Market Wrap / low gear GDP

The local market failed to hold onto earlier gains, finishing the session only marginally higher.The S&P/ASX 200 rose 0.18% to 8,595.20 points. 

GDP data showed the Australian economy grew just 0.4% in the September quarter, which prompted the Aussie dollar to momentarily slide. The market was looking for 0.7% growth. However the annual rate came in at 2.1%, just below expectations of 2.2%.Stock specifically, tech stocks extended their decline, with Block dropping 6% after its Black Friday momentum. In the mining space, the uranium producers tracked higher amid renewed concerns on data centre energy needs. Deep Yellow rose 4.7%.In corporate stories, ANZ fared well despite the Finance Sector Union asking workplace regulators in every state to investigate its handling of planned job cuts.Elsewhere, Vulcan Energy received a $4 billion European Union financing package to develop its Lionheart Lithium project. The stock is expected to exit its trading halt by Friday at the latest. And tomorrow, the goods trade balance will complement today’s GDP read.