the COB - 05.07.24

The local market attempted a comeback after opening down, but weakened in the afternoon to finish 0.12% lower at 7,822.30, despite the absence of any significant news. That left the S&P/ASX200 0.71% higher for the week.
The materials sector was mixed, but the big miners dragged it lower with Fortescue (ASX: FMG) down 1.41%. West African Resources (ASX: WAF) was the leading stock, rising 5.45%.
The energy sector was also mixed with Santos (ASX: STO) ending 0.25% lower after Saudi Aramco, the world's largest oil group, denied reports that it's considering a takeover of the Australian oil and gas company. Uranium producer Boss (ASX: BOE) tumbled 6.11%.
Healthcare stocks lifted with Healius (ASX: HLS) rising 3.87%, while the financials were weaker, led by NAB (ASX: NAB) which lost 1.79%. Fund manager Magellan extended its gains to finish 4.75% higher after updating the market yesterday.
Suncorp (ASX: SUN) maintained its forecasts for underlying insurance margins and expects to finalise the sale of its banking business to ANZ by the end of the month. And NIB (ASX: NHF) shares were down 1.83% after a funding agreement between the health insurer and St Vincent’s private hospitals collapsed.
Tonight, markets will react to the US non-farm payrolls report, while the UK Labour Party will begin forming government after the ruling Conservatives were routed at the polls.
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