Good morning,
 
 

Good morning,

Finally, a big volume day on the sharemarket!

It’s a welcome reprieve for brokers, who have endured a painfully quiet year and are struggling to pay for their traditional Christmas lunch with Sydney and Melbourne fundie clients (or so we hear).

But Thursday’s big trade day was a bit of a false dawn, coinciding with an MSCI re-balance day – aka the day the index provider adds or removes securities/changes the weights of the existing names. According to Australia’s most loved sharemarket report, $5.6 billion of the $13 billion in value traded went through the market before 4pm and $7.4 billion at 4.10pm.

Fingers were pointing at Car Group, which gained a spot in the Global Standard Index (while Lendlease was booted). The online vehicle marketplace has had a great year, gaining 21.4 per cent as profit jumped thanks to a resilient automotive sector and its US and Brazilian acquisitions.

Happy reading,

  • Origin Energy has rejected Brookfield’s plan B in a takeover twist, writes Jenny Wiggins.
  • The Financial Times has released its 2023 list of the world’s most influential women written about by other powerful women on the international stage.
  • Banking escapees are making billions from the boom in private credit, and threatening Wall Street, Bloomberg reports.

Click here for the latest equity market wrap.

 
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