The Australian stock market was lower today, dropping 30.70 points or 0.40% to 7,719.00 and crossing below its 50-day moving average.
At around 3pm today the worst performing stocks were Deterra Royalties Ltd and Orora Ltd, down 7.85% and 5.37% respectively.
The index has lost 1.79% for the last five days, but sits 2.42% below its 52-week high.
There was a mixed outlook across the sectors, with Consumer Discretionary up 0.30% and Health Care up 0.17% at the green end of proceedings, while other sectors trailed by up to 0.97% in the case of Industrials and 0.84% in the case of Information Technology.
Bank of Japan stays its hand
In global news, the Bank of Japan has kept policy rates unchanged, which had ramifications for that nation’s currency value, which is currently at parity with the Australian dollar, sitting at 104.64 Yen to the dollar.
“USD/JPY has ripped to a six-week high of 157.98 after the BoJ kept its policy rates unchanged at 0.0-0.1% and pushed back a decision to taper its bond-buying program until its next policy meeting at the end of July,” said IG analyst Tony Sycamore.
“Yields on 10-year JGBs have fallen from 0.96% to 0.91%, and the Nikkei has gained 1%. The BoJ’s exit plans will be further detailed at a press conference later this afternoon.
“The BoJ’s decision to postpone the taper of its bond-buying program today continues its slow but deliberate march towards policy normalisation.
“The real question is, will the currency market will allow the BoJ the luxury to exit at the pace they would like?
“Or will today's inaction see the market gun for the April 160.20 high in USD/JPY, supported by this week's hawkish FOMC meeting and the current risk-seeking low-volatility regime?”
The five at five
Resouro Strategic Metals makes its ASX debut; shares up 25%
Resouro Strategic Metals Inc (TSX-V:RMS, OTC:RSGOF, ASX:RAU) today listed on the ASX, with shares 25% higher on debut. The company raised A$8 million (before costs) through the issue of 16,000,000 CDIs at A$0.50 per CDI, with each CDI equating to one share in the company.
Triangle Energy receives pivotal carbon capture and storage approval for Cliff Head Project
Triangle Energy (Global) Ltd's Cliff Head oilfield joint venture with Pilot Energy Ltd has received Commonwealth approval of its declaration of greenhouse gas storage formation (DoSF), paving the way for $15 million in payments to Triangle.
Element 25 extends SPP closing date
Element 25 Ltd (ASX:E25, OTCQX:ELMTF) has extended the closing date for its current share purchase plan (SPP) to 5:00pm on Wednesday June 26, Australian Western Standard Time (AWST).
Suvo Strategic Minerals strategic appointment aims to accelerate GPC commercialisation
Suvo Strategic Minerals Ltd (ASX:SUV) has appointed Mark Pensabene as non-executive director, effective immediately. Pensabene has more than 20 years of experience in the engineering and construction sectors.
Lindian Resources shuffles the board to fast track Kangankunde strategy
To ensure that it can move its Kangankunde Project into construction and production as soon as possible, Lindian Resources Ltd has shuffled its board and leadership.
On your six
Telstra dumps Climate Active in shift from carbon offsets to direct emission reduction
Telstra will depart from the federal government’s Climate Active carbon neutral labelling program, opting instead for direct action to reduce emissions. This decision marks a significant shift as Telstra, previously a major participant in the program, will no longer claim carbon neutrality through carbon offsets.
The one to watch
Triangle Energy’s CCS approval brings $15M deal, new focus on Perth Basin
Triangle Energy (Global) Ltd CEO Conrad Todd joins Proactive’s Elisha Newell to discuss a pivotal carbon capture and storage approval for its Cliff Head Project in WA’s Perth Basin.