The ASX has ended the day higher for a fifth consecutive session. The benchmark ASX 200 gained 0.45%, and with the markets closed tomorrow for the Australia Day holiday, the benchmark index ends the short week 2.17% higher.
Today’s gains were driven by strength in the Materials, Health Care and Energy sectors, while on the other side of the ledger, Tech stocks and Real Estate finished in the red.
Tracking the iron ore price higher, iron ore miners are leading the pack with BHP (ASX:BHP) up 1.49%, Rio Tinto (ASX:RIO) up 2.79%, and Fortescue (ASX:FMG) 2.01%.
March contract iron ore futures in Singapore are trading above US$135 after China’s central bank governor flagged a cut in banks’ reserve requirement ratio within two weeks - the country’s latest attempt to shore up its economy.
Fortescue was also supported by its latest production report, in which the miner maintained its FY24 production guidance after having shipped near-record levels of iron ore in its first half of FY24.
Domino’s Pizza made headlines today, dropping by more than 30% after the company withdrew guidance amid slumping sales in Asia.
ACCC welcomes price gouging inquiry
In a statement released today, the ACCC welcomes the Albanese Government's directive to investigate Australian supermarkets amid claims of price gouging, saying, “grocery prices have become a major concern for the millions of Australians experiencing cost of living pressures”. The inquiry — the first into supermarkets since 2008 — is expected to take a year to complete.
Meanwhile, Coles defended its pricing saying, “We are working hard to keep groceries affordable for Australian households and families, especially as they face escalating living costs with higher mortgages and rents and increasing expenses like energy and fuel.”
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