The ASX closed 0.19% lower at 8,126.40 points after Australia’s latest monthly CPI read for August came in at 2.7%, down from 3.5% in July.
The steep decline – aligning with the RBA’s target range, was likely driven by Australian energy rebate measures.
However SAXO Asia’s Junvum Kim said the data increases the likelihood of an earlier rate cut.
However, after the RBA kept interest rates on hold at 4.35% on Tuesday, with bank chief Michele Bullock reiterating there’ll be no cut rates this calendar year.
Indeed, many analysts tip the first cut around the second half of 2025.
The sectors were mostly in decline today. Financials fell the most, down around 1.7%, followed by Information Technology, down 1.2% and Telecommunication around 0.7%. Materials bucked the trend and were the best performing sector, up nearly 2.9%.
In the Green
Mineral Resources (ASX:MIN) closed up 5.44% after divesting 49% of the soon-to-be- opened Onslow Iron Haul Road in WA’s Pilbara region to Morgan Stanley Partners (MSIP) for $1.1B. A record climb in iron ore prices also helped the Chris Ellison-led stock.
Mineral Resources closed at $41.29.
Maximus Resources Ltd (ASX:MXR) has jumped around 5.7% after hitting an intercept grading 3.21 grams per tonne (g/t) of gold across 19 metres at its Hilditch gold deposit near Kambalda in Western Australia.
Maximus Resources was at 3.7 cents at close.
Sayona Mining (ASX:SYA) rose around 7.7% after presenting at the ASX Small Cap and Mid Cap Conference in Sydney. The company says its North American Lithium operation is nearing steady production after 17 months – much sooner than expected.
Sayona Mining closed at 2.8 cents.
In the Red
Specialty retail operator Premier Investments (ASX:PMV) shed more than 9.09% after reporting a 2.9% fall in global sales to $1.6 billion during FY24.
A record result from the Peter Alexander brand was offset by sales declines from its Smiggle and Apparel Brands businesses. The company has put its Smiggle demerger on ice, and will pivot its attention to the merger of Apparel Brands with Myer Holdings (ASX:MYR).
Premier Investments closed at $30.61.
Sigma Healthcare (ASX:SIG) finished down around 3.5% after posting half year results including a 67% decrease in net profit to $3.7 million. Investors reacted unfavourably and marked down the stock. The ACCC also prolonged its decision on the Chemist Warehouse reverse merger until next month.
Sigma Healthcare closed at $1.37.
Finally, Zip (ASX:ZIP) has retreated around 3.6% on news co-founder and major backer Larry Diamond and Associated Entities has ceased to be a substantial shareholder.
The company has also appointed global Hilton executive Matthew W. Schuyler as a new non-executive director.
Zip closed at $2.67.