The ASX rose 0.47% after a shaky start to the day, gaining 34.90 points to 7,492.20 and setting a new 100-day high.
Overall, the index has been on a solid upward trajectory this month, with only a slight early dip that was quickly recovered.
Today, the top-performing stocks were Breville Group (ASX:BRG) Ltd up 7.93%, and Block Inc (NYSE:SQ) up 5.94%
The latter’s ASX shares were dragged up by a 7.22% gain for the stock overnight in US markets, bringing the share price to US$81.66.
Breville Group Ltd, on the other hand, is likely enjoying a share price bump due to the Australian Foundation Investment (ASX:AFI) Co Ltd (AFIC) starting an investment position based on the company’s “product innovation and very strong global distribution".
ASX sectors were mostly in the green today, Real Estate gaining 1.78% as the biggest winner and Industrials shedding 0.28% to be deepest in the red. Financials, Health Care and Consumer Staples also fell marginally.
Commodities were the opposite; down almost across the board but for tin, up 1.62%, and marginal gains in platinum, West Texas crude and aluminium.
Overall, the ASX200 has gained 5.41% since December 28, offering some hope to a beleaguered stock market.
Is crypto recovering?
Exness senior market strategist – MENA Wael Makarem asks whether current global economic conditions could support a cryptocurrency recovery.
Cryptocurrency prices continued to record improvements as sentiment among traders became less pessimistic.
The expectations of lower inflation, softer monetary policies and a possibly milder economic slowdown have helped prop up prices above last November’s peak.
Since China’s reopening, global economic expectations have improved despite the risks of COVID spreading in the country. Consumer behaviour during the Chinese New Year holidays could reveal how the local economy could impact sentiment.
Additionally, traders expect the Federal Reserve to further reduce the pace of interest rate hikes at their next meeting. This could lead to more risk-taking and a boost in cryptocurrency prices.
Among major cryptocurrencies, Bitcoin remains at the forefront and saw its market share recover quickly compared to other tokens, which recorded decreasing interest overall, including stablecoins.
Bitcoin could be the main beneficiary of the improving global conditions as previous failures among crypto companies continue to weigh on other assets.
Ethereum followed its larger counterpart in the same direction albeit at a slower pace. The cryptocurrency could see some volatility with the approach of the date for its Shanghai update. The latter could have a substantial impact on price with potentially more liquidity.
Overall, confidence in cryptocurrencies could improve as FTX and Genesis cases could continue to progress toward an orderly resolution in court.
Additional scrutiny, legislation, and regulation could improve the crypto markets’ appeal among institutional and individual investors which these big incidents have deterred.
The Five at Five
Antilles Gold nets up to 194 g/t gold from El Pilar oxide deposit in Cuba
Antilles Gold Ltd (ASX:AAU, OTCQB:ANTMF) has fielded up to 194 g/t gold in a drilling program at El Pilar Project in central Cuba. The company recently set out on a 1,800-metre cored drill campaign, focused on an outcropping oxide gold domain at the Cuban gold play.
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Latin Resources fields “exceptional” lithium assay results confirming Colina West potential
Latin Resources Ltd (ASX:LRS) has welcomed multiple thick high-grade intersections from the Colina and Colina West areas at its Salinas Lithium Project in Brazil following diamond drilling wrapped up in late 2022.
These latest assay results confirm the company’s aspirations for the Colina West prospect, which it believes represents an exceptional resource growth opportunity.
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Creso Pharma expands Canadian footprint; secures largest purchase order ever
Creso Pharma Ltd (ASX:CPH, OTCQB:COPHF) has increased its footprint in Canada following its wholly-owned subsidiary, Mernova Medicinal Inc’s expansion into Manitoba, also securing its largest-ever purchase order to date, valued at A$350,244.65 (C$326,793) from the Nova Scotia Liquor Corporation (NSLC).
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American Rare Earths appoints new president of North America
American Rare Earths Ltd (ASX:ARR) has appointed a new president of North America to continue to build the company’s presence and partnerships in the region.
The highly experienced Melissa (Mel) Sanderson replaces Marty Weems in the position and brings with her accomplished leadership skills in mining and diplomacy.
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Musgrave Minerals and partner grow West Island prospect at Cue JV with more high-grade gold
Musgrave Minerals Ltd (ASX:MGV, OTC:MGVMF) and joint venture partner Evolution Mining Ltd (ASX:EVN) have fielded another solid set of gold results from diamond drilling at the West Island prospect of the Cue JV Project in Western Australia, demonstrating the potential of the target area.
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On your six
Tax tips for maximising interest deductions when interest rates are rising
H&R Block (NYSE:HRB)'s Mark Chapman looks at the interest environment for investors borrowing to fund their portfolio.
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