The S&P/ASX 200 (ASX: XJO) finished at another record, adding 0.1% on Wednesday despite weakening throughout the day.
Most sectors finished higher, led by the energy sector, up 1.5%, with the materials and IT down 1.6% and 0.4%, respectively.
It was bad news for those predicting another commodity super cycle, with the Chinese Government announcing they would release some additional natural reserves of copper aluminium and zinc to domestic businesses in an effort to stabilise record commodity prices.
The news sent OZ Minerals Limited (ASX: OZL) down 6.7% and BHP Group Ltd (ASX: BHP) down 1.7%.
Lithium deals continue
Lithium miner Pilbara Minerals Ltd (ASX: PLS) jumped 2.2% after ASX counterpart Firefinch Ltd (ASX: FFX) confirmed a deal with Chinese battery metals giant Jiangxi Ganfeng to sell 50% of its Mali-based project for $250 million.
IAG flags claims hit
Shares in insurer Insurance Australia Group (ASX: IAG) jumped 1.2% despite flagging potential payouts of between $720 and $743 million for the financial year. This comes after a terrible season of cyclones and recent storms in Victoria.
The update compares to the $658 million the company set aside and an increase on the $660 to $700 million predicted recently, once again highlighting the difficult business model faced by insurers.
That said, the company has natural peril protection, with reinsurance kicking in to cover a portion of the cost.
Avita upgrades forecasts
Struggling skin treatment group Avita Medical Inc (ASX: AVH) added 12.4% after upgrading its revenue forecast for financial year.
Management noted that the company has returned to “normal activity” following lockdowns as burn accidents increase once again.
Quarterly revenue is expected to exceed guidance of between $8.2 million and $8.6 million, now expecting $9.5 to $9.7 million.
Shaver Shop profit soars
COVID beneficiary Shaver Shop Group Ltd (ASX: SSG) fell 8.3% the latest in the e-commerce related sell offs.
This came after releasing a trading update, announcing a 9% increase in revenue to $213 million and a 60% increase in profit to between $16.75 million and $17.5 million for the financial year.
ASX 200 today
Looking ahead, the ASX 200 is expected to edge higher at the open on Thursday despite a negative lead from US markets overnight.
This came after Federal Reserve Chair Jerome Powell confirmed that the board now expects at least two rate rises in 2023. To learn more, check out Rask Media’s US stock market report.