The ASX 200 ended 0.42% higher to 7,815 today led by the interest rate-sensitive Tech and Real Estate sectors. All sectors ended the day higher.
Small caps had a strong day, with the ASX Small Ordinaries up 1.08%, as was the ASX All Ordinaries Gold index (+1.12%).
Gold stocks rallied after the gold price reached a new record high of US$2,300 and the precious metal is now up by more than 4.3% over the past five days as investors look to protect themselves against stubbornly high inflation and the risk of escalating conflict in the Middle East.
The new high also followed comments from Federal Reserve chair Jerome Powell overnight that the latest inflation data did not “materially change” things. The comments also led to traders increasing their rate-cut expectations.
Powell warned that the Fed was “not yet done” taming inflation, and the Fed needed “greater confidence” that price pressures were easing before it cut interest rates.
Some of the best performers in the Materials sector today were South32, up 4.62%, Lynas Rare Earths, up 3.36%, and IGO Ltd added 2.67%.
Five at five
Astral Resources hits up to 45.6 g/t gold as new results extend strike at Kamperman
Recent reverse circulation (RC) drilling by Astral Resources NL (ASX:AAR) at Kamperman prospect of the Feysville Gold Project south of Kalgoorlie in Western Australia, has successfully in-filled the prospect to the south and extended the known mineralised strike by a further 100 metres to the north.
Noxopharm and UniSA receive Tour de Cure grant for brain cancer research
Noxopharm Ltd (ASX:NOX, OTC:NOXOF) and the University of South Australia (UniSA) have received A$100,000 from Tour de Cure to progress their encouraging preclinical work on a novel first-in-class brain cancer drug.
Imugene granted China patent for Oncolytic Virotherapy CF33
Imugene Ltd (ASX:IMU, OTC:IUGNF) has gained access to the largest pharmaceutical market in Asia with the grant of a patent for its Oncolytic Virotherapy CF33 from the Chinese Patent Office, following earlier grants in Japan and South Korea.
Ora Banda Mining progresses Riverina and Sand King underground gold mines
Ora Banda Mining Ltd (ASX:OBM) continues to advance its 'DRIVE to 100' campaign targeting production of more than 100,000 ounces of gold from the Davyhurst Project in Western Australia in FY2025.
Torque Metals kicks off 6,500-metre drilling campaign at Paris Gold Project
Torque Metals Ltd (ASX:TOR) has kicked off a 6,500-metre reverse circulation (RC) and diamond drilling campaign at the Paris Gold Project near Kalgoorlie at the heart of Western Australia’s Goldfields in a bid to extend high-grade structures.
On your six
Can Nike maintain its grip on sneaker supremacy?
Despite surpassing Wall Street's expectations for third-quarter revenue and profits — largely thanks to holiday sales and price changes in North America — questions linger over Nike Inc (NYSE:NKE, ETR:NKE)'s future, writes Stake market analyst Megan Stals.
One to Watch
Antipa Minerals delivers significant exploration achievements
Antipa Minerals Ltd (ASX:AZY) managing director Roger Mason sits down with Proactive’s Jonathan Jackson to discuss the latest developments at the company’s 100%-owned Minyari Dome Project and the company's strategic partnerships.