Proactive’s Tylah Tully gives a market wrap for the 2nd of September.
The ASX closed higher today, setting a new 20-day high. The index gained 0.26%, closing up 21 points at 8,112.90 on lower than normal trading volume. Over the last five days, the index has risen by 1.11% and is currently 0.44% below its 52-week high.
Smartgroup Corporation increased by 5.37%, trading at AUD 8.44 per share. Healius Ltd surged 4.79%, reaching AUD 1.75 per share.
Bellevue Gold decreased by 9.09%, closing at AUD 1.15 per share. Despite the decline, Bellevue Gold announced a maiden net profit after tax of AUD 75 million for the 2024 financial year. The company also generated free cash flow of AUD 41 million in the June quarter from producing over 42,000 ounces at its Bellevue Gold Mine in Western Australia, highlighting the project’s growing potential.
Seven out of eleven sectors were higher, led by Energy, up 1.27%, and Financials, up 1.18%. Materials was the worst-performing sector, down 1.14%, followed by Communication Services, which fell 0.96%.
Treasurer Jim Chalmers addressed economic concerns, attributing them to successive interest rate hikes aimed at curbing inflation, which remains high at 3.8% for the year ending June 2024. The Reserve Bank of Australia has raised interest rates 13 times since May 2022, with the rate currently at 4.35%.
That concludes today's update.