The ASX200 was down -0.02% in late lunchtime trades on Wednesday as the market ultimately searches for direction with a lack of clear catalyst outside of energy commodities.
International Economic Update
The latest Japanese trade data released on Wednesday morning was largely in line with expectations and did not move the Australian market.
The only other major economic datapoint to be released today is UK inflation, which we get at 4.00pm AEST. The Bank of England is expected to cut rates before the US Fed.
The Energy sector is leading the pack on a flat day for the ASX200, defined by a market hovering just under yesterday’s close.
Bullish sentiment is being driven by a rise in crude oil prices overnight, with Brent climbing over the US$85 dollars per-barrel level.
Also, in commodities Copper as has paired off its recent gains, with prices down nearly 11% in last month, prices are under pressure following lacklustre Chinese data that dropped on Monday
However, on a positive note, Citigroup analysts predict that copper prices will hit US$12’000 by the end of the year.
Company News
In company new, WA1 Resources (ASX:WA1) surged 23% following positive results from initial metallurgical test work on niobium mineralisation at its Luni Project in Western Australia.
The results indicate high-grade niobium concentrate with low impurities and recovery rates comparable to industry standards.
WA1 is currently trading at $19.96.
Firefly Metals (ASX:FFM) saw a 15.5% rise in shares after it reported strong copper-gold intersections from its drilling program at the Green Bay Copper-Gold Project in Canada.
High-grade mineralisation extends 460 meters beyond the current Resource boundary.
FFM has been trading at 80.3 cents.
Infinity Lithium Corporation (ASX:INF) is up around 12% following the award of PREMIA status for its San Jose lithium project by the Regional Government of Extremadura.
This designation recognizes the project as one of regional and general interest.
INF has been trading at 5.7 cents.