Closing Bell: ASX grinds out an ugly win as tech keeps the rally alive

Detailed summary

The ASX won ugly, tech brought the racket and banks spent Wednesday hitting everything into the net. ... Read More The post Closing Bell: ASX grinds out an ugly win as tech keeps…

The ASX spent Wednesday doing not much at all, edging slightly higher after an early wobble.

Hot US inflation had knocked Wall Street lower overnight and sent bond yields higher, while gold and copper were whacked and local miners started the day ugly.

Tech did most of the useful work, while Commonwealth Bank (ASX:CBA) casually knocked out another $2.8bn quarterly profit.

GQG Partners (ASX:GQG) had a rather different day, plunging around 18% after another US$6.7bn walked out the door in October.

Pexa (ASX:PXA) also got kicked in the groin after slashing FY27 guidance, while Life360 (ASX:360) bounced hard from Tuesday’s hiding.

TLDR? Tech did the work, CBA made another mountain of cash, GQG got mugged and the ASX somehow scraped out a win.

Tech won the meat tray on Wednesday, up 1.52%, with utilities not far behind on 1.30%.

Materials added 0.77% and energy 0.72%, while discretionary, industrials, healthcare, property, telcos and staples all chipped in something useful.

Everyone behaved themselves, except financials, which fell 0.35% and ruined the group photo.

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