ASX up 0.35% at noon: Consumer confidence increases

Market Reports

by Peter Milios

Consumer confidence in Australia, as measured by the ANZ-Roy Morgan survey, saw a 2.3-point increase in the past week. Notably, confidence went up in New South Wales, Victoria, and Queensland, while it declined in South Australia and Western Australia. The survey also indicated a 0.3% decrease in weekly inflation expectations, settling at 5.2%. The four-week moving average for inflation expectations showed a slight softening from 5.4% to 5.3%. ANZ senior economist Adelaide Timbrell noted that consumer confidence has remained within a narrow range of 75 to 78.5 points for six consecutive weeks.

At noon, the S&P/ASX 200 is 0.35 per cent higher at 7,185.

The SPI futures are pointing to a rise of 33 points.

Best and worst performers

The best-performing sector is Materials, up 0.87 per cent. The worst-performing sector is Information Technology, down 0.94 per cent.

The best-performing large cap is Mineral Resources (ASX:MIN), trading 5.84 per cent higher at $68.09. It is followed by shares in Pilbara Minerals (ASX:PLS) and Wesfarmers (ASX:WES).

The worst-performing large cap is Altium (ASX:ALU), trading 3.38 per cent lower at $46.58. It is followed by shares in NEXTDC (ASX:NXT) and Meridian Energy (ASX:MEZ).

Company news

Chimeric Therapeutics (ASX:CHM) announced the successful treatment of the third participant, required to complete the fourth and final planned dose escalation cohort, in the CHM 1101 Phase 1A clinical trial, has been completed at City of Hope. In response, Jennifer Chow, CEO and Managing Director commented, “We look forward to providing an update on the safety and efficacy from the trial before the end of the year.” Shares are trading 11.43 per cent higher at 3.9 cents.

Apollo (ASX:AON) has acquired a high quality European Copper Project, containing the Belgrade Copper Project, in Serbia. In response, Managing Director, Mr Neil Inwood, commented: “Serbia is currently Europe's second-largest copper producer and I am convinced there are world class sedimentary-hosted copper discoveries to be made in the region.” Shares are trading 21.4 per cent higher at 3.4 cents.

Morella Corporation (ASX:1MC) announced that announced that lithium mineralisation has been confirmed from their recent shallow drilling at Carvers Lithium Project at North Big Smoky. In response, Managing Director, James Brown said, “With the groundwork laid by these findings, we are well positioned to embark on further analysis of the deeper brine target at Cavers.” Shares are trading flat at 0.65 cents.

Commodities and the dollar

Gold is trading at US$1950.40 an ounce.

Iron ore is 2.3 per cent lower at US$113.95 a tonne.

Iron ore futures are pointing to a 1.2 per cent fall.

One Australian dollar is buying 64.38 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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