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The ASX200 closed down 0.61% at 8,378 points, snapping a three-day winning streak.
The pullback unfolded despite a surge on Wall Street, with tech stocks leading major indices to record highs.
Back home, investors Down Under are looking ahead to Australia’s quarterly inflation report next week, which could solidify expectations for a February interest rate cut by the Reserve Bank of Australia.
The Discretionary sector lead the market lower, amidst declining commodities, down 1.6%, followed by Materials, down 1.5%, and Staples, down 1.25%.
Utilities bucked the trend, up 0.45% and Telecommunication, up 0.3%.
In the Green
Critica (ASX:CRI) closed up 11.7% after upgrading the rare earth element (REE) mineralisation at its flagship Jupiter project by a whopping 830% through early-stage metallurgical test work.
Critica finished the session at 1.9 cents.
Insignia Financial (ASX:IFL) closed up 2.03% on news Bain Capital had improved its takeover offer. Bain has matched CC Capital’s; a period of due diligence has commenced.
Insignia Financial closed at $4.52.
Praemium (ASX:PPS) closed up 11.8% after reporting growth across its business. Funds under management for the quarter increased by 4% to $30.2 billion.
Praemium closed at 85 cents.
In the Red
Rio Tinto (ASX:RIO) closed down 1.3% after proposing a $470 million settlement to Mongolia to resolve a tax dispute over its copper mine, covering claims from 2013 to 2020.
Rio Tinto closed at $118.00.
Nova Minerals (ASX:NVA) closed down 1.45% after reporting high-grade gold and gallium findings at its Wombat and Stoney prospects in Alaska. The 2024 exploration program revealed seven rock samples with gold concentrations above 2 g/t, with the highest at 360 g/t from the Wombat area.
Nova Minerals called it a day at 34 cents.
Vulcan Energy (ASX:VUL) closed down 6.4% after closing its share purchase plan. The company raised a further $8 million, in addition to its $164 million institutional and strategic placement.
Vulcan Energy closed at $5.35.
