The ASX200 is having another shocker day, tracking worse than predicted, down -1.1%.
This follows yesterday’s brutal ABS inflation read that saw rate cut expectations move out as late as October 2025.
All sectors are in the red, with the real estate sector losing the most, down -3.10%.
Traders, clearly, don’t expect mortgage pain to ease anytime soon for existing homeowners and new home buyers.
The local tech sector, while still in the red, is the best performer, following a strong night for Mag7 stocks in the US, once again.
Company News
Southern Cross Media Group (ASX:SXL) has announced that it has decided not to pursue Australian Community Media’s (ACM) proposal.
ACM’s proposal would have involved SCA acquiring a portfolio of ACM’s key print and digital news publications and its agriculture division.
However, Southern Cross Media concluded that the relevant assets do not align with its audio-focused strategy and would not create value for its shareholders.
SXL has been trading slightly down, at 60.5 cents.
Tamboran Resources (ASX:TBN) has announced it will list on the New York Stock Exchange (NYSE) at US$24 a share, to fund development of the Beetaloo Basin located in the Northern Territory.
The company is expected to be at the fore of development efforts in the onshore basin which is expected to potentially become Australia’s next major gas field.
The NT government has been keenly supportive of greenfield efforts to get the basin into production, given flow-backs to the territory could be significant.
TBN has been trading at 17.5 cents.
And, Sheffield Resources (ASX:SFX) has ramped up production and shipments from the Kimberley Mineral Sands (KMS) owned Thunderbird Mineral Sands Mine in Western Australia.
In June 2024, 825,000 tonnes of ore was mined, with a quarterly expectation of 2.2 million tonnes – surpassing the 2022 Bankable Feasibility Study forecast by 20%.
Annual shipments are expected to reach 1.1 million tonnes.
Shares are up 14.5%, after the company experienced recent losses last month.
SFX has been trading at 35.5 cents.