It was a day characterised by M&A, C-Suite moves, profit warnings and an almighty rotation away from the banks. Financials were hammered, slumping 2.85%. Bendigo fell 6.9%, narrowly beating Westpac (-5.7%) as the biggest laggard for the session. Losses in other lenders ranged from 2% to 4.4%. Brutal. What happened to rate hikes boosting margins? Seems the only thing investors wanted to focus on was slower lending and recession risks. With investors fleeing banks, the cash had to go somewhere. Energy was a popular spot, as was the utility sector. Both added more than 3.2%. Materials, industrials, healthcare and tech chimed in with gains of between 1.4% and 2%. For all the churn beneath the surface, the benchmark index rose 0.36%, adding 25.4 points to close at 7121.1.

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