Proactive’s Tylah Tully gives a market wrap for the 13th of September.
The ASX closed up 0.30% today, finishing the week on a positive note at 8,097.3 points. Over the past five days, the index has gained just over 1% and is now 0.6% below its 52-week high. The rise followed optimism from Europe, where the European Central Bank cut its benchmark interest rate by 25 basis points to 3.5%, and in the US, producer price data met expectations, easing inflation concerns.
Top performers included Capricorn Metals, up 10.72% to AU$6.30, along with many gold miners, as the price of gold hit a record US$2,558 per ounce overnight.
Liontown Resources (ASX:LTR) was the worst performer, falling 6.29% to 67 cents per share.
Sector-wise, Materials rallied 2.25%, followed by Real Estate, up just over 1%. However, Financials was the worst-performing sector, down 0.61%, with Information and Communication Services also declining around 0.5%.
In other news, the Australian government released draft legislation targeting scams in banks, telcos, and tech companies. Elon Musk criticised proposed Australian laws that would fine platforms like X for spreading disinformation, prompting a response from politician Bill Shorten, who criticised Musk's stance on free speech.