Information Technology has boosted the S&P/ASX 200 0.1 per cent higher at 7311.3 at noon.
The reason for this was the announcement from Xero
(ASX:XRO), outlining that they will cut 700-800 jobs globally as part of a cost reduction program and plans to exit its cloud-based lending platform Waddle. The company aims to streamline and simplify its organisation, adjust its operating cost base, and achieve a target operating expense-to-revenue ratio in FY24 of around 75 per cent.
National Australia Bank
(ASX:NAB) has increased its standard variable home loan interest rate by 0.25 per cent pa to 6.7 per cent in response to the Reserve Bank's decision to lift the official cash rate by 0.25 percentage points. NAB has also increased rates on some savings products, with the NAB Reward Saver bonus interest rate rising to 4.25 per cent pa and term deposit rates increasing by up to 1.1 per cent pa.
The SPI futures are pointing to a rise of 36 points
Best and worst performersThe best-performing sector is Information Technology, up 2.1 per cent. The worst-performing sector is Materials, down 1.1 per cent.
The best-performing large cap is Xero
(ASX:XRO), trading 7.94 per cent higher at $84.86. It is followed by shares in Yancoal Australia
(ASX:YAL) and Pilbara Minerals
(ASX:PLS).
The worst-performing large cap is Meridian Energy
(ASX:MEZ), trading 3.44 per cent lower at $4.77. It is followed by shares in Cochlear
(ASX:COH) and Fisher & Paykel Healthcare Corporation
(ASX:FPH).
Asian marketsAsia-Pacific shares rose on Thursday as Bank of Japan kicks off its two-day monetary policy meeting, with investors eyeing any policy changes that could accompany BOJ governor Haruhiko Kuroda’s final meeting.
Japan’s Nikkei 225′s was up 1 per cent and the Topix climbed 0.84 per cent in its first hour of trade. The Kospi inched up 0.2 per cent.
The Hang Seng futures was at 20,070, which is above the Hang Seng index ’s last close at 20,051.25.
Company newsPrescient Therapeutics
(ASX:PTX) has announced that the US FDA Grants Orphan Drug Designation to PTX-100 for broader TCL indications. Prescient Managing Director and CEO Steven Yatomi-Clarke said “This now confers the certainty of 7 years of market exclusivity for PTX-100 in a broader range of diseases with unmet or poorly met clinical need.” Shares are trading 23.7 per cent higher at 12 cents.
Lindian Resources
(ASX:LIN) has announced that their Kangankunde Rare Earths project has continued to deliver high-grade rare earth assays and extensive intersections. Lindian’s Chief Executive Officer, Alistair Stephens commented: “As we expected, these latest assays continue to demonstrate high grade and very broad, consistent intersections of non-radioactive mineralisation.” Shares are trading 6.1 per cent higher at 26 cents.
Solstice Minerals
(ASX:SLS) has announced high grade nickel sulphide drill results at their GSP Prospect. In response, Chief Executive Officer and Managing Director, Mr Nick Castleden said: “The delivery of these compelling nickel hits in the very first phase of drilling is a great result and a credit to the targeting skills of the Solstice team and validates the GSP Prospect as a ‘live’ high-tenor nickel sulphide system.” Shares are trading 19.4 per cent higher at 18.5 cents.
Commodities and the dollarGold is trading at US$1782.70 an ounce.
Iron ore is 0.1 per cent lower at US$127.90 a tonne.
Iron ore futures are pointing to a 0.05 per cent rise.
One Australian dollar is buying 65.93 US cents.
