The ASX has closed on a strong note this afternoon, extending its gains for another session with the benchmark index lifting 0.91% or 73.8 points higher to 8,200.20.
All sectors are higher, with the exception of Energy, led by the Materials and Consumer Discretionary sectors.
Building materials maker Brickworks was one of the day’s best performers, up 7.44% even as it reported a $119 million loss in the past financial year due to writedowns for property revaluations. Yet underlying profit from its Australian business rose 2% to $102 million thanks to price rises and improvement to productivity. Paladin Energy also had a strong performance, lifting 7.00%.
Solomon Lew’s Premier Investments gained 0.88%, rebounding from an almost 10% drop yesterday, when it said plans for a proposed demerger of its Smiggle and Peter Alexander brands were delayed as it focuses on selling some other brands to Myer.
Other discretionary retailers trading higher include Wesfarmers, up 1.74%, JB Hi-Fi up 2.79% and Harvey Norman lifted 2.16%.
Treasurer Jim Chalmers has arrived in Beijing for meetings with top Chinese policy makers as he tries to get clarity on what the 'weakness' in China’s economy means for Australia.
Beijing has announced its biggest stimulus since the pandemic, offers more funding and interest rate cuts, in a bid to pull the world's second-largest economy out of this year’s deflationary funk.
The broader-than-expected package was well received by markets today, but analysts questioned how effective it would be in the longer run, given extremely weak credit demand from domestic businesses and consumers.
Five at Five
Brookside Energy FMDP wells move into commercial production phase; oil and gas sales in train
Brookside Energy Ltd (ASX:BRK, OTC:RDFEF) has reached a milestone in its Flames-Maroons Development Plan (FMDP), with all four wells entering commercial production and initial oil and gas sales already underway.
Magmatic Resources unearths up to 7.4% copper in rock chips at Parkes and initiates drilling at Wellington North
Magmatic Resources Ltd (ASX:MAG) has uncovered more evidence for a mineralised copper system stretching up to six kilometres in length at the Black Ridge prospect of the Parkes Project in New South Wales.
Premier1 Lithium identifies gold and copper potential at Yalgoo
A strategic review of Premier1 Lithium Ltd (ASX:PLC)’s exploration assets has identified the potential for gold and copper mineralisation within the company’s existing Western Australian asset portfolio.
QMines welcomes initial Develin Creek Project drilling results
QMines Ltd (ASX:QML) has announced initial results from the maiden drilling program at its Develin Creek project northwest of Rockhampton in Queensland.
Aurumin joint venture partner Kula Gold wraps up diamond drilling program at Mt Palmer in WA
Aurumin Ltd (ASX:AUN) joint venture partner Kula Gold Ltd (ASX:KGD) is making good progress at the Mt Palmer Gold Mine, near Marvel Loch in Western Australia’s Southern Cross Goldfields, picking out high-grade gold intersections at the El Dorado and Meiers Find prospects.
On your six
Firefly Metals raises $65 million in institutional placement to advance Green Bay Copper-Gold Project
Firefly Metals Ltd has received a powerful validation of its Green Bay Copper-Gold Project in Canada, having raised A$65 million in a share placement at A$0.95 per share to institutional investors, including major Australian and international firms.
One to watch
Rainbow advances Rare Earth recovery with Phalaborwa Project
Rainbow Rare Earths Limited CEO George Bennett joins Proactive’s Tylah Tully to discuss its progress on the Phalaborwa project in South Africa, where the company has confirmed successful piloting of its innovative process for recovering rare earth elements (REE) from phosphogypsum.