The ASX closed lower today.
The S&P/ASX200 dropped 37.10 points or 0.53% to 6,992.70 after setting a new 20-day high. Over the last five days, the index is virtually unchanged, but is down 6.07% for the last year to date.
The bottom performing stocks in this index were St Barbara Ltd (ASX:SBM) down 10.74% and Life360 Inc down 6.65%.
Generally, banks did well today on reporting.
The Australia and New Zealand Banking Group Ltd (ANZ) led the way with a 3.8% jump to a nine-week high of $23.56 on volume 64% above the 20-day moving average for late in the trading day. Westpac Banking Corporation was up 1.7%, National Australia Bank Ltd was 1.4% higher and Commonwealth Bank of Australia (ASX:CBA) was 0.2% higher.
CS has called ANZ the "under-owned" and "unloved" bank to buy.
Of the sectors, IT was down and only Utilities and Financials made gains.
In the news today
ABS to instigate monthly CPI reporting
The Australian Bureau of Statistics (ABS) has made the decision to move towards a new monthly CPI indicator, saying it will deliver more timely data to businesses and other bodies who rely on economic data.
The move was welcomed by accounting organisation CPA Australia.
“Quarterly CPI reporting puts Australian governments, regulators and businesses at a distinct disadvantage, especially in economically uncertain times like now," CPA Australia general manager media and content Dr Jane Rennie said.
“A monthly CPI indicator will enable a clearer understanding of the effects of monetary policy, geo-political tensions, supply chain disruptions and local interventions on prices across the Australian economy. Australia’s economy will benefit as a result."
Rennie said that in a high inflation environment, agility is key.
"With this announcement, the ABS has demonstrated its willingness to be responsive to the needs of the community and embrace new lower cost data sources to deliver monthly updates."
The move will take place in October, replacing the quarterly report and bringing Australia in line with other parts of the world.
“This new monthly CPI indicator will provide a timelier guide to inflation in Australia,” ABS Australian statistician Dr David Gruen said.
“The Information Paper will show how the monthly CPI indicator can provide an earlier guide to inflation developments, particularly in times of significant change.
“One important point of distinction with the monthly indicator is that, while it will include prices for all the items in the CPI basket, not all these prices will be updated each month.
Here’s a look at some of the top small cap stories of the day
Riversgold prepares to hit the ground running with Tambourah lithium drill program
Riversgold Ltd (ASX:RGL)’s northwest program — covering tenure where extensive pegmatite outcrops have already been mapped and sampled at the Bengal, Ragdoll and Lion prospects — covers only a fraction of the overall Tambourah tenement.
Meeka Metals hits “exceptionally high-grade gold” at St Anne's target
Meeka Metals Ltd (ASX:MEK)’s St Anne’s target is yet to be included in the Murchison mineral resource, meaning there’s scope to incorporate the gold ore in an update later this year.
Imugene and City of Hope dose first patient in cohort 3 of Phase 1 trial to test cancer-killing oncolytic virus against breast cancer
The first-in-human, Phase 1, single-centre, dose escalation study of Imugene Ltd (ASX:IMU, OTC:IUGNF)’s CHECKvacc is recruiting patients with triple negative breast cancer (TNBC).
Carnavale Resources looks to follow-up strong gold grades with third aircore program at Ora Banda South Gold Project
Carnavale Resources Ltd (ASX:CAV) is encouraged by past drilling results in the area of up to 4 metres at 8.82 g/t gold, and believes the geological setting at these two prospects mirrors that of the Invincible Gold Mine, discovered near Kambalda in 2012 and boasting 2.5 million ounces of gold at 4 g/t.
Miramar Resources finds golden ticket at Gidji JV project's Highway target
The fresh results point to a 1-kilometre gold target that remains open in all directions, giving Miramar Resources Ltd (ASX:M2R) a sizeable follow-up target.
On your six
Australian gold miners ramp up activities in June quarter as safe-haven demand rises
Safe haven gold demand is on the rise, but how have gold companies fared in the June quarter? The gold price rallied as the Ukraine war unfolded and investors sought safe assets, but it gave back some gains as investors shifted their focus to tighter monetary policy and higher interest rates.
The one for good luck
Provaris Energy opens Oslo office to lead European opportunities
Provaris Energy Ltd (ASX:PV1) chief technical officer Per Roed speaks with Andrew Scott from Proactive about the company’s new European corporate office in Oslo, Norway, with expectations that this new move will potentially open access to new sources of capital.