The S&P/ASX200 was down a tiny fraction today, just 4.70 points to 7,309.20.
Over the last five days, the index is virtually unchanged, but is currently 3.42% below its 52-week high.
A familiar story now, Energy was looking strong, adding 2.22%, leading six other sectors that were pointing up, while Materials was at the other end of the spectrum, down 1.30%.
Australia pulls in big surplus
The strong labour market and high commodity prices have given the national books a boost, with the country heading towards a $20 billion surplus for the last financial year.
The underlying cash balance to May was $19 billion, which is a gain on the $4.2 billion surplus for 2022-23 flagged in the federal budget.
This doesn’t mean there’ll be any further living cost relief, saying the gains would be banked as the government worked to tame inflation, of which the Treasurer said: "We would like to see it moderate quicker.”
"We need to recognise that even though the budget is in much better condition in the near term, we have the longer-term intensifying pressures as well."
The five at five
Fenix Resources boosts Mid-West portfolio on completing “transformational” purchase
Fenix Resources Ltd (ASX:FEX) has completed the acquisition of Mount Gibson Iron (ASX:MGX) Ltd’s Mid-West iron ore, port and rail assets in a transaction described as “transformational” by FEX chairman John Welborn.
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Miramar Resources one step closer to Mount Vernon drilling after POW approval
Miramar Resources Ltd (ASX:M2R) will hit the ground running with a drill program at its Mount Vernon nickel-copper-platinum group element (PGE) project in WA’s Gascoyne after securing a pivotal program of work (POW) approval.
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Mako Gold kicks off diamond drilling in bid to expand resources at Napié Gold Project
Mako Gold Ltd (ASX:MKG) has recently kicked off a diamond drilling program at its flagship Napié Project in Côte d'Ivoire following promising results from the previous reverse circulation (RC) and diamond drilling efforts.
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Great Boulder Resources hits grades up to 102.5 g/t gold in all five diamond holes at Ironbark and Mulga Bill
Great Boulder Resources Ltd (ASX:GBR) has gained important structural information from five diamond holes at the Side Well Gold Project’s Ironbark and Mulga Bill prospects, intersecting high-grade gold in all holes drilled.
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Radiopharm Theranostics appoints experienced radiopharmaceutical developer as VP Medical and Corporate Affairs
Radiopharm Theranostics Ltd (ASX:RAD) has tapped Dr Sherin Al-Safadi – developer of a “world-class” platform of radiopharmaceutical products for both diagnostic and therapeutic uses – for the position of vice president of Medical and Corporate Affairs.
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On your six
Intra Energy Corporation aligns with global shift to cleaner energy with Llama Lithium Project acquisition
Intra Energy Corporation Ltd (ASX:IEC) is aligning itself with the global initiatives aimed at transitioning to cleaner energy by moving out of fossil fuels into battery metals.
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The one to watch
Global Lithium building Australia's next lithium project
Global Lithium Resources Ltd (ASX:GL1) CFO Matt Allen speaks with Proactive a couple of months into his new role at the company. Allen joined GL1 from his previous role where he was responsible for overseeing the financing of a large, rare earths development.
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