Market Wrap / iron sore

The S&P/ASX 200 seesawed to a 0.22% gain, finishing at 8,937.10 points this Monday. Investors saw buying opportunities following an AI-driven tech selloff, and they also reacted to a plethora of earnings reports. 

The tech sector closed 5.4% higher, with WiseTech soaring 13%.

In mining, Rio Tinto slid 4.1% after a worker's death suspended operationa in an African mine. And BHP was lower considering iron ore was bellow US$100 a tonne on oversupply. 

On the reporting front, BlueScope shed 2.7% despite more than doubling its net profit and dividend for the half year. This follows a rejected takeover approach from SGH and US-based Steel Dynamics, with BlueScope claiming the consortium’s offer had undervalued the company. 

Meanwhile, JB Hi-Fi sprung 7.5% after record sales for the first half of the financial year. Some brokers still warned the second half might be more subdued amidst a higher interest rate environment. 

On this note, Stockland expects commercial development to become a larger part of its business returns, as a way to adapt to the current interest rate environment. The real-estate developer advanced by 2.3% today. 

And Qube has agreed to a 11.7 billion dollar takeover from a Macquarie Asset Management led consortium. Its shares traded for $5.01 each at the end of the session, closer to the latest offered price of $5.20.

Tomorrow, RBA meeting minutes are due, along with reports from BHP, Judo Bank and Seek.