BPO TV

The local market recovered from the recent inflation-related sell-off today, sharply rising 1.29% to close the session in positive territory, driven by a surge in energy, materials and utilities stocks today amid the rising price of commodities. Crude was up 0.34% today and natural gas rose 1.6%.

The story of the day was IDP Education (ASX:IEL) entering a binding agreement to acquire 100% of student placement agency Intake Education for up to $83m. Intake is a leading student placement agency with global operations and brings to IDP Education three decades of industry leadership in the UK-bound international education sector. Following the announcement, shares in IDP Education rose 2.66%.

Andrew Forrest’s Fortescue Metals Group (ASX:FMG) also revealed plans to execute a US$6.2b capital investment by 2030 to eliminate fossil fuel risk and reduce operating costs by US$818m per year, in another step for the company to achieve real zero terrestrial emissions across its iron ore operations by 2030.

New Hope Corporation (ASX:NHC) added almost 9% after releasing FY22 results today including revenue up 143.5% and NPAT soaring 1,138.8% to $983m. The company also announced a fully franked 31 cents per share final dividend and a 25 cents per share special dividend. Brickworks (ASX:BKW) also added 5.75% today and Mineral Resources (ASX:MIN) jumped 5.26%.

On the losing side, Abacus Property Group (ASX:ABP) took the biggest hit today, closing the session down 2.21%, while Telix Pharmaceuticals (ASX:TLX) and AMP (ASX:AMP) also lost over 2% each.

The top traded stocks by Bell Direct clients today were Whitehaven Coal (ASX:WHC), New Hope Corporation (ASX:NHC), and the BetaShares Geared Australian Equity Hedge Fund (ASX:GEAR).

In economic data, investors will be awaiting the release of the US Fed’s interest rate decision for September which is out at 4am AEST on Thursday morning.