The ASX rose 1.23% to 7,205.40 points today, crossing above its 200-day moving average and now 4.79% below its 52-week high.
Investors were likely encouraged by today’s monthly CPI indicator data, which rose 5.6% in the 12 months to May 2023.
ABS head of prices statistics Michelle Marquardt said: "This month’s annual increase of 5.6% is the smallest increase since April last year.
“While prices have kept rising for most goods and services, many increases were smaller than we have seen in recent months."
The sectors were subsequently in the green almost across the board, with only Utilities (-0.03%) missing out on the gains as Consumer Discretionary (+2.10%) and Real Estate (+2.03%) raced ahead of the rest.
On the commodity side of things, the precious metals were down in the dumps, mostly flat alongside oil’s 2.16% dip (now down 39.17% for the year). The base metals gained bar copper, which fell 0.15%, with nickel taking the crown on a 2.38% increase today.
The best-performing stocks today were The Star Entertainment Group Ltd, up 12.50% after securing the sale of the Sheraton Grand Mirage Resort on the Gold Coast for a neat $192 million and Imugene Ltd (ASX:IMU, OTC:IUGNF), up 8.93% after appointing US mid-cap biotechnology veteran Kim Drapkin last week.
The five at five
Stellar Resources observes 38.6-metre zone of zinc-lead-copper sulphides at North Scamander; shares up
Stellar Resources Ltd (ASX:SRZ) is trading higher on observing a 38.6-metre zone of sulphides with zinc, lead and copper mineralisation in an exploration drill hole at the North Scamander Project in northeast Tasmania.
Latin Resources forges ‘very clear pathway’ for resource expansion at Salinas Lithium Project in Brazil
Latin Resources Ltd (ASX:LRS, OTC:LRSRF) has made multiple spodumene discoveries at its Salinas Lithium Project in Brazil, confirming the presence of a district-scale lithium corridor.
Volt Resources engages Tanzanian officials in update on Bunyu Graphite Project progress
Volt Resources Ltd (ASX:VRC, OTC:VLTRF) received strong support from Tanzanian officials and community members in a recent meeting held to discuss the progress of its stage 1 Bunyu Graphite Project.
Ionic Rare Earths bolsters board with addition of experienced EV supply chain executive
Ionic Rare Earths Ltd (ASX:IXR, OTC:IXRRF) has strengthened its board with the appointment of experienced electric vehicle (EV) supply chain executive Nitin Tyagi as a non-executive director with effect from July 1, 2023.
Aeris Resources updates Barbara copper-gold resource to 2.2 million tonnes with 89% in indicated category
Leveraging on samples from drilling undertaken since 2021, Aeris Resources Ltd (ASX:AIS) has updated the mineral resource estimate (MRE) for Barbara deposit within its 100%-owned North Queensland Copper Operations to 2.2 million tonnes at 2.0% copper and 0.2 g/t gold.
On your six
Investors: a guide to getting ready for the EOFY
H&R Block (NYSE:HRB)'s Mark Chapman answers frequently asked investor questions in the lead-up to tax time.
One to watch
Provaris Energy to jointly develop major green hydrogen hub in Europe
Provaris Energy Ltd (ASX:PV1) CEO Martin Carolan tells Proactive the company has inked a deal with Norwegian Hydrogen AS to develop the 270-megawatt FjordH2 hydrogen project in Norway.