ASX Market Close: Westpac & UBS predict February rate cut | January 29, 2025

The ASX200 closed up 0.57% at 8,447 points.

The critical trimmed mean inflation measure was up 3.2% on an annual basis, compared to 3.6% in the September quarter. This was below the 3.3% expected by market economists for the trimmed mean.

In response, Westpac, UBS, and Bendigo and Adelaide Bank all pulled forward their expectations for the Reserve Bank’s next interest rate cut, from May to February.

In contrast, money markets predict a 90% chance of a February cut and economists have fallen into line.

Utilities was the best performing sector, up 2%, followed by IT, up 1.8% and Real Estate, up 1.66%. Materials was the worst performer, down 0.1%.

In the Green

DroneShield (ASX:DRO) closed up 4.07% on the release of its quarterlies. The company booked a 6.3% increase in revenue to $57.5 million, and a robust sales pipeline valued at $1.2 billion.

Droneshield closed at 64 cents.

Star Entertainment (ASX:SGR) closed up 13.04% after agreeing to sell the Star Sydney Event Centre and other additional spaces to Foundation Theatres for $60 million.

Star Entertainment closed at 13 cents.

Pilbara Minerals (ASX:PLS) closed up 3.5% after releasing its quarterly update. Revenue increased 3% to $216 million and investors reacted favourably.

Pilbara Minerals closed at $2.36.

In the Red

White Cliff Minerals (ASX:WCN) closed down 5% on news its Rae Copper Project in Canada has received approvals to kick off drilling.

White Cliff Minerals closed at 1.9 cents.

Accent Group (ASX:AX1) closed down 7.5% on release of its first half FY25 trading update. The company  projects a group EBIT of approximately $80 million.

Accent Group closed at $2.20.

Aroa Biosurgery (ASX:ARX) closed down 24.3%% following the release of its quarterly update. Investors have been selling the stock as the update and forward guidance did not meet expectations.

Aroa Biosurgery closed at 60.5 cents.