The S&P/ASX200 is up today, gaining 47.40 points or 0.64% to 7,468.60.
The index has lost 0.40% for the last five days but is virtually unchanged over the last 52 weeks.
Sector-wise it was a bit of a mixed bag. Consumer Discretionary stocks were up 1.60% at the end of the day, while Consumer Staples, Financials, Communication Services and Real Estate were all up by around 1% or more.
Utilities and Materials were a drag on proceedings, while everything else was fairly even.
ETFs surpass managed funds
In 2023, the total assets in exchange-traded funds (ETFs) surpassed those in managed funds in both the US and Australian markets for the first time.
In the US, passively managed funds, which include ETFs and index funds, held assets totalling US$13.29 trillion by the end of the year, slightly exceeding the US$13.23 trillion in active funds.
Similarly, the Australian ETF industry achieved a record high in 2023, with a market capitalisation of A$177.5 billion. The year witnessed a substantial investment in ETFs, with A$15 billion flowing into these funds. By contrast, active funds experienced a decline, with an A$36.9 billion outflow.
The increasing popularity of ETFs among investors is attributed to their simplicity, low cost and diversification benefits. Young investors, in particular, are showing a preference for ETFs, foreshadowing a generational change in investment patterns and preferences.
PM summons cabinet
The PM has convened an early cabinet meeting in Canberra, ahead of the parliamentary session, to discuss the country's economic and cost of living challenges. The meeting, scheduled for Wednesday, will address the increasing financial pressure on Australians due to high inflation and rising energy costs post-COVID-19.
Interest rates have risen significantly since the pandemic, influenced by domestic and international factors.
Social Services Minister Amanda Rishworth expressed the government's focus: "We need to see inflation coming down ... our government's been very focused on finding cost of living relief that doesn't add to the inflation challenge."
A Senate inquiry into supermarket prices has also been called to highlight the government's commitment to tackling these economic issues comprehensively, after shoppers and farmers complained big retailers were taking advantage of rising prices.
"We're coming together early," Health Minister Mark Butler told reporters on Sunday.
"The Prime Minister has called his caucus colleagues even though parliament doesn't commence again for a couple of weeks because we recognise Australians are doing it tough."
The five at five
Ionic Rare Earths magnet recycling plant now operating 24/7
Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) subsidiary Ionic Technologies International is now operating its magnet recycling demonstration plant in Belfast, UK, around the clock.
American Rare Earths welcomes breakthrough metallurgical results from SynBREE on Halleck Creek ore
American Rare Earths Ltd (ASX:ARR, OTCQB:ARRNF) welcomes breakthrough metallurgical results delivered by the SynBREE project — a collaboration with Lawrence Livermore National Laboratory and the University of Kentucky.
Flynn Gold fields high-grade gold-cobalt-tungsten-copper at Firetower; shares up
Flynn Gold Ltd (ASX:FG1) is encouraged by the first assays from recent diamond drilling at the Firetower Project in northwest Tasmania that have returned high-grade gold-cobalt-tungsten-copper results with shares trading higher.
Anteris Technologies completes three 'difficult to treat' valve-in-valve cases using DurAVR™
Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) has achieved a significant breakthrough in heart valve treatment with the completion of three complex valve-in-valve (ViV) procedures using its innovative DurAVR™ transcatheter heart valve.
Volt Resources begins commercial finance negotiations after Bunyu graphite concentrate meets specifications
Volt Resources Ltd (ASX:VRC, OTC:VLTRF) has begun negotiating commercial terms with a large customer to finance the Bunyu Graphite Project in Tanzania after graphite concentrate created from a 113-tonne bulk sample of ore met all specifications.
On your six
Scammers prey on individuals seeking home-based income opportunities: Scamwatch
The National Anti-Scam Centre (NASC) has issued a warning, highlighting a surge in fraudulent schemes targeting individuals searching for ways to earn additional income from home.
The one to watch
Premier1 Lithium to drill Abbotts North within weeks
Premier1 Lithium CEO Richard Taylor tells Proactive new pegmatites have been identified at the Abbotts North project building on those reported late last year. The company was formerly known as SensOre Ltd (ASX:S3N)