Proactive’s Tylah Tully gives a market wrap for the October 10.
The ASX 200 closed 0.43% higher today at 8,223 points. Over the past five days, the index has remained nearly unchanged but is still 0.76% below its 52-week high.
The top-performing stock was Arcadium Lithium, which surged 38.75% to $8.20 per share following news of Rio Tinto's interest in acquiring the company. Mineral Resources also rebounded, gaining 6.76% to close at $51.18 after two consecutive days of declines.
On the downside, Fletcher Building Group fell 2.43% to $2.81 per share, while Ansell Limited dropped 2.2%, ending at $32.04.
Sector-wise, six sectors closed higher, with Materials leading at 1.62%, followed by Energy, which rose 0.98%. Utilities was the worst-performing sector, down 0.86%.
In economic news, analysts remain divided on whether the Reserve Bank of Australia (RBA) will begin cutting interest rates in February.
Weak consumer spending and worsening financial conditions for households may prompt new rate cuts, with many analysts pointing to a decline in GDP per capita for six consecutive quarters as an indicator of declining living standards.
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