The ASX has made slight gains today, with Real Estate (+1.43%), Communication Services (1.34%) and Health (1.02%) the best-performing sectors ahead of Federal Treasurer Jim Chalmers’ Federal budget.
Chalmers will deliver the budget at around 7.30 AEST tonight, with news of that to be mixed with the release of September quarter CPI figures in the morning, which will point to a jump in annual headline inflation to 7%.
The S&P/ASX200 gained 19.20 points or 0.28% to 6,798.60 and set a new 20-day high. Over the last five days, the index has gained 0.29% but is down 8.68% for the last year to date.
Top-performing stocks in this index are Sayona Mining Ltd (ASX:SYA) up 9.57% and Credit Corp Group Ltd up 8.26%.
Looking at the sectors, Energy and Materials were 1.52% and 1.11% in the red respectively.
In the news today
Pain at the pump comes again
Energy dipped on lower oil prices, with the global benchmark Brent crude down 0.3% to $US93.26 per barrel and the US Nymex 0.6% weaker at $US84.58 per barrel.
However, Australian motorists are now bracing for a 30 to 40 cents jump in petrol prices.
In some areas, the price of unleaded fuel has jumped from about $1.80 a litre to as much as $2.15, ending a five-week period of discounting.
The fuel excise was reinstated in mid-September, so we are now likely at normal levels.
“I would expect to see an average of about $2.10 to $2.12 in the coming days, but the majority of service stations will be up at that $2.14,’’ Australasian Convenience and Petroleum Marketers Association chief executive Mark McKenzie said.
“The trend for fuel prices over the coming days is difficult to predict and will depend on a range of factors, including geographical area, availability, international benchmark prices, the reintroduction of the national fuel excise, the value of the Australian dollar relative to the US dollar and levels of competition in different areas,” RACV spokeswoman Eleanor Colonico said.
Medibank still in the cyber wars
Medibank Private shares are still in suspension but likely to start trading tomorrow as the company continues to deal with the fallout from the recent cyberattack.
Shares are suspended to allow it "to manage its continuous disclosure" obligations.
The company will now defer premium increases after a "distressing development" whereby the thieves gained access to a further 1,000 ahm policy records. Data stolen includes personal and health claims data and international student customer data.
"Given the complexity of what we have received, it is too soon to determine the full extent of the customer data that has been stolen," the company said on Tuesday.
"For the avoidance of doubt, the voluntary suspension continues until the earlier of a release of a further announcement by Medibank and commencement of normal trading on Wednesday, October 26, 2022.
"Given the distress this crime is causing our customers, we will also defer premium increases for Medibank and ahm customers until January 16, 2023," the company stated.
Medibank will roll out a customer support package including 24/7 mental health and wellbeing support; support for customers who are in uniquely vulnerable positions; and access to specialist identity protection advice with IDCARE for all customers.
Five at five
Stelar Metals confirms multiple copper and REE targets after initial Baratta visit
Initial reconnaissance by Stelar Metals Ltd (ASX:SLB) confirms the potential for copper, base metals and REE, with mineralisation at surface returning results up to 36% copper using portable XRF.
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Prescient Therapeutics' PTX-100 expansion cohort continues to deliver on safety and clinical movement
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Volt Resources signs joint development agreement with battery cell developer 24M Technologies
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Australian Vanadium completes resource development drill program to support resource update
“Completion of the program represents a key value initiative in the current post-BFS, pre-Final Investment Decision (FID) phase of work,” said Australian Vanadium Ltd (ASX:AVL) MD Vicent Algar.
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MGC Pharmaceuticals delivers positive Long-COVID clinical study results
“That the product could help to explain changes in the symptoms of Long-COVID patients is an extremely promising development for the company, with significant potential commercial developments we hope to explore further through future studies,” said MGC Pharmaceuticals Ltd (LSE:MXC, OTC:MGCLF, ASX:MXC) CEO Roby Zomer.
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On your six
Lives at stake: cybersecurity a global threat for mining giants
“Companies are increasingly outsourcing smaller parts of their business to a third party or vendor, and that provides a bigger attack surface," Nate Green said.
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The one to watch
International Graphite shores-up Springdale resource with more high-grade graphite
International Graphite Ltd (ASX:IG6) executive chair Phil Hearse joins Proactive to discuss some strong graphite intersections unearthed in infill drilling at the Springdale Graphite Project in Western Australia.
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