The local market followed the global overnight rally to close the second last trading session of the week up 1.44%, driven by a surge in energy and materials stocks. Every sector of the local market closed in positive territory today as investor sentiment both locally and globally is boosted by the Bank of England’s promise to buy $65bn pounds of sterling bonds to stabilise the UK’s bond market. Energy stocks led the markets higher today following the European Union’s renewed push for further sanctions on Russian commodities, and the subsequent sharp rise in commodity prices earlier today.

A number of big announcements were released today that impacted specific company share prices, including Premier Investments releasing FY22 results including record dividends and a strong start to FY23 with sales up globally by 46% already.

AGL Energy (ASX:AGL) also announced today it is fast tracking its exit from coal by closing Australia’s biggest-emitting power plant 10-years earlier than previously planned which is expected to reduce AGL’s annual greenhouse gas emissions from 40 million tonnes to net zero on achieved target closure.

Taking a look at the best performing stocks today, Premier Investments soared 14.6% today on the release of strong FY22 results, Coronado Global Resources (ASX:CRN) also added more than 8% and De Grey Mining (ASX:DEG) finished the session 6.7% higher. On the losing front, IRESS (ASX:IRE) hand plunged 17% today after downgrading its full-year profit guidance due to ‘macro conditions’, with the company now expecting profit for the financial year to be between $166m-$170m, down from the original guidance of $177m-$183m. Bega Cheese (ASX:BGA) fell 1.41% today and Karoon Energy (ASX:KAR) declined 1.4%.

The most traded stocks by Bell Direct clients today were New Energy Solar (ASX:NEW), BetaShares Geared Australian Equity hedge fund  (ASX:GEAR) and Whitehaven Coal (ASX:WHC).

On the economic data front, the release of early indication CPI data for August out showing the country’s inflation rate is expected to rise 7% in the year to July and 6.8% to August. The information released provides an early indication of September quarter CPI inflation that will be published later in October. The largest contributors to inflation in August were new dwelling construction up 20.7% and automotive fuel up 15%. The slight fall in inflation from July to August is mainly due to a decrease in prices for automotive fuel. The 6.8% rise for August shows the country’s inflation is not accelerating.