The S&P/ASX 200 (INDEXASX: XJO) managed to deliver another positive day on Tuesday despite growing recession concerns, with the energy and materials sectors, up 2.8% and 1.5% respectively, contributing to a 0.3% gain for the ASX 200.
The likes of Beach Energy Ltd (ASX: BPT) and Whitehaven Coal Ltd (ASX: WHC) were the biggest contributors, gaining 4.5% and 6.4% on the back of stronger energy prices.
Origin doubles down on Octopus, Zip doubles
The highlight, however, was Origin Energy Ltd (ASX: ORG), with the share price gaining 3.5% after announcing it would be taking up its option to retain its 20% ownership of renewable energy giant Octopus, which is now valued at more than $6 billion.
Woolworths Group Ltd (ASX: WOW) dropped 1.4% after announcing the departure of long-term Chair Gordon Cairns, who will be replaced internally by Scott Perkins.
The impacts of the trade war with China were on show, with wine exports tumbling to $25 million from above $1 billion.
Meanwhile, shares in Zip Co Ltd (ASX: Z1P) have now doubled in less than two weeks, gaining more than 20% on Tuesday.
Flight Centre tumbles, Costa on watch
The Flight Centre Travel Group Ltd (ASX: FLT) share price fell 5.1% after analysts highlighted challenges with the reopening of global travel, something evidenced personally by a grounding at Melbourne Airport this week.
Costa Group Holdings Ltd (ASX: CGC) management flagged the detection of the dangerous varroa mite near Coffs Harbour, setting up a biological border but sending shares 1.2% lower.
Myer share price surges on sales jump
The recovery from Myer Holdings Ltd (ASX: MYR) recovery from the depths of the pandemic has continued, with shares jumping another 21.9% after flagging a 17% increase in first half sales post-Christmas. Earnings are expected to reach $60 million with net sales to be nearing $3 billion once again.
Elsewhere, in bad news for the property sector, Caydon Property Group has fallen into administration, with the developer of the Nylex site in Richmond, Victoria becoming the latest addition to a number of casualties in the sector.
ASX 200 today
Looking ahead, the ASX 200 is expected to open lower this morning, following a negative lead from US stock markets overnight. To find out more, check out my US stock market report.