on Tuesday, lead by the Dow Jones which added 0.9 per cent. The rally came ahead of inflation data that forecasters expect to see a further fall to just 3.1 per cent, with many hoping for something even closer to the 2 to 3 per cent target band. Both the S&P500 and Nasdaq also gained, adding 0.7 and 0.6 per cent, ahead of JP Morgan’s (NYSE:JPM) earnings result on Friday. Video game producer Activision Blizzard (NYSE:ATVI) added more than 10 per cent after a federal court overruled the Federal Trade Commission in its prior decision to block it’s acquisition by Microsoft (NYSE:MNSFT) on competition grounds. Amazon (NYSE:AMZN) also finished more than 1 per cent higher as the Amazon Prime Day sales kick off around the world.
