ASX Market Close: Inflation falls back within RBA target band | October 30, 2024

The ASX200 closed down 0.83% at 8,180 points.

Headline inflation in Australia has fallen to 2.8% – its lowest in three years – and is now officially in the RBA’s 2-3% inflation target band. Investors reacted unfavourably and the local bourse declined after the announcement. All eyes are now on the RBA, which meets on Tuesday, with most analysts predicting rates to stay on hold.

The Consumer Staples sector was aggressively sold off and closed down 3.5%, followed by Discretionary, down 1.3% and Health Car, up 1.2%. Real Estate was the only sector finishing in the green, up 0.5%.

In the Green

Appen (ASX:APX) closed up 1.27% after Q3 revenue came in at $54.1 million, a 35% increase year over year.

Appen closed at $1.99.

Pilbara Minerals (ASX:PLS) finished up 1.05% on its quarterlies. Investors reacted favourably to plans to optimise the Pilgangoora Operation to a single processing plant via the Pilgan plant.

Pilbara Minerals wrapped up the session at $2.88.

Argenica Therapeutics (ASX:AGN) closed up 2.78% has news of FDA approval for its its drug candidate in the United States.

Argenica Therapeutics finished the day at 74 cents.

In the Red

Lynas Rare Earths (ASX:LYC) closed down 1.04% on release of it quarterlies. The company reported a gross sales revenue of A$120.5 million, a decrease from the previous quarter’s A$136.6 million.

Lynas Rare Earths closed at $7.75.

Liontown Resources (ASX:LTR) shed 4.5% on news of a ramp up in production at its Kathleen Valley Project. The company produced 28,171 dry metric tonnes (dmt) of spodumene concentrate and made its inaugural shipment, marking a significant milestone in production.

Liontown Resources closed at 85 cents.

Star Entertainment (ASX:SGR) closed down 3.77% on its quarterly update. For the September quarter the company posted an 18% decline in revenue to $351 million and an EBITDA loss of $18 million.

Star Entertainment Group closed at 23 cents.