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The ASX200 is tracking as futures predicted up 1% to 8080 points, shrugging off yesterday’s losses. The release of United States retail sales data had a benign affect on markets and investors are waiting eagerly to see if the Federal Reserve cuts rates as expected.
All sectors are in the green with Information Technology leading, up 1.6% heading into lunchtime trade. Real Estate continues to perform strongly, up 1.5%, followed by Industrials gaining 1.4%.
The gold price continues to hit record highs, up half a percent to US$2419. Gold’s record price run is positively affecting gold stocks as investors seek the safe haven of gold.
Company News
Step One (ASX:STP) is up 17% after announcing a 29% increase in FY24 revenues to $84 million.
Step One is a leading online retailer offering high quality, ethically manufactured innerwear that suits a broad range of body types. The company says it’s focused on establishing new retail partnerships and growing internationally.
Step One is trading at $1.71.
New World Resources (ASX:NWC) is down 15% after has releasing a fully-fledged PFS for its Antler copper project in Arizona, USA.
The market reacted unfavourably as the mine is set to have a life of just over 12 years, across 1.2 million tonnes of ore mined underground per year, at a grade of 1.6% copper.
New World Resources is trading at 2.8c.
Accelerate Resources Ltd (ASX:AX8) is down 32% after announcing results from maiden drilling at its Prinsep lithium project in Western Australia. The market reacted unfavourably, as drilling revealed a large lithium system with intercepts of up to 1.28% lithium oxide.
Accelerate Resources is trading at 1.5 cents.
