The performance of retail and bank sectors today, pushed the ASX higher.
The S&P/ASX200 gained 37.00 points or 0.50% to 7,505.50. Over the last five days, the index is virtually unchanged, but is currently 1.67% below its 52-week high.
Top-performing stocks in this index are Core Lithium and Iluka Resources, up 5.26% and 4.77% respectively.
Nine out of the index’s 11 sectors were green, with higher consumer-related and tech stocks offsetting mining sector losses. Information Technology gained 1.15%, Consumer Discretionary was 0.83% higher and Financials gained 1.00%.
During the day, CBA was up nearly 1.2% to $113.36, Westpac also by as much at $23.25, NAB put on 0.9% to $31 and ANZ lifted 0.8% to $26.
Consumer sentiment was buoyed by a softer-than-expected inflation report which reinforced expectations of earlier rate cuts this year.
Strong performers throughout the day were JB Hi-Fi Ltd, up 3.8% moving toward a two-year high of $56.85. It is currently $56.67. Light &Wonder Ltd was up 2.7% and Collins Food Ltd gained 1.4%.
On the downside, Energy dropped 0.04% and Utilities lost 0.12%.
Iron Ore extended its losses to a sixth consecutive session.
As for small caps, the S&P/ASX Small Ordinaries (XSO) gained 0.36% for the day to 2,882.70. Over the last five days, it is 0.55% higher.
Lowest inflation in nearly two years
In November, Australia experienced a significant decline in inflation, reaching its lowest point in almost two years. This unexpected easing was accompanied by a marked reduction in core inflation. The data, which came in softer than anticipated, has strengthened the belief in financial markets that there may be no further need for an increase in interest rates.
The Australian Bureau of Statistics released data on Wednesday indicating that the monthly consumer price index (CPI) increased by 4.3% annually in November, marking the slowest growth since January 2022. This figure represents a decrease from the 4.9% recorded in October and falls below the market prediction of 4.4%.
Head of market economics at National Australia Bank Tapas Strickland said the data challenged NAB's view of another rate rise in February. However, sticky services inflation did not support any rate cuts in the first half of the year.
"So the biggest insight from today's release was nothing really challenges RBA's forecast, but also nothing really to say the pace of disinflation is faster than the RBA thought," Strickland said.
Five at five
Altech Batteries embarks on multi-faceted financing process for Silumina Anodes™️ project
Altech Batteries Ltd (ASX:ATC) has embarked on a preliminary multi-faceted financing process after last month delivering a “highly positive” definitive feasibility study (DFS) for an 8,000 tonnes per annum (120 GWh) alumina-coated metallurgical silicon plant envisaged for Saxony, Germany.
Read more
Triangle Energy reveals oil exploration potential to enhance Perth Basin gas
Triangle Energy (Global) Ltd has received further strong encouragement of the potential of its acreage in the Perth Basin with the latest 3D seismic data revealing oil exploration prospectivity in addition to the existing gas resources.
Read more
NickelX readies for RC drilling targeting nickel-copper-PGE at Dalwallinu
NickelX Ltd (ASX:NKL) is poised to kick off a 1,700-metre reverse circulation (RC) drill program targeting nickel-copper-platinum group elements (PGE) mineralisation at the Dalwallinu Project in Western Australia.
Read more
Provaris Energy in Longspur Research spotlight after engaging DNV for H2 storage vessel review
Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has embarked on a significant venture by engaging DNV, a leading maritime certification agency, for the review of its H2Neo compressed hydrogen storage vessel, a move highlighted by Longspur Research.
Read more
Hygrovest looks well placed as larger private holdings perform in line with expectations
Hygrovest Ltd (ASX:HGV, OTC:MMJJF) looks well placed as it starts the year with its larger private holdings performing in line with expectations while opportunities exist in the listed space.
Read more
On your six
MinRes claims its stake in Kali Metals
After Kali Metals Ltd (ASX:KM1)’s highly successful ASX listing, it has been revealed Chris Ellison’s Mineral Resources was blocked from participating in a joint venture or initial public offering (IPO).
Read more
The one to watch
Kali Metals makes strong ASX debut; identifies spodumene in multiple Spargoville locations
Kali Metals Ltd (ASX:KM1) managing director Graeme Sloan sits down with Proactive’s Jonathan Jackson to discuss the company’s successful listing on the ASX.
Watch