The ASX 200 has finished slightly in the red today.
The S&P/ASX200 is down just 1.40 points today to 6,986.70. The index has lost 2.14% for the last five days, but has gained 5.74% over the last 52 weeks.
The bottom performing stocks today were Ansell Ltd down 13.76% and NIB Holdings Ltd down 5.58%.
There were several peaks and troughs today.
ARB CORPORATION LIMITED (ASX:ARP) was as high as $47.74 before paring back to $46.26, a gain of 8.16% for the day.
ARB has achieved $359 million in sales revenue, up 26.5% from the prior corresponding half year period.
“Based on preliminary, unaudited management accounts, the company’s profit before tax for H1 FY22 is within the range of $90 million to $92 million,” the company reported.
The company maintains a positive outlook.
"ARB is focused on managing customer expectations, global supply chain pressures and pursuing various market opportunities," the company says.
Meanwhile IGO Ltd fell 2% in earlier trading, but recovered slightly to be down 0.93%.
As for the new kids on the block, there was also mixed messages.
Felix Gold Ltd and Cosmo Metals Ltd made their debuts on the ASX today.
Cosmo is a nickel-copper-cobalt explorer that edged higher on debut, rising 5% to 21 cents after it raised $5 million at 20 cents per share.
“I’d like to thank all shareholders for their support in seeing the company through to listing on the ASX,” Cosmo managing director James Merrillees said.
“With passionate people and advanced, drill ready projects aligned to battery material commodities, we’re excited about the prospect of rewarding investors with material exploration outcomes.”
On the other hand Felix Gold fell 26% to 18.5¢, finishing at 18 cents. It had raised $10 million at 25¢ a share.
What impact will the RBA have tomorrow?
Ahead of tomorrow’s RBA meeting, from Scott Solomon, T. Rowe Price associate portfolio manager says, “I anticipate there will be a lot to unpack after the Reserve Bank of Australia’s (RBA) meeting on February 1.
"First, I don't expect them to raise rates, but I do expect them to end asset purchases sooner rather than later. Potentially effective immediately. It is clear the goals they laid out in order to end purchases have been met - only buoyed by the Fed's decision to cease purchases in March.
“Second, they are going to have atone for some of their forecasting missteps on the inflation side. We all saw the CPI data released a few days ago: their preferred inflation measure jumped from 2.1% to 2.6%. The RBA's own central forecast didn't indicate that level would be reached until 2023. They've backed themselves into a corner with the resoluteness of their forecasts and need to make an effort to reassert their credibility.
“Luckily the bond market was able to see through this and has brought rate forecasts well ahead of RBA estimates. My hope is that this lets us avoid some of the messiness in October when the RBA abandoned yield curve control (YCC).
"That said, I don't expect the RBA to completely wave the white flag - I believe there will still be hints of patience and they will focus on preparing the markets for hikes after the May elections.
“Perhaps even more critically - is Dr Philip Lowe's appearance at the National Press Club the following day - so it's important to not let your guard down post Tuesday's statement. He's going to be challenged on a range of issues.
"What I'm listening for are hints of what the RBA plans to do with the A$350 billion in bonds on their balance sheet once the asset purchase program ends. The term 'balance sheet' was mentioned 28 times in the minutes from the Fed's December meeting so I expect RBA members to shed light on this. Balance sheet run-off will be new territory for the RBA and it's imperative the process is thoughtful and isn't fumbled.”
On the small cap front
- Rumble Resources is 13.33% higher.
- Meeka Gold Limited is 11.11% higher.
- Okapi Resources is 11.32% higher.
- Valor Resources is 7.69% higher.
- Alligator Energy is 5.26% higher.
- Westar Resources Ltd is 4.55% higher.
- Calima Energy Ltd is 4.35% higher.
- Race Oncology Ltd is 4.44% higher.
- Polymetals Resources Ltd is 3.85% higher.
- Future Metals NL is 2.94% higher.
- Strickland Metals Ltd is 1.69% higher.
- Alto Metals Ltd is 1.16% higher.
- Pharmaxis Ltd is 1.01% higher.