the COB - 01.05.23

Sell in May? That’s not the way! At least, not today. The ASX200 kicked off the week with a modest gain, adding 0.35% or 25 points to close at 7334.

Most of the strength was found in energy stocks. However, eight of 11 sectors finished higher for the day, with mixed price action in the materials sector a drag on the index. Gold miners were amongst the worst performers, finishing the session 1.31% lower.

In corporate news, Origin Energy shares lifted after upgrading guidance thanks to a stronger-than-expected contribution from its Octopus Energy arm in the UK. Meanwhile, Judo Capital shares lifted following an increase in net interest margin guidance.

Resmed’s third quarter results have proven a slow burn, with its shares up 6.5% today as brokers move to upgrade the stock. On the other side of the market, Syrah Resources investors have just been burned, with the stock down a further 10.8% today.

Investors count down to tomorrow’s RBA meeting, at which the central bank is widely expected to keep rates on hold. CoreLogic's latest house price data might complicate things a little, with national dwelling values rising 0.5% in April.

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