The ASX200 made some solid progress today, notching a 20.50-point or 0.26% gain to 7,844.70 points.
The bourse hit a peak of 7,896 points at the end of March before pulling back a full 1.43% a few days later. We’re now sitting about 0.83% off that 52-week high, having gained 0.80% over the last five days.
Healthcare was the strongest performing sector today, rising 1.10% as the bigger biotech stocks made broad progress – Resmed gained 2.21%, Fisher & Paykel Healthcare 2.84% and Ansel lifted 3.38%.
Recent strong commodity prices played a major role in driving ASX mining companies higher, especially iron ore and gold.
Materials gained 0.78% as a sector. Optimism around China’s steel industry picking back up buoyed BHP (ASX:BHP) 0.64% and Fortescue (ASX:FMG) 1.58% while Rio Tinto (ASX:RIO) lifted 1.93%.
As for the gold miners, Newmont gained 0.92% while Coronado Global Resources Inc gained 3.93% and FireFly Metals Ltd (ASX:FFM) gained 8.0%.
Utilities, Real Estate, Industrials, Consumer Discretionary and Comm Services also made solid showings with gains between 0.35% and 1.06%, while Info Tech dropped 1.16% and Financials followed. Energy and Consumer Staples were almost dead flat.
As for the commodities themselves, West Texas Crude fell again today, shedding 1.42% and is now down 0.36% for the last five days.
Other notable movements included a 3.91% boost to tin, a 4.36% increase to palladium, a 1.75% lift for zinc and a 1.56% bump for platinum.
Top-performing stocks on the ASX today were coal miner Stanmore Resources, up 6.31%, and Nanosonics Limited, up 5.19%.
US yields dip ahead of CPI data
Capital.com senior financial market analyst Kyle Rodda joins us to discuss the impact incoming US inflation data, plus sticky inflation in New Zealand.
“There wasn’t a great deal of movement in US trade as the markets awaited a slew of corporate, central bank and data event risk,” Rodda wrote.
“US equities drifted higher, led by tech stocks, driven by a pullback in yields, which dipped only modestly amid a short-term uptrend as markets price in stronger growth and stickier inflation expectations.
“Tonight’s US inflation data represents the next big test, with forecasters tipping a slight drop in core CPI to 3.7%."
... And in NZ
“The RBNZ will meet to determine policy today. The central bank isn't expected to adjust policy despite weaker economic conditions," Rodda said.
“Inflation is expected to remain stubbornly high in New Zealand, with economists forecasting that next week's CPI will reveal plus-4% price growth last quarter.
“After the last meeting's surprise dovish pivot, there'll be a focus on whether the central bank discusses the prospects of rate cuts. The first cut to rates is implied for October.
“Given the RBNZ's change from a dual mandate to a single, price-focused one, it's possible that the central bank will be reluctant to entertain policy easing despite a softer labour market and recession-like economic activity.”
The Five at Five
Anteris Technologies raises A$23 million in share placement
Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) has completed a share placement, issuing one million new shares at A$23 each and raising A$23 million in gross proceeds.
Read more
Forrestania Resources soars on returning gold samples of up to 49 g/t from Ada Ann Prospect
Forrestania Resources Ltd (ASX:FRS) has reiterated the “strong gold exploration potential” of the Ada Ann and Bonnie Vale North prospects within its Eastern Goldfields Project in Western Australia, returning gold samples of up to 49.0 g/t gold from fieldwork.
Read more
Immuron marks surge in Travelan® sales on eve of entry into US via Walmart (NYSE:WMT).com
Immuron Ltd (NASDAQ:IMRN, ASX:IMC), a biopharmaceutical company headquartered in Australia, says sales of its immune supplement Travelan® have soared.
Read more
Provaris Energy and Global Energy Storage to develop hydrogen import facility at Rotterdam
Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) has entered into a collaboration agreement with Global Energy Storage (GES) to jointly develop a gaseous hydrogen import facility at GES’ proposed terminal in Rotterdam, The Netherlands.
Read more
Aura Energy lifts uranium resource growth potential at Tiris with strong drill results
Aura Energy Ltd (ASX:AEE, AIM:AURA) has fielded more strong drilling results from the Tiris Uranium Project in Mauritania, underlining the potential for significant resource expansion.
Read more
On your six
Retail sector faces crisis as insolvencies double following cost-of-living spike
More retailers are closing down permanently as the cost-of-living crisis and elevated interest rates force consumers to tighten their belts.
Read more
One to watch
Emyria opens Empax Centre to target care gaps in resistant PTSD
Emyria Ltd (ASX:EMD) CEO Michael Winlo sits down with Proactive’s Jonathan Jackson to discuss significant advancements in the company's mental health initiatives.
Watch more