The S&P/ASX200 gained 69.50 points or 1.01% to 6,963.70, crossing above its 20-day moving average. Over the last five days, the index has gained 1.63%, but is down 6.46% for the last year to date.
The top-performing stocks were Nickel Industries Ltd up 6.98% and Gold Road Resources Ltd (ASX:GOR) up 5.88%.
Of the sectors, Energy lost 0.07% as crude oil continues to fall and Health Care was 0.28% in the red. In the winners’ circle were Materials 2.17% higher, Consumer Discretionary 1.54% higher, Financials up 1.08%, Information Technology up 1.58% and Utilities up 1.54%.
Making news today
Comm Bank tries to soften rate rise blow with new fuel app
The big four banks have all passed on the Reserve Bank of Australia’s recent cash rate rise in full.
The 50-basis points rise was a blow to mortgage holders but shareholders are benefitting from gains.
The Australia and New Zealand Banking Group Ltd rose by 1.5%, Westpac Banking (ASX:WBC) Corp was 1.29% ahead, CBA, Australia’s largest mortgage provider, was 0.93% higher and National Australia Bank Ltd was up just 0.2%.
Updated variable home loan rates will come into effect from September 16, except for Westpac which is giving customers an extra week’s grace.
The official cash rate now sits at 2.35%, with further hikes expected. For the moment, the lowest variable home loan rate will be Westpac’s 3.99%. It comes with a caveat of being a two-year loan for new customers and will increase to 4.39%.
CBA's lowest rate will rise to 4.19%, NAB's to 4.24% and ANZ's to 4.19%.
Some savings accounts will increase.
In what may be a cynical move at disguising the rate rise, or a genuine one to add value, the Commonwealth Bank has debuted a fuel finder function within its CommBank app to help customers find the cheapest fuel and "manage the rising cost of fuel".
This is a pilot feature being rolled out to 250,000 NSW customers and will monitor fuel spending patterns to predict when refuelling is necessary and remind them of the cheapest options available.
It will come complete with a fuel price map.
“Fuel finder is different because it’s personalised to each customer and does all the work for them. The CommBank app is able to let them know where they can buy the cheapest fuel nearby, at a time when they may next be due to fill up," CBA GM shopping Rochelle Eldridge said.
Petrol price lowest since last November
Drivers and other fuel users are paying the least amount of money they have paid since November 2021 as demand for crude oil weakens fears of a global economic slowdown continue.
According to the Australian Institute of Petroleum (AIP), the national average unleaded petrol price fell 8.5 cents a litre last week to an eight-month low of 164.4 cents a litre. In Melbourn,e it has fallen again to around $1.50.
CommSec chief economist Craig James believes petrol prices in Australia could end up falling by 5-6% over the September quarter, which would cut 0.2% from the quarterly inflation rate.
"But with the reinstatement of the fuel excise, petrol prices will likely rise again over the December quarter – adding to inflation – unless global oil prices can continue to unwind," he said.
The Australian Competition and Consumer Commission predicts that once the fuel excise is reinstated, petrol will rise an extra 23.5 cents per litre – which is still better than paying almost $2.50.
CommSec estimates the average family is now paying $230.16 a month to fill up the car – far below the record high of $297.50 a month in March.
Crude oil prices are currently down 30% off June highs
In Sydney, the cheapest unleaded petrol is 154.3c per litre, followed by Adelaide 155.4c/l. Darwin had the most expensive at 180.0c/l and Canberra with 179.8c/l.
Queen’s holiday to hurt retailers
Retailers believe an extra-long weekend will hurt businesses that are still recovering from the pandemic.
The National Retail Association has called for retail businesses to be able to operate on the September 22 public holiday, which honours the late queen.
“The national day of mourning is an opportunity for the community to observe the loss of the Queen in its own way, which involves some retailers remaining open under public holiday trading regulations," NRA member engagement manager Victoria Hansen.
“Given the short notice of the holiday, store opening and closing directions determined by the states and territories should consider the complications for business, which must navigate a change in operating hours, staff scheduling and the impact on cashflow.
“However, we support the voluntary nature of work provisions, so businesses who wish to remain open can, and those who choose to close for the day can make other arrangements.”
Five at five
Clean TeQ Water is well-placed to benefit from growing global need for water treatment: RaaS Advisory
Clean TeQ Water Ltd (ASX:CNQ) is well-placed to benefit from the growing global need for water treatment and re-use initiatives, according to investment research house RaaS Advisory.
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Latrobe Magnesium signs binding MoU with Société Le Nickel for supply of ferro-nickel slag feedstock
Latrobe Magnesium Limited (ASX:LMG) has executed a binding Memorandum of Understanding (MoU) with Société Le Nickel for the supply of 450,000 tonnes per annum of ferro-nickel slag over 20 years as feedstock for LMG's 100,000-tonne-per-annum magnesium plant.
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Elixir Energy spuds first well for Nomgon IX coal bed methane pilot production program in Mongolia
“Our pilot production project has been a key focus for our technical and operational teams for over a year now given the COVID and other logistical issues surrounding bringing in equipment from multiple countries. It is therefore great to see operations commencing - and our planned gas flows are hopefully now only a matter of months away," said Elixir Energy Ltd (ASX:EXR) MD Neil Young.
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Aurumin adds to gold haul at Central Sandstone with whopping 242.7 metres at 1.20 g/t intersection
“Along with the recently-completed RC drilling at Shillington, this sets us up to now model the Shillington and Two Mile Hill deposits as a single geological complex, with known grade in the banded iron formation, mafic and tonalite," said Aurumin Ltd (ASX:AUN) managing director Brad Valiukas.
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Lanthanein Resources kicks off maiden drilling at Lyons Rare Earths Project
“The significant endowment of rare earth minerals in the Gascoyne is now being recognised by the broader market,” said Lanthanein Resources Ltd (ASX:LNR) technical director Brian Thomas.
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On your six
Industry leaders to discuss a sustainable increase in mining during IMARC
Ethically conscious consumers are one of the major driving forces behind the mining sector’s transition to sustainable technologies.
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The one to watch
Gateway Mining focused on resource growth at flagship Gidgee Gold Project
Gateway Mining Ltd (ASX:GML) managing director Mark Cossom gives Andrew Scott from Proactive an introduction to the gold exploration and development company operating in the Murchison region of Western Australia.
Watch