After falling as much as 0.5% in morning trading, the Australian stock market has steadied.
At the time of writing, the S&P/ASX200 is up 0.20 points to 7,248.40.
The top-performing stocks are Champion Iron Ltd (ASX:CIA) up 5.13% and Ramelius Resources Limited (ASX:RMS) is up 3.66%.
The index has lost 2.54% for the last five days but has gained 10.04% over the last year to date.
RBA minutes a calming influence
The Reserve Bank of Australia (RBA) released its September minutes today.
The minutes reiterated the support the RBA has for highly supportive monetary conditions designed to achieve a return to full employment and inflation consistent with its target.
Notably, the RBA will not raise the cash rate from the record low of 10 basis points until 2024, that is when the central bank believes actual inflation is sustainably within the 2% to 3% target range.
“Meeting this condition will require the labour market to be tight enough to generate wages growth that is materially higher than it was at the time of the meeting,” the minutes said.
The RBA has said that the Delta variant had slowed Australia’s economic recovery down saying it had hindered the recovery in a “more severe” way than expected in August.
It is expected that GDP will decline materially in September, with unemployment set to rise.
A rebound should occur as restrictions are lifted.
On the small cap front
Two of the bigger gainers this morning are Reedy Lagoon Corporation Ltd up 24% and Jayex Technology Ltd up 16.67%, however, there are several companies that have risen on the back of this morning’s announcements.
Vango Mining Ltd (ASX:VAN) is up 9.37% having intersected another broad zone of high-grade, near-surface gold mineralisation at the Skyhawk open pit target of its flagship Marymia Gold Project.
Strategic Elements Ltd (ASX:SOR) is up 8.06% after achieving a key milestone with its moisture-based battery technology producing more than a milliamp of electrical current from humidity in the air.
Bellevue Gold Ltd (ASX:BGL) is up 7.05% having intersected further high-grade gold that is likely to boost resources
Matador Mining Ltd (ASX:MZZ, OTCQX:MZZMF) is up 5.88% after it announced it had intersected 19 metres at 4.2 g/t gold during a diamond drilling campaign at the Cape Ray Gold Project in Newfoundland, Canada.
Anson Resources Ltd (ASX:ASN) is up 5.62% after confirming high grades of uranium and vanadium from its Stage 2 exploration program at the Yellow Cat Project in Grand County, Utah, USA.
Pan Asia Metals Ltd (ASX:PAM) is up 3.26% after closing its Share Purchase Plan (SPP) early due to heavy oversubscription with more than two weeks left on the original deadline.
Caspin Resources Ltd (ASX:CPN) is up 2.86% as it deepens its understanding of a large-scale, mafic-ultramafic intrusive complex through exploration at its flagship Yarawindah Brook PGE-nickel-copper project in Western Australia.
Marmota Ltd (ASX:MEU) is up 2.08% after commencing a production-focused diamond drilling program designed to provide the necessary detail to advance its Aurora Tank gold discovery in South Australia to production.
Others of note
- AUN is up 5.88%
- AGC is up 8.33%
- BEM is up 3.85%
- BOA is up 17.65%
- BRK is up 3.85%
- CHN is up 2.30%
- CRL is up 40%
- CXO is up 2.44%
- EPM is up 3.17%
- EMP is up 6.67%
- EMD is up 4.76%
- EMN is up 2.97%
- FAR is up 2.63%
- FFX is up 3.28%
- GTR is up 11.99%
- GAL is up 3.77%
- GGG is up 4.35%
- HRZ is up 9.52%
- INF is up 4.35%
- KIN is up 4.76%
- KKO is up 5%
- LCD is up 2.04%
- LIT is up 2%
- LOT is up 7.55%
- MVL is up 3.57%
- MEI is up 3.45%
- MGV is up 3.70%
- NXM is up 4.92%
- PAR is up 4.79%
- PRU is up 2.45%
- PDI is up 3.85%
- QPM is up 6.25%
- RVR is up 4.84%
- SVL is up 2.63%
- SGQ is up 2.90%
- SRN is up 11.54%
- TBN is up 4.92%
- VAL is up 5%
- WWI is up 2.13%
- INR is up 4.92%