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The ASX200 has been up 0.65% at 8,338 points in afternoon trade.
Inflation edged up more than expected, from 2.1% to 2.3%. More importantly, trimmed mean inflation (the number that really counts) came in at 3.2%, still outside the RBA’s 2% to 3% target range. While consensus had shifted towards a 70% probability of a rate cut in February, some analysts don’t see this happening until later in the year.
Materials has bounced back and has been the biggest winner, up 1.5%, followed by Financials, up 0.85%, and Health Care, up 0.75%.
IT has lost the most ground, down 0.7%, followed by Real Estate and Telecommunication, both down 0.3%.
Company News
Meeka Metals (ASX:MEK) has been up 10.5% on a breakthrough in its drilling program at St Anne’s within the Murchison Gold Project. The latest assays reveal bonanza-grade gold intersections, bolstering plans for an expanded Stage 1 open pit.
Meeka Metals has been 9.5 cents.
Orthocell (ASX:OCC) has been up 5.6% after posting a third consecutive quarter of record revenue. The company reported a 46% increase in revenue to $2.21 million for the December ’24 quarter, over the previous corresponding period.
Orthocell has been $1.32.
Avita Medical (ASX:AVH) has been down 19% after updating its fourth-quarter and full-year 2024 commercial revenue guidance. The company now expects Q4 2024 revenue to be around $18.4 million, reflecting 30% growth compared to Q4 2023, but below its prior guidance range of $22.3 million to $24.3 million.
Avita Medical has been $3.52.
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