Closing Bell: ASX navigates uncharted territory, surging on RBA rate cut
ASX notches new all-time intraday and closing highs
Broad market strength with 8 of 11 sectors green
ASX breaks through 8870 points
The ASX 200 set both a new intraday high (8885) and a new record closing high today, muscling higher on interest rate cut momentum to finish up 0.41% at 8880 points.
The market had been fairly steady at about +0.2% for most of the day before making a strong climb as soon as the RBA decision came through. More on that in a moment.
Of our 11 sectors, eight moved higher. Only real estate, info tech and industrials missed out.
Utilities, consumer discretionary and financials led gains, adding about 0.83% each.
Cash rate lowered to 3.6%
The RBA cut interest rates by 25 basis points this month, as just about everyone was betting the central bank would.
The market reacted with a quick spike that turned into some solid gains through the latter half of the day.
"Because we didn't take rates as high as some other countries, it may be that we don't need to reduce rates as much either, as demand and potential supply in the economy get closer to balance and inflationary pressures ease,' RBA Governor Michele Bullock said.
The term 'neutral rate' has been flying around today, as the market wonders where the RBA will settle in its monetary policy tweaking.
It means a cash rate which would neither restrict nor encourage inflation, a sweet spot that would offer stable economic growth without risking uncontrolled price hikes.
While we'd all love a hard and fast number for that, it's just not that simple.
Bullock responded to the ABC's David Chau's question on the topic with a wide range of between 1% and 4%.
'The neutral rate is something that is a long run concept,' she explained, 'In the absence of shocks. And we are very often not in the absence of shocks.
'Our estimates are somewhere between 1 and 4. It's a very wide range. We don't put a lot of emphasis on the neutral rate in terms of thinking.'
Westpac (ASX:WBC) and Commonwealth Bank (ASX:CBA) responded with instant cuts to their variable loan rates, while Macquarie (ASX:MGQ) had already signalled its intention to pass on any reductions in full.
The ASX 200 Banks index added 0.74%. The banks themselves were mixed, with CBA and Macquarie lifting only marginally.
ANZ (ASX:ANZ) shot up about 2%, joined by Suncorp (ASX:SUN) and QBE (ASX:QBE) while Westpac and NAB (ASX:NAB) added about 0.9% each.
ASX Leaders
Today's best performing stocks (including small caps):
Code Name Last % Change Volume Market Cap
AJL AJ Lucas Group 0.013 117% 37668546 $8,254,378
BEL Bentley Capital Ltd 0.025 56% 2524992 $1,218,047
LNU Linius Tech Limited 0.0015 50% 6247950 $6,501,216
LIN Lindian Resources 0.185 37% 22162189 $159,762,002
AM5 Antares Metals 0.008 33% 3492140 $3,089,117
AQX Alice Queen Ltd 0.004 33% 4592596 $4,154,089
PKO Peako Limited 0.004 33% 1579365 $4,463,226
ROG Red Sky Energy. 0.004 33% 1281137 $16,266,682
ANR Anatara Ls Ltd 0.009 29% 3685995 $1,495,132
SRJ SRJ Technologies 0.009 29% 2317321 $7,286,318
ZEU Zeus Resources Ltd 0.018 29% 12747199 $10,044,113
TUA Tuas Limited 7.08 28% 25147473 $2,577,974,009
GRL Godolphin Resources 0.014 27% 11757645 $4,937,606
SMS Starmineralslimited 0.038 27% 2259980 $5,613,200
SGR The Star Ent Grp 0.1125 26% 36484249 $255,312,598
AUA Audeara 0.024 26% 2473477 $3,418,753
MTC Metalstech Ltd 0.175 25% 717440 $31,087,694
CAV Carnavale Resources 0.005 25% 1067633 $16,360,874
CTO Citigold Corp Ltd 0.005 25% 5420000 $12,000,000
ERA Energy Resources 0.0025 25% 207608 $810,792,482
FRX Flexiroam Limited 0.005 25% 23901 $6,069,594
PIL Peppermint Inv Ltd 0.0025 25% 2499992 $4,662,820
PRX Prodigy Gold NL 0.0025 25% 2001571 $13,483,725
QXR Qx Resources Limited 0.005 25% 2739496 $5,241,315
VRC Volt Resources Ltd 0.005 25% 304877 $18,739,398
In the news…
AJ Lucas Group (ASX:AJL) has settled a dispute over a carry agreement relating to UK shale gas exploration licences through subsidiary Cuadrilla Resources Limited, receiving a cash sum of £12.5m (about A$26m) and terminating the agreement.
Antares Metals (ASX:AM5) has unearthed some promising rock chip results at the Conglomerate Creek prospect of the Mt Isa North copper and uranium project, grading up to 22% copper, 394g/t silver and 7.4 g/t gold.
Mobile network firm Tuas (ASX:TUA) shares surged after raising $385m to acquire M1 Limited in a $1.43 billion deal. M1 is a digital network operator based in Singapore with offerings in mobile services, fixed services and handset and equipment sales.
Audeara (ASX:AUA) is moving into the Chinese e-commerce space with a licensing agreement through Eastech Holding Limited, a Taiwan-listed company valued at about $350m.
AUA will market its hearing technology under a third-party brand to be distributed via a Chinese e-commerce hearing aid provider with a strong online presence across major platforms, offering exposure to millions of potential customers.
Godolphin Resources (ASX:GRL) has materially upgraded the Lewis Pond project's mineral resource, increasing gold 18% to 470koz and silver 31% to 21Moz.
GRL reckons there's more room for growth in fresh lodes that haven't been incorporated into the estimate yet, and plans to do more drilling alongside metallurgical testing and a mining scoping study already underway.
ASX Laggards
Today's worst performing stocks (including small caps):
Code Name Last % Change Volume Market Cap
MEL Metgasco Ltd 0.002 -33% 134516 $5,511,260
NTM Nt Minerals Limited 0.001 -33% 8000 $1,816,354
RLC Reedy Lagoon Corp. 0.002 -33% 1999998 $2,330,120
SHE Stonehorse Energy Lt 0.005 -29% 4064735 $4,791,046
FNX Finexia Financialgrp 0.2 -27% 24487 $17,133,591
C7A Clara Resources 0.003 -25% 800 $2,353,084
LMLR Lincoln Minerals 0.003 -25% 2582442 $1,249,468
SRN Surefire Rescs NL 0.0015 -25% 8400000 $6,457,219
NAG Nagambie Resources 0.013 -24% 11895558 $13,656,140
EQS Equitystorygroupltd 0.02 -20% 1000000 $4,170,510
BUY Bounty Oil & Gas NL 0.002 -20% 101964 $3,903,680
MOH Moho Resources 0.004 -20% 284500 $3,727,070
RAN Range International 0.002 -20% 17123 $2,348,226
TMK TMK Energy Limited 0.002 -20% 1800000 $25,555,958
VEN Vintage Energy 0.004 -20% 608071 $10,434,568
EDE Eden Inv Ltd 0.038 -17% 541218 $9,452,787
GLL Galilee Energy Ltd 0.01 -17% 193760 $8,486,315
JAV Javelin Minerals Ltd 0.0025 -17% 2299 $18,756,675
KPO Kalina Power Limited 0.01 -17% 7071664 $35,195,948
RR1 Reach Resources Ltd 0.01 -17% 196086 $10,493,176
TFL Tasfoods Ltd 0.005 -17% 10000 $2,622,573
1AI Algorae Pharma 0.006 -14% 5523247 $11,811,763
RGL Riversgold 0.003 -14% 1 $5,892,994
RNX Renegade Exploration 0.003 -14% 4340000 $5,608,272
D3E D3 Energy Limited 0.315 -14% 163132 $29,008,377
In Case You Missed It
Neurizon Therapeutics (ASX:NUZ) has begun manufacturing an initial registration batch of NUZ-001 tablets to potentially treat ALS and related neurodegenerative diseases.
New data shows Recce Pharmaceuticals' (ASX:RCE) topical gel is highly effective against two challenging antibiotic-resistant bacteria affecting burns.
AnteoTech (ASX:ADO) is breaking into the South Korean market with a distribution agreement with Kangshin Industrial Co.
White Cliff Minerals' (ASX:WCN) regional drilling at the Danvers copper project in Nunavut, Canada, has extended known mineralisation and identified further sulphide mineralisation along strike.
Green Critical Minerals (ASX:GCM) has transitioned into manufacturing VHD blocks, with Module 1 now commissioned at its VHD production plant.
Everest Metals Corporation (ASX:EMC) has raised $4 million to advance its key trio of gold and critical minerals projects in Western Australia.
QMines' (ASX:QML) high-grade copper and zinc intersections.
Small language models promise faster, cheaper and more accurate AI translation, notes ASX-listed language tech company Straker (ASX:STG).
Last Orders
Tryptamine Therapeutics (ASX:TYP) has locked in a $2.6m credit line with Rockford Equity, secured against TYP's projected FY2026 R&D tax refund.
The facility can be drawn down in $500k tranches, accruing interest at 16% per year on the outstanding balance. TYP also expects to receive an $800k R&D tax rebate from the ATO in the coming months.
The fresh funding will go to fast tracking key development milestones for Tryptamine's binge eating disorder trial with Swinburne University.
Trading Halts
Bayan Mining and Minerals (ASX:BMM) – price query
Centaurus Metals (ASX:CTM) – cap raise
G11 Resources (ASX:G11) – new project acquisition
Trigg Minerals (ASX:TMG) – assay results and new mineralisation discovery
At Stockhead, we tell it like it is. While Tryptamine Therapeutics and Audeara are Stockhead advertisers, they did not sponsor this article.
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