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News.com.au
2 days ago
- Business
- News.com.au
Closing Bell: ASX dodges negative sentiment to climb 0.3pc as gold stocks rally
ASX climbs 0.3pc Gold stocks surge, up almost 2pc Retail sales soften, increasing chance of RBA rate cut The Australian share market worked hard for its gains today, seesawing between negative and positive territory before making a convincing recovery after about 2pm AEST to climb 0.3%. Seven of our 11 sectors ended up crossing over into the green during all that back and forth, with the defensive stock sector Utilities leading the way. While Materials and Financials are sitting fairly middle-of-the-pack at market close, particular sub-sectors outperformed their brethren, making outsized moves on the ASX. Gold stocks left their Materials cousins in the dust, climbing 1.9% as an index while the ASX 200 Resources added only 0.01%. Ora Banda (ASX:OBM) shot up 7.51%, West African Resources (ASX:WAF) added 5.6%, Bellevue Gold (ASX:BGL) 4.21% and Resolute Mining (ASX:RSG) 3.28%. The banks also outperformed other financial stocks, although as big cap stocks the movements were a little less energetic. Westpac (ASX:WBC) jumped 2.68%, NAB (ASX:NAB) 1.33% and Commonwealth Bank (ASX:CBA) managed a positive showing of 0.87% despite some (now resolved) internet banking disruptions for its customers today. All in all, the bourse made a fairly good showing considering the reinstatement of Trump's tariffs by a US Court of Appeals overnight and disappointing Aussie retail data for April. Retail sales soften in April The ABS released its retail turnover numbers for the month of April today, which contracted by 0.1% despite lifting by 0.3% in March. 'Retail spending eased in April, particularly on clothing purchases,' ABS head of business statistics Robert Ewing said. 'Clothing retailers told us that the warmer-than-usual weather for an April month saw people holding off on buying clothing items, especially new winter season stock.' Oxford Economics lead economist Benjamin Udy said Australian consumers are wary of macroeconomic headwinds. 'Today's data shows Queenslanders returned to the shops in April, but that rebound was offset by weaker sales across all other states,' Udy said. "The weakness outside of Queensland may be related to the stalling in the recovery consumer sentiment due to rising global trade uncertainty. 'Unless consumption picks up a little more strongly in the coming months, the RBA may cut rates even sooner than we currently expect.' Yesterday, markets were pricing a 59% chance that the RBA would cut the cash rate to 3.6% at its next meeting. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Name Last % Change Volume Market Cap PRM Prominence Energy 0.004 100% 114700 $778,353 ERL Empire Resources 0.005 67% 554786 $4,451,740 ASP Aspermont Limited 0.008 60% 2432297 $12,365,938 1AD Adalta Limited 0.003 50% 112186 $1,286,446 ASR Asra Minerals Ltd 0.003 50% 7479385 $5,533,072 CR9 Corellares 0.003 50% 412320 $2,011,213 LOC Locatetechnologies 0.1 43% 724138 $14,083,568 TAS Tasman Resources Ltd 0.025 39% 558543 $3,314,567 CZN Corazon Ltd 0.002 33% 700000 $1,776,858 GMN Gold Mountain Ltd 0.002 33% 296327 $8,429,639 AYT Austin Metals Ltd 0.005 25% 198136 $6,296,765 BYH Bryah Resources Ltd 0.005 25% 818236 $3,479,814 EAT Entertainment 0.005 25% 23175 $5,235,144 MQR Marquee Resource Ltd 0.01 25% 1874067 $4,466,420 PRX Prodigy Gold NL 0.0025 25% 1000000 $6,350,111 RGL Riversgold 0.005 25% 228348 $6,734,850 RLG Roolife Group Ltd 0.005 25% 7657763 $6,371,125 RNX Renegade Exploration 0.0025 25% 750000 $2,576,727 VRC Volt Resources Ltd 0.005 25% 2214605 $18,739,112 WBE Whitebark Energy 0.005 25% 100006 $2,749,334 NHE Nobleheliumlimited 0.011 22% 787895 $5,395,725 RML Resolution Minerals 0.017 21% 8629662 $7,361,016 LKY Locksleyresources 0.08 21% 44328092 $9,680,000 OLL Openlearning 0.018 20% 145461 $7,240,120 AZL Arizona Lithium Ltd 0.006 20% 10117519 $26,351,572 Making news… Mining media company Aspermont (ASX:ASP) has clocked up its 35th straight quarter of subscription growth, with subs now making up 75% of total revenue. Recurring subscription revenue hit $11.2 million, up 4% year-on-year, while overall group revenue dipped 6% to $6.7 million. EBITDA was negative, but the company is still debt-free and sitting on $700k in cash. Renegade Exploration (ASX:RNX) has acquired four new gold-silver and base metal projects in the Nevada Walker Lane trend, in the US state of Nevada. With gold prices still hovering around US$3,300 an ounce, the company snapped up the licences for just US$150k, in an area responsible for 70% of domestic gold production in the US. ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Security Name Last % Change Volume Market Cap BLZ Blaze Minerals Ltd 0.002 -33% 142857 $4,700,843 ICU Investor Centre Ltd 0.002 -33% 1056 $913,534 KPO Kalina Power Limited 0.004 -33% 2520373 $17,597,818 MSG Mcs Services Limited 0.004 -33% 550000 $1,188,598 OEL Otto Energy Limited 0.004 -33% 19939911 $28,770,059 AOA Ausmon Resorces 0.0015 -25% 357633 $2,622,427 BMO Bastion Minerals 0.0015 -25% 1000000 $1,807,255 OB1 Orbminco Limited 0.0015 -25% 13220340 $4,795,136 AVE Avecho Biotech Ltd 0.004 -20% 1994020 $15,867,318 C7A Clara Resources 0.004 -20% 145000 $2,558,021 WNX Wellnex Life Ltd 0.31 -19% 115162 $26,092,038 MGA Metalsgrovemining 0.066 -19% 150000 $8,539,020 PLC Premier1 Lithium Ltd 0.009 -18% 1932229 $4,048,666 DBO Diabloresources 0.014 -18% 265439 $2,296,970 BIT Biotron Limited 0.0025 -17% 210802 $3,981,738 BP8 Bph Global Ltd 0.0025 -17% 392643 $3,152,954 DAF Discovery Alaska Ltd 0.01 -17% 25000 $2,810,816 EE1 Earths Energy Ltd 0.005 -17% 100000 $3,179,785 JAV Javelin Minerals Ltd 0.0025 -17% 2850000 $18,138,447 TEG Triangle Energy Ltd 0.0025 -17% 500999 $6,267,702 CML Connected Minerals 0.13 -16% 36159 $6,410,523 CDX Cardiex Limited 0.042 -16% 616975 $20,303,194 T88 Taitonresources 0.08 -16% 12500 $7,073,451 TG1 Techgen Metals Ltd 0.023 -15% 1341405 $4,283,974 ADG Adelong Gold Limited 0.006 -14% 70299873 $9,782,403 IN CASE YOU MISSED IT Stockhead's Tylah Tully looks at White Cliff Minerals' (ASX:WCN) exploration at Danvers, where continuous, high-grade copper and silver mineralisation at surface has been confirmed. Tylah also breaks down the latest from West Coast Silver (ASX:WCE),which has started drilling to test extensions of known high-grade mineralisation at its Elizabeth Hill project in Western Australia. Trading halts At Stockhead, we tell it like it is. While White Cliff Minerals and West Coast Silver are Stockhead advertisers, they did not sponsor this article.
Yahoo
2 days ago
- Business
- Yahoo
Major bank's $2.4 million a day 'boon' exposed as CBA, NAB and ANZ make popular move
Commonwealth Bank, NAB and ANZ customers will see their variable home loan interest rate drop from today, following the Reserve Bank of Australia's (RBA) May cash rate cut. Westpac customers will have to wait until Tuesday for the rate change. More than 20 lenders have now dropped variable rates following last week's decision, where the official cash rate was lowered 0.25 per cent to 3.85 per cent. More than 50 lenders have made their post-RBA announcements, but haven't yet passed on the cut. Infochoice editor and research analyst Harrison Astbury told Yahoo Finance some banks' cuts to mortgage rates wouldn't take effect until June 10 or 11, more than 20 days after the RBA's announcement. RELATED Commonwealth Bank announces huge interest rate cut following RBA decision: 'Stampede' Australia's most in-demand jobs revealed with $125,000 salaries up for grabs $1,831 Centrelink payment change coming within weeks 'In terms of the tardiest on home loans it's actually two smaller customer-owned banks - P&N Bank which rate cuts take effect on 10 June, and Tassie-based Bank of Us [on] 11 June,' Astbury told Yahoo Finance. 'Bendigo is probably the biggest player that is the tardiest, with home loan rate cuts not taking effect until 6 June.' Horizon Bank now offers the lowest variable rate on the market, according to Canstar, with a first-home buyer loan priced at 5.25 per cent. CBA, Westpac, and ANZ's lowest variable rate will be from 5.59 per cent when the rates take effect, while NAB's will be 5.94 per Westpac and NAB have chopped their savings rates ahead of their mortgage rates. Westpac's savings cuts will come into effect today, while its home loan rate cuts won't be until June 3. NAB lowered rates on its two main savings accounts last Friday ahead of today's mortgage cut. While the delay might not seem like much, Astbury said it could be a huge 'boon' for the banks. 'Westpac stands to gain up to $2.4 million per day in the four days between its savings account and home loan rate cuts,' he said. 'This can be calculated via looking at its variable home loan vs deposit book ($485 billion vs $348.5 billion), based on its net interest margin (NIM) — 1.88 per cent — gleaned from its latest half-year results.' Astbury said NAB could gain around $766,000 a day from the seven-day delay, due to the makeup of its loan versus deposit booms and lower NIM. CBA and ANZ have made their savings cuts take effect from today, the same day as home loan rate cuts. CBA quietly announced it would be passing on the 25 basis point cut to savings account customers this morning. Infochoice found the biggest gap between savings and home loan rate cuts was from AMP, who has a 10 day difference. The average borrower with a $600,000 home loan with 25 years remaining will see their minimum monthly repayments drop by $91 following May's cash rate cut. CBA, ANZ and NAB do not automatically adjust repayments after rate cuts and customers have to initiate a change to their direct debit. Customers may have to wait until at least late June or July to see their repayments drop, depending on their billing cycle. Canstar data insights director Sally Tindall said customers should consider whether they want the relief in their bank account or for it to stay in their mortgage. 'If you don't need the cash right now to make ends meet, think about keeping your repayments exactly the same, because if you can chip in a little bit extra each month, for the rest of your loan term, you could potentially find yourself mortgage-free years ahead of schedule and save tens of thousands of dollars,' she said. Astbury has called on lenders to move quicker to pass on interest rate cuts to borrowers. Unloan and Athena, for example, dropped new and existing variable rates on the same day as the RBA announcement, effective immediately. Unloan is owned by CBA. Macquarie was also quick to the draw, dropping savings and home loan rates three days after the RBA decision. 'We've seen it is possible to move incredibly quickly and there's a variety of reasons why some banks are slow to act,' he told Yahoo Finance. 'They will say legacy IT systems delay the rate cuts — some banks will point out they still have numerous tech platforms with different home loan customers on them versus the new digital players which might only have one or two. 'This isn't a good enough excuse in my opinion. The secret reason is protecting margins, and as we know in the case of Bendigo and smaller regional players experiencing bleed back to the major banks, margins have taken a hit so they are doing anything they can to protect them.'
News.com.au
2 days ago
- Business
- News.com.au
‘Recession indicator': Grim call after Aussies turn their back on Aldi ski sale
In what has been dubbed the latest recession indicator, a hugely popular shopping day has gone unsold, despite offering huge discounts on a number of products. Aldi's iconic annual ski gear sale was met with chaotic and crowded scenes, with customers lined up out the door before the supermarket chain even opened its doors. Inside, shoppers were seen urgently rifling through piles of ski jackets searching for their sizes. But in the weeks that followed, interest declined. Popular TikToker Bec Brewin highlighted that despite the buzz around Aldi's much loved sale, none of the items were actually sold out. 'Do you remember when the ski gear at Aldi used to sell out?,' she said. 'Well apparently this is the latest recession indicator because none of this has sold out and it's been there for a while.' 'I can't afford to go skiing and I certainly can't afford knee surgery after I fall over what would be the easiest run on the mountain.' Aldi has been contacted for comment. AMP economist My Bui told NewsWire the situation is consistent with the broader issues facing the Australian economy. 'This is playing out in Macroeconomic data. 'I looked at the NAB Business Sentiment Survey …. it shows conditions have still been deteriorating even when consumer confidence has been improving,' she said. Ms Bui's comments come after Australia's longest hit to living standards since the Second World War officially ended in March 2025, with households getting out of their per capita recession. But that doesn't mean households are spending, with Q1 retail sales figures released by the ABS showing retail volumes on a per capita basis fell 0.4 per cent after growth in the previous two quarters. Robert Ewing, ABS head of business statistics, said 'Retail sales volumes were flat this quarter and reflected subdued spending. This comes after sustained promotional activity boosted discretionary spending in late 2024.' Ms Bui agreed saying unlike the post covid years, businesses have less power to increase prices and have turned to promotions in order to clear stock. 'Retailers have less pricing power compared with before,' She said. 'Businesses had the power to raise prices. Right now, if you look at input costs and even when these costs increase, businesses do not feel they can raise their prices.' 'When you look at retail sales every single month there are more promotions than usual, but that is not a sign of strengthening as it is only driven by promotions, so it's actually a sign of weakness. Ms Bui said despite the overall outlook improving, it is coming off a relatively low base. The call comes just weeks after footage showed shoppers queuing up outside Aldi in Chatswood before opening to get ahead of the Snow Gear sale. The popular retailer has launched a premium range describing it as their 'coolest collection' to date, with more than 65 products under $100. 'We know our Aussie customers look forward to our annual Snow Gear Special Buys sale, and we're blown away by the overwhelming response by shoppers every year who line up before the store opens to get their hands on the range,' an Aldi spokesperson said at the time. 'The momentum we have seen over the last 20 years is reflective of the high quality and low price point Aldi's Snow Gear presents. 'Our customers continue to be excited about the release of the range each year, and we look forward to being part of their snow holiday plans with top quality gear at low prices in 2025.'
Perth Now
2 days ago
- Business
- Perth Now
Aussie shares shaky as US tariffs win stay
Australian shares are trading flat after a US appeals court temporarily reinstated Trump administration tariffs a day after the duties were blocked by a trade court. The S&P/ASX200 edged upward 0.7 points, or 0.01 per cent, to 8,410.5, as the broader All Ordinaries fell 1.6 points, or 0.02 per cent, to 8,636.4. A US federal court has granted a stay to President Donald Trump's Liberation Day tariffs, until an appeal to a trade court decision to block them is heard. The top-200 fell almost 0.4 per cent in early trading in the immediate wake of the trade news, but has recaptured some of the losses. The mixed start followed a subdued session on Wall Street, with the S&P500's eventual gains of 0.4 per cent coming to a fraction of futures market forecasts during the Asia session before the tariffs were restored. "The caution reflects the fact that although market sentiment has been supported by the prospect of the judiciary halting arguably Presidential overreach with tariffs and trade policy, the decision marks the beginning of a new source of uncertainty rather than the total closure of another," market analyst Kyle Rodda said. Five of 11 sectors were in the red by lunchtime, with the defensive consumer staples and health care stocks the main bright spots, up 0.6 per cent and 0.4 per cent. Energy stocks led the losses, down 1.3 per cent, as oil prices slipped more than three per cent since Thursday's ASX close as an all-too-familiar uncertainty returned to the trade outlook. The IT sector retreated 0.7 per cent and is on track to snap a five-session winning streak. Financial stocks overcame a flat start to edge 0.3 per cent higher, as NAB outperformed the big four with a 0.8 per cent gain after Morgan Stanley rated it ahead of Westpac. Commonwealth Bank grinded 0.5 per cent higher to $175.33 but has not yet found the momentum to convincingly beat its $176.64 peak. Macquarie Group weighed on the sector as it handed back 0.5 per cent of its nearly four per cent gain from the past ten days. Materials edged 0.1 per cent higher, as iron ore prices dipped to equal seven-month lows just above $US96 a tonne, pushing Fortescue 1.2 per cent lower as Rio Tinto shed 0.5 per cent to $112.78. Gold miners brought some shine to the sector, with Northern Star and Genesis Minerals rising more than 1.5 per cent each and Ora Banda leading the top-200 and rallying more than four per cent. The precious metal is up more than one per cent since Thursday's ASX close, as futures lifted to trade at $US3,334 ($A5,188) an ounce. The Australian dollar is buying 64.27 US cents, down slightly from 64.32 US cents on Thursday afternoon. The Aussie slipped 0.35 per cent after retail sales fell 0.1 per cent in April, coming in below forecasts of a 0.3 per cent uptick.
Express Tribune
3 days ago
- Business
- Express Tribune
Rs600m corruption unearthed in Dasu project
The Senate Standing Committee on Economic Affairs on Thursday detected mega corruption in Dasu Hydropower Transmission Line project, calling for a thorough investigation by the relevant authorities, including the Federal Investigation Agency (FIA) and the National Accountability Bureau (NAB). The committee which met with its chairman Senator Saifullah Abro in the chair, was informed that that the project contract was awarded on the basis of a letter from the Engineering Development Board (EDB) in 2015, while the National Engineering Services Pakistan (Nespak) presented wrong figures. The chair expressed anger over the alleged corruption in the project, amounted to Rs600 million. "How could the project be given to a company based on a letter," he raised the question. "It is the responsibility of all institutions to investigate it." The committee was informed that Nespak presented wrong figures during the scrutiny of the bidder, and the Nespak managing director confessed to the wrong figures. The committee directed action against the wrong figures presented by Nespak officials. "The negligence of the Power Division [in this issue] should be investigated. This matter should be investigated by NAB and FIA," Abro told the committee. "The officials who gave wrong figures should be terminated," he added.
