Governor Philip Lowe stated that the bank is committed to making the current high inflation period “only temporary” and that they will be paying close attention to the global economy, household spending, and the outlook for inflation and the labour market while deciding on further rate hikes.
At the closing bell, the S&P/ASX 200 was 0.46 per cent lower at 7,504.10.
The Dow Jones futures are pointing to a rise of 9 points.
The S&P 500 futures are pointing to a rise of 5.25 points.
The Nasdaq futures are pointing to a rise of 24.75 points.
The SPI futures are pointing to a fall of 36 points when the market next opens.
Best and worst performers
The best-performing sector was Energy, up 0.48 per cent. The worst-performing sector was REITs, down 1.62 per cent.
The best-performing large cap was New Hope Corporation (ASX:NHC), closing 3.7 per cent higher at $6.16. It was followed by shares in Yancoal Australia (ASX:YAL) and AGL Energy (ASX:AGL).
The worst-performing large cap was Sonic Healthcare (ASX:SHL), closing 3.34 per cent lower at $30.10. It was followed by shares in Infratil (ASX:IFT) and Challenger (ASX:CGF).
Japan’s Nikkei has lost 0.08 per cent.
Hong Kong’s Hang Seng has gained 0.72 per cent.
China’s Shanghai Composite has lost 1.00 per cent.
C29 Metals (ASX:C29) advises that drilling at their Pocitos 7 project in Argentina has concluded at 420 metres, with a packer test intercepting a deep aquifer from 370-400 metres. In response, Director Jeremy King commented: “We are extremely pleased to intercept brines and have hit a 30m plus aquifer zone at Pocitos 7 and have such a healthy pump rate particularly given the size of the pipe and pump utilised.” Shares last traded 44.74 per cent higher at $0.275.
EV Resources (ASX:EVR) announced that it has entered an agreement for a $25 million investment commitment from Sapphire Global Energy Fund. In response, EV Resources’ Executive Director Navin Sidhu commented, “This facility enables us to draw down when necessary, allowing us to better manage our funding needs, reduce dilution and not be at the mercy of the markets.” Shares last traded 53.33 per cent higher at $0.023.
Memphasys (ASX:MEM) announced that their FelixTM System, an automated device for separating high-quality sperm from a semen sample for IVF procedures, has been found to outperform the most commonly used sperm preparation method. The peer-reviewed papers are expected to enhance commercialisation discussions. Shares last traded 13.33 per cent higher at $0.017.
Altech Chemicals (ASX:ATC) is updating on its Silumina Anodes pilot plant construction in Saxony, Germany and the Definitive Feasibility Study for the planned 10,000tpa plant. The construction of the pilot plant is progressing well with the front end largely completed and commissioning underway, while the long-lead back end equipment is being constructed in South Africa and is scheduled for installation and commissioning in mid-year. Shares last traded 1.06 per cent higher at $0.095.
Commodities and the dollar
Gold is trading at US$1,885.80 an ounce.
Iron ore is 1.7 per cent lower at US$124.05 a tonne.
Iron ore futures are pointing to a 1 per cent fall.
Light crude is trading $0.77 higher at US$74.88 a barrel.
One Australian dollar is buying 69.30 US cents.
Image & Story Credit: finnewsnetwork.com.au