ASX jumps as investors cheer inflation figures
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The news: The Australian sharemarket had its best day so far in 2024 as investors cheered new inflation figures indicating that the Reserve Bank would leave rates unchanged next week.
The numbers: The benchmark ASX 200 gained 1.75% to end at 8,092.3, with all 11 sectors finishing green.
The best performing sector was IT, up 2.52%, followed by energy (2.47%). TechnologyOne was one of the best performers across the ASX 200, up 5.47%, after RBC Capital Markets analysts upgraded their rating on the stock to ‘outperform’ and increased their price target after its investor day.
Siteminder increased 2.93% after the hotel booking company reported double-digit revenue gains year on year.
Nickel Industries gained 6.21% after reporting a jump in ore EBITDA during the June quarter compared to the year prior.
Liontown Resources grew 6.01% after the battery minerals play announced first production at its Kathleen Valley lithium project.
West African Resources finished 4.91% higher after results from its maiden grade control drilling program at its Kiaka gold project in Burkina Faso found thick zones of near-surface gold mineralisation.
Champion Iron gained 3.65% after a boost to its Q1 production and sales.
Shares in Rio Tinto gained 1.95% after the mining group maintained its interim dividend and lifted its half-year profit.
Mesoblast shares clawed back earlier losses to end 1.99% higher despite posting lower cash flow from royalty receipts and a reduced cash balance compared to a year earlier.
Pacific Smiles increased 0.27% after its board backed a revised takeover proposal by Genesis Capital.
Central Industrial REIT rose 0.95% after posting a swing back to a full-year profit on the back of strong leasing activity.
Emerald Resources ended 0.55% higher after posting a record full-year production at its Okvau operation in Cambodia, but experienced higher associated costs.
The worst performing sector was utilities, up 0.15%, followed by healthcare (0.75%). Origin Energy shares fell 1.6% after it posted a 12% slide in full-year revenue from its Australia Pacific LNG project due to lower commodity prices.
Telix Pharmaceuticals pared back earlier losses and ended 1.76% lower after the US Food and Drug Administration (FDA) declined to accept its licence application for a renal cancer imaging agent.
Gold Road Resources fell 1.17% after it cut its annual production guidance after heavy rainfall affected operations at its Gruyere mine site.
Meanwhile, Star Entertainment ended 0.86% lower after announcing that its group chief risk officer Scott Saunders resigned.
The Australian dollar is lower buying 64.96 US cents.
The context: Overnight will see the US Federal Reserve make its next interest rate decision.
Thursday will see the Australian Bureau of Statistics release its latest international trade price index and international trade in goods figures.
Block and Meta are due to report earnings on Thursday.
