ASX closes 0.28% higher ahead of RBA's cash rate decision

Market Reports

by Peter Milios

The ASX experienced a subdued Monday session, with its benchmark index nearing 7000 points for the first time in over two weeks, anticipating the Reserve Bank's impending cash rate decision. Australia's central bank is anticipated to raise the cash rate to 4.35 percent during its upcoming monetary policy meeting, marking the first increase since June.

At the closing bell, the S&P/ASX 200 was 0.28 per cent higher at 6,997.40.

Futures

The Dow Jones futures are pointing to a rise of 30 points.

The S&P 500 futures are pointing to a rise of 2.5 points.

The Nasdaq futures are pointing to a rise of 4 points.

The SPI futures are up 20 points.

Best and worst performers

The best-performing sector was Health Care, up 1.47 per cent. The worst-performing sector was Energy, down 0.97 per cent.

The best-performing large cap was Evolution Mining (ASX:EVN), closing 5.13 per cent higher at $3.69. It was followed by shares in Meridian Energy (ASX:MEZ) and Treasury Wine Estates (ASX:TWE).

The worst-performing large cap was Lynas Rare Earths (ASX:LYC), closing 3.05 per cent lower at $6.99. It was followed by shares in Computershare (ASX:CPU) and Whitehaven Coal (ASX:WHC).

Asian markets

Japan's Nikkei has gained 1.10 per cent.

Hong Kong's Hang Seng has gained 2.52 per cent.

China's Shanghai Composite has gained 0.71 per cent.

Company news

Soprano Design Australia Pty Ltd today announces its intention to make an off-market takeover bid for all the ordinary shares in Whispir Limited (ASX: WSP) for $0.48 cash per share. The all cash offer price of $0.48 is best and final and will not be increased, in the absence of an alternative proposal or a competing proposal. Whispir shareholders are advised to take no action in respect of Soprano Takeover bid. Shares closed 61.7 per cent higher at 48.5 cents.

QX Resources (ASX:QXR) has confirmed further rockchip sample results with up to 3.8% LiO2 at Turner River in the heart of the Pilbara lithium province of Western Australia. In response, QX Resources Managing Director, Steve Promnitz, said: “High grade lithium results continue to drive the need for a much more structured and comprehensive exploration program at Turner River. These are some of the highest grade samples of lithium recorded in the Pilbara and it has reinforced our confidence in this project.” Shares closed flat at 2.3 cents.

Immutep (ASX:IMM) has announced the completion of the safety lead-In and opening of the randomised Phase II of the AIPAC-003 phase II/III trial in metastatic breast cancer. Good safety profile allows for lead-in phase to be closed early and the randomised Phase II portion of study will now proceed. Shares closed 1.67 per cent higher at 30.5 cents.

Magnis Energy Technologies (ASX:MNS) is currently in a trading halt to allow the Company the time it needs to prepare a disclosure in relation to iM3NY's loan facilities. The Company is not aware of any reason why the requested trading halt should not be granted by ASX and the Company is not aware of other information necessary to inform the market in relation to the trading halt. Shares are on  a trading halt and last traded at 8.1 cents.

Commodities and the dollar

Gold is trading at US$1,989.60 an ounce.

Iron ore is 0.2 per cent higher at US$126.80 a tonne.

Iron ore futures are pointing to a 0.16 per cent rise.

Light crude is trading $0.49 higher at US$81.00 a barrel.

One Australian dollar is buying 65.12 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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