The ASX200 has been down 0.5% at 8,208 points.
Headline inflation in Australia has fallen to 2.8% – its lowest in 3 years – and now officially into the RBA’s 2-3% inflation target band. Investors reacted unfavourably and the local bourse declined after the announcement. All eyes are now on the RBA who are meeting on Tuesday, with most analysts predicting rates will stay on hold.
Materials has been the biggest gainer, up 0.7%, followed by Real Estate up two thirds of a percent 0.64% and IT, up one tenth of a percent 0.12%.
Staples has been the worst performing sector, down 3.4%, followed by Discretionary and Financials, down 1.1%.
Company News
Woolworths (ASX:WOW) has been down 5.6% on news of a profit downgrade. New CEO Amanda Bardwell today warned investors EBITDA for the first half will be around 6% below consensus expectations.
Woolworths has been $31.00
Red Mountain Mining (ASX:RMX) has been up 55% after a desktop study of its Flicka Lake project in Canada, revealed three parallel quartz veins.
Red Mountain Mining has been 1.3 cents.
Regener8 Resources (ASX:R8R) has been trading flat after receiving a WA government grant. The company says it will further drill its Hatlifter prospect for nickel-copper.
Regener8 Resources has been 15 cents.