Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 is trading down 0.4% as markets brace for a big week of data ahead.
Asia markets are mixed with the Nikkei green but Chinese and New Zealand markets red ahead of the latest US inflation data on Thursday night Australian time.
ASX traders will also absorb China’s latest inflation data on Wednesday, which will inform sentiment around the direction of the Chinese economy and iron ore prices.
The IT sector is leading intraday gains, up 0.8%. Discretionary has also pushed into the green, more than half a percent.
All other sectors are in the red, Energy and materials have fallen the most, both down 1.3% respectively, affected by an overnight dip in iron ore prices.
Company News
Encounter Resources (ASX:ENR) has shot up 19% on drilling results at its Aileron project in Western Australia.
The company flagged its latest niobium drilling results at the Crean and Emily targets with the company reporting several thick intercepts of niobium at depths less than 70 metres.
One key result saw a 46 metre thick intersection at 3.1% niobium – sending the stock to top gainer status in morning trades.
ENR has been trading at 87 cents.
Rex Minerals (ASX:RXM shares soared 61.8% as the company fields a $400M takeover bid from an Indonesian-owned company.
Under a scheme deed with MACH Metals Australia (MACH), Rex will see all shares not currently owned by MACH acquired at a value of 47 cents a share.
Rex’s board unanimously recommended shareholders take the deal.
RXM has been trading at 44.8 cents.
Hot Chili (ASX:HCH) has announced its establishment of Huasco Water, a new joint venture water company formed to supply both sea water and desalinated water to the Huasco Valley region of Chile.
While the company spoke of building desalination water facilities for local villagers, the company is also seeking to sell water to other mining companies. An intense drought has gripped Chile in recent years.
HCH has been trading at 97 cents.
