the COB - 12.07.24

It was a day of records on the local market.
Softer than expected US inflation data firmed bets of a September rate cut and sparked a rotation out of tech and into small caps. Australian investors followed suit.
The S&P/ASX200 hit a record and finished 0.88% higher at 7,959. For the week the index gained .75%.
The Commonwealth Bank climbed to another record, overtaking BHP to become Australia's most valuable company.
Real estate related stocks led the gains with Domain up 6.23% and Charter Hall rising 5.5%. Consumer discretionary stocks also benefited along with those stocks in the healthcare.
The rotation saw tech suffer with Computershare losing 3.96%, while the prospect of lower interest rates saw the insurers stumble.
BHP shares edged lower after the mining giant decided to suspend its nickel operations. That has implications for Lynas Rare Earths, which relies on a byproduct of BHP's nickel smelter. Gold stocks surged along with the bullion price with Genesis Minerals up 5.64% to lead the gains.
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