ASX Market Close: Index rises for 8th straight session as miners bounce back | August 20, 2024

The ASX200 closed up 0.22% at 7,997.70 points in a day of flat trading.

Mining stocks rebounded leading the bourse higher after a bounce in the iron or price last night. Stocks rose in early trade before paring soft gains after the release of the RBA Board meeting minutes.

The RBA minutes reveal the central bank remains hawkish and expects rates to remain higher for longer. But Goldman Sachs attribute little weight to RBA guidance and expects rates to be eased by February.

IT was the best performer up 1.3%, followed by Utilities and Materials – both 0.9%. Real Estate had a shocker, falling around 1.5%.

In the Green

Engineering company Monadelphous (ASX:MND) jumped up more than 10% after reporting FY24 results.

The company’s profit rose 16.2% to $62.2 million and revenue climbed 11% to $2 billion.

Monadelphous closed at $13.10.

Ingenia Communities Group (ASX:INA) closed up around 5.5% on the back of FY24 results. The results beat consensus expectation with a 20% increase in revenue and a 17% increase in earnings. Investors reacted by bidding up the stock.

Ingenia Communities closed at $5.36.

St George Mining (ASX:SGQ) closed up 5.7% after appointing highly experienced in-country leadership to drive forward its high-grade Araxá Niobium Project.

Both leaders have extensive experience at CBMM, the world’s largest niobium producer.

St George Mining closed at 3.7 cents.

In the Red

Yancoal (ASX:YAL) closed down 14.5% after releasing its half year results last night. Investors were not impressed with a 21% in revenue and a 57% fall in profit.

Yancoal closed at $5.95.

Iress (ASX:IRE) is down another 7.8% after releasing results yesterday. The results did not meet consensus expectations and investors have some doubts over forward guidance.

Iress closed at $9.61.

Mader (ASX:MAD) dived more than 11% on the back of its FY24 results. Despite exceeding guidance, the results did not meet investor expectations. The market responded by aggressively selling down the stock.

Mader closed at $5.70.