FIVE at FIVE AU: Today was a good day on the markets; RBA reforms will need crossbench support By Proactive Investors

Stock Market Today: S&P 500 snaps 7-day win streak as Fed delivers jumbo rate cut

FIVE at FIVE AU: Today was a good day on the markets; RBA reforms will need crossbench support

Published Sep 16, 2024 15:48 Updated Sep 16, 2024 16:30

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FIVE at FIVE AU: Today was a good day on the markets; RBA reforms will need crossbench support

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The Australian share market is on track to hit a new record close today, with big gains across the board and the index pointing up 22.10 points or 0.27% to 8,122.00 and setting a new 20-day high.

The top performing stocks of the day were Alcoa (NYSE:AA) Corporation and Domain Holdings Australia Ltd, up 5.61% and 4.29% respectively.

Over the last five days, the index has gained 1.36% and is currently 0.33% off of its 52-week high.

Shipbuilder Austal has surged thanks to a big US defence contract.

Across the board the biggest winners by sector were Financials, Communication Services and Real Estate, up 0.92%, 0.98% and 0.70% respectively, while Health Care (-1.04%) and Utilities (-0.85%) brought up the rear.

Coalition backs away from RBA reforms

The Coalition has pushed back on the reforms proposed by an independent review of the Reserve Bank of Australia that was set up by the party’s own then-treasurer Josh Frydenberg, saying that it now opposes splitting the central bank in two, among a host of other reforms.

The formerly bipartisan review was torpedoed by shadow treasurer Angus Taylor, whom the current treasurer Jim Chalmers accuses of being "rolled" by his party colleagues.

"I dealt with him in good faith," he said.

"I engaged extensively with him, including having three meetings with him and organising multiple briefings for him with my department.

"For the best part of two years, I put a premium on bipartisanship. But there's only so much you can do when you are dealing with someone who doesn't have the necessary authority with his own colleagues."

The five at five

Jindalee Lithium to collaborate with DOE, highlighting the McDermitt Project’s strategic importance to the US

A strategic Cooperative Research and Development Agreement (CRADA) between Jindalee Lithium Ltd’s wholly owned US subsidiary HiTech Minerals, Inc. and Ames National Laboratory has been approved by the US Department of Energy’s (DOE) Office of Energy Efficiency and Renewable Energy, positioning it within the DOE’s Critical Materials Innovation (CMI) Hub.

FireFly Metals identifies new high-grade copper zones at Green Bay Project

FireFly Metals Ltd (ASX:FFM) has fielded promising geophysical results from downhole electromagnetic (DHEM) surveys, highlighting new high-grade copper mineralisation zones at its Green Bay project in Newfoundland, Canada.

QMines acquires Striker tenement with copper-lead-zinc anomaly, growing Mt Chalmers Project

QMines Ltd (ASX:QML) has secured an additional tenement for the Mt Chalmers Copper and Gold Project in Queensland, simultaneously gaining access to a highly ranked versatile time-domain electromagnetic (VTEM) anomaly that sits within the newly acquired Striker tenement.

Kinetiko Energy set to drill five consecutive production test wells

Kinetiko Energy Ltd (ASX:KKO, OTC:KKOEF) has begun mobilising the Prakla RB 40S rig to well 271-23PT, following the completion of on-site well-pad preparation, conductor casing installation and water monitoring well drilling.

OzAurum Resources agrees to 50:50 profit share for Mulgabbie North gold heap leach

OzAurum Resources Ltd (ASX:OZM) has entered into an agreement with LINE Hydrogen Pty Ltd and BIM Metals Pty Ltd (LHBM), which will fully fund a heap leach feasibility study for the Mulgabbie North Gold Project.

On your six

Three things to watch for the week ahead; retail sales; rate decision; Aussie unemployment

Josh Gilbert, market analyst at eToro, shares his three things to watch in Australia in the coming days.

The one to watch

Conrad Asia Energy secures gas sales agreement with Sembcorp

Conrad Asia Energy Ltd (ASX:CRD) founder, managing director and CEO Miltos Xynogalas joins Proactive’s Tylah Tully to discuss how the company has secured a gas sales agreement (GSA) with Sembcorp Gas Pty Ltd, a subsidiary of Sembcorp Industries Ltd, to sell the export portion of natural gas from the Mako gas field in Indonesia’s West Natuna Sea.

Watch

Read more on Proactive Investors AU

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S&P/ASX 200	8,142.10	+1.20	+0.01%
ASX 200 Futures	8,167.0	-4.5	-0.06%
ASX All Ordinaries	8,364.30	+3.10	+0.04%
US 500	5,635.5	+17.2	+0.31%
Dow Jones	41,503.10	-103.08	-0.25%
China A50 Futures	11,171.5	-50.5	-0.45%
Dollar Index	100.625	+0.058	+0.06%

Crude Oil WTI	69.34	+0.23	+0.33%
Natural Gas	2.295	+0.003	+0.13%
Gold	2,584.60	-0.20	-0.01%
Silver	30.490	+0.080	+0.26%
Copper	4.2770	+0.0065	+0.15%
US Sugar #11	21.14	+1.16	+5.81%
US Coffee C	261.13	-3.37	-1.27%

Australia 10Y	3.924	+0.056	+1.45%
Australia 5Y	3.565	+0.039	+1.11%
New Zealand 10Y	4.236	+0.076	+1.83%
U.S. 10Y	3.715	+0.022	+0.60%
Japan 10Y	0.835	+0.009	+1.09%
China 10Y	2.042	-0.026	-1.26%
Singapore 10Y	2.425	0.000	0.00%

CSL	295.40	-0.60	-0.20%
Woolworths	35.180	+0.110	+0.31%
ANZ Holdings	31.150	-0.060	-0.19%
Commonwealth Bank Australia	143.320	+0.280	+0.20%
Telstra Group	4.030	+0.010	+0.25%
National Australia Bank	39.420	+0.560	+1.44%
BHP Group Ltd	39.190	-0.360	-0.91%

FIVE at FIVE AU: Today was a good day on the markets; RBA reforms will need crossbench support

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