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The ASX200 spiked more than 1.2% on the release key inflation data and has been trading at 8,055 points – bringing the bourse back to record territory on its best day in five weeks.
The June Quarter inflation data aligns with analyst’s consensus and was unchanged at 1%, but annual inflation climbed from 3.6% to 3.8%. The market was unbothered and partially discounted the risk of a rate hike in August.
All sectors are in the green as the market roars to life. Information Technology is leading the charge up 1.8%, followed by Energy 1.7% and Real Estate 1.5%.
Company News
Rio Tinto (ASX:RIO) is trading up around 2.9% after releasing its half year results. Strong performance in copper and aluminium were, however, offset by a weaker iron ore operation. Earnings increased by 3% to US$12 billion and the market has responded favourably.
Rio Tinto (ASX:RIO) has been swapping hands for $117.84.
Encounter Resources Ltd (ASX:ENR) is down more than 11% on news it has increased the niobium mineralisation of its Green target in WA’s West Arunta region.
Drilling work shows high-grade mineralisation, including 22 metres at 1.3% niobium oxide (Nb2O5) from 70 metres including 2 metres at 2.1% niobium from 70 metres.
The market has been underwhelmed by the announcement.
Encounter Resources has been trading at 53 cents.
Siteminder (ASX:SDR) is up 5.7% on the release of its Q4 results.
The company announced a 20% increase in annualized recurring revenue and liquidity of $72 million comprising cash and cash equivalents.
Siteminder is trading at $5.78
Atlantic Lithium (ASX:A11) is down more than 10% on release of its quarterlies.
The company is nearing shovel-readiness after completing several major permitting milestones at its flagship Ewoyaa Lithium Project in Ghana, Africa.
Atlantic Lithium is trading at 35 cents.
