- The ASX 200 index extends gains on expectations the RBA will cut interest rates in the second half of 2024.
- Consumer inflation expectations in Australia decreased to 4.3% in March, down from 4.5% previously.
- Allup Silica expands your application potential by achieving high purity results in your Sparkler project.
The ASX 200 index is approaching 7,900 points, up 0.26% on Thursday, extending gains to new all-time highs. Positive market sentiment is reinforced by declining consumer inflation expectations and Australian retail sales figures, which raise expectations that the Reserve Bank of Australia (RBA) will take a more accommodative approach. of interest rates. Separately, Wednesday's release of Australia's monthly Consumer Price Index, which came in lower than expected, provided further support to the Australian stock market.
Australian consumers' expectations for future inflation over the next 12 months stood at 4.3% in March, up from 4.5%. Seasonally adjusted retail sales rose 0.3% month-on-month in February, up from 0.4% expected and 1.1% previously.
The ASX 200 index rose driven by the good results of mining stocks, favored by the rise in the prices of Gold, iron ore and lithium. Among the most bullish stocks were Arcadium Lithium, which soared 10.20% to $4.43; Alumina, which rose 5.60% to $1.42; and Whitehaven Coal, which rose 5.27% to $7.10. On the opposite side, Xero saw a decline of 1.09%, to $132.43; Audinate Group fell 0.75% to $21.24; and Tabcorp Holdings fell 1.05% to $0.76.
Allup Silica has expanded its potential applications with promising results from its Sparkler project in southern Western Australia, where testing of bulk samples of high-purity silica has exceeded industry standards. This positions the product well for a variety of high-purity applications, such as photovoltaics and high-tech manufacturing.
Terra Uranium strengthens its exploration and development activities in Canada with the signing of a binding letter of intent to acquire the Amer Lake uranium deposit in Nunavut. This move follows Terra's recent acquisition of two new 100% owned projects in the Canadian Athabasca Basin.
Copper producer AIC Mines has reported a significant 86% increase in ore reserves at its Jericho copper deposit, located south of its high-grade Eloise underground copper mine in Queensland. The revised reserve estimate now stands at 3.2 million tonnes grading 1.9% copper and 0.4 grams per tonne gold, equivalent to 61,100 tonnes of copper and 37,000 ounces of gold.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.