The Australian sharemarket is trading lower today, dropping 0.26% to 7,740.50.
The index has lost 0.34% for the last five days, but sits 2.15% below its 52-week high.
Sectors mostly in the red
Nothing was up by very much from a sector perspective – Financials were up slightly, by 0.12%, while Consumer Staples were up by 0.5% and Communications Services and Health Care by just 0.01% each.
At the other end of the spectrum were Energy, down 1.61%, and Materials, which slipped 0.74%.
The Fair Work Commission (FWC) today handed down a 3.75% increase in award wages effective July 1 this year.
The FWC cited easing inflation, zero productivity growth and upcoming stage three tax cuts and cost-of-living relief for the increase, which was modest relative to last year.
Meanwhile, home price data yesterday revealed a 0.8% lift in May.
Gold price continues to shine
The Gold Bullion Company has outlined a number of reasons behind the all-time high gold price, including economic and geopolitical uncertainty, inflation, portfolio diversification, Central bank buy-ups and increased retail demand for jewellery, bars and coins, and a tightening supply.
Managing director Rick Kanda said: “There have been a range of reasons for the all-time high gold prices, however, they nearly all come back to the fact that gold is a stable investment.
“Gold has historically been seen as a reliable store of value during economic and political uncertainty, making it unsurprising that a record number of investors backed gold in 2023.
“As demand increases, so does the value of gold making 2024 a great time to start investing. To help anyone interested in investing, we have shared our top tips on how to get started.”
The five at five
Lithium Universe completes 3D layout for Bécancour Lithium Refinery
Lithium Universe Ltd (ASX:LU7, OTC:ESMAF) is making significant progress on definitive feasibility study (DFS) engineering work for the Bécancour Lithium Refinery project in Québec, Canada, with a 3D model and plot plan layout completed.
Australian Vanadium strengthens team to boost vanadium flow battery adoption
Australian Vanadium Ltd (ASX:AVL, OTCQB:ATVVF) continues to add expertise as it looks to build a world-class team to accelerate the uptake of vanadium flow batteries (VFBs) in Australia.
Latrobe Magnesium to begin feasibility study for new commercial plant
Latrobe Magnesium Ltd (ASX:LMG, OTC:LTRBF) is set to begin a feasibility study (FS) for its Stage 2 Commercial Plant, which will produce 10,000 tonnes of magnesium annually in Victoria’s Latrobe Valley.
Stelar Metals starts fieldwork at Baratta as near-term focus turns to copper
Stelar Metals Ltd (ASX:SLB) has started fieldwork at the Baratta Copper Project in South Australia as it turns to copper exploration while awaiting an improvement in the lithium market before continuing work at the flagship Trident Project in Far West New South Wales.
Cobre tests display ideal conditions for in-situ copper recovery at Ngami
Hydrogeological tests demonstrate ideal conditions for in-situ copper recovery at the Ngami Copper Project of Cobre Ltd in the Kalahari Copper Belt in Botswana while new intersections highlight the potential for further high-grade mineralisation.
On your six
EZZ Life Science Holdings secures $15 million sales agreement
EZZ Life Science Holdings Ltd (ASX:EZZ) chairman Glenn Cross joins Proactive’s Jonathan Jackson to discuss a five-year sales agreement with Pinehills (Hong Kong) Limited.
The one to watch
GTI Energy strengthens board, prepares for drilling campaigns
GTI Energy Ltd (ASX:GTR, OTC:GTRIF) executive director Bruce Lane sits down with Jonathan Jackson in the Proactive studio to discuss the appointment of highly experienced Simon Williamson and plans for drilling at its US uranium projects.