Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 closed up 0.37% at 8224 points.
National Australia Bank (ASX:NAB) has become the first major bank to push out its prediction for the first rate cut to May next year. The move comes as RBA governor Bullock warns the job market is too tight, posing upside inflation risk.
IT was the best performing sector, up around 1.8%, followed by Financials up near 1.4% and Discretionary up just under 1%.
Materials was the biggest loser, down 1.10%, followed closed by Health Care, down 0.6%.
In the Green
Iris Metals (ASX:IR1) closed up 16.67% after landing a 90-day exclusive deal with NASDAQ-listed Stardust Power. The company is developing a large lithium refinery in Oklahoma and recently became an investor in Iris during a placement.
Iris Metals closed at 31.5 cents
Xero (ASX: XRO) finished up 5.85% and closed in record territory. The company’s half year results reveal a 6% increase in subscribers and a net profit after tax of $86 million.
Xero closed at $171.00
Midway (ASX:MWY) closed up 62.09% after disclosing it has formalised a scheme implementation deed with RCM BidCo, controlled by River Capital.
The agreement outlines a scheme of arrangement for the acquisition of all Midway shares, offering shareholders a cash consideration of $1.19 per share.
Midway closed higher at $1.24.
In the Red
Mako Gold (ASX:MKG) closed down 5.88% after receiving an off-market takeover bid. Aurum Resources (ASX:AUE) proposes to acquire all Mako shares and options, offering one Aurum share for every 25.1 Mako shares.
Mako Gold closed at 1.6 cents.
Light & Wonder (ASX:LNW) closed down 3.14% on release of it quarterlies. The update revealed a 12% increase in revenue year over year, but the results fell short of expectations.
Light and Wonder closed at $146.91.
Catalyst Metals (ASX:CYL) closed down 8.01% after holding its AGM today. The company produced 27,991 ounces of gold in the September quarter for an average of $2,413 per ounce.
Catalyst Metals closed at $2.64.
