The ASX200 has hit a fresh all time high of 8,035 points in buoyant Monday trade with the market up 0.8% heading into 1pm.
Investors are speculating the Federal Reserve in the United States could launch its rate cutting cycle with a 50 basis point move. Elsewhere, analysts have suggested foreign investors could desire to move into the ASX following an assassination attempt on former US President Trump.
It took the local market just over 3 years to climb another 1000 points after breaking through 7000 points in April 2021.
All sectors are in the green, with Information Technology up 1.31%, followed closely Discretionary up 1.25%, and Telecommunications up 1.24%.
Company News
Aussie Broadband (ASX: ABB) has taken a beating today with the stock down 17% after a $10 million downward revision of its FY25 earnings forecast.
The company also launched Buddy Telco on Monday, a new AI assisted, digital-first challenger brand aimed at disrupting the NBN market.
Aussie Broadband has been trading at $2.99.
Aldoro Resources (ASX:ARN) is up 48% after announcing successful test work results, recovering 62% niobium at its Kameelburg mine in Namibia.
The results align with global recovery levels of niobium, and investors reacted with elation and growing confidence in the stock; niobium drilling remains on-going at Kameelburg.
Niobium is becoming increasingly sought after by explorers following the success of WA1 Resources in recent history.
Aldoro Resources is $10.8c in lunchtime trade.
Recce Pharmaceuticals (ASX:RCE) is flat today as after the company announced another $3 million grant from the United States Department of Defence.
The company is developing a patented topical treatment gel for burn wound infections and sepsis; Recce has recently pivoted towards US Defence customers.
Recce Pharmaceuticals is trading at $0.46 cents.