Australia’s CPI inflation indicator increased 3.6% in April on a year-on-year basis, up from 3.5% in March, causing an instant sell off on the ASX200.
The indicator came in hotter than forecasts predicting a figure of 3.4%.
The data was released at 11.30am AEST and by 11.38am AEST losses on the ASX had mounted to 0.94%.
This followed a delayed bullish reaction to NVIDIA earnings on the NASDAQ overnight, suggesting a window of divergence between Australian and American equity sentiment.
Back on the Australia bourse it was looking like a red day across the board with the ASX200 tracking as expected – falling more than a per cent.
The industrial sector has dropped the most, down more than a per cent. Utilities follows, shedding 0.9%.
Company news
One of the biggest stories of the day, has seen Fisher and Paykel Healthcare Corporation (ASX:FPH) shares up 4% after reporting FY24 operating revenue of $1.6 billion (NZ$1.74b), a 10% increase over the previous year.
This growth was driven by strong demand for hospital consumables and sleep apnea masks.
However, net profit after tax fell 47% to just under $122.5 million, impacted by a product recall, land revaluation, and changes in tax legislation regarding building deductions.
FPH is trading at $26.55.
Alara Resources (ASX:AUQ) is up 4% after it dispatched its first shipment of copper concentrate from its Omani Wash-hi Majazza mine to China, this marks its debut as a copper producer on the ASX.
The shipment, consisted of over 1,000 wet metric tonnes, and was transported in 42 sea containers to Oman’s Sohar Port and then shipped to China under an agreement with Trafigura.
AUQ has been trading at 7.2 cents.
Ark Mines (ASX:AHK) is up 8% after it announced a maiden Indicated Mineral Resource Estimate (MRE) for the Sandy Mitchell REE deposit in North Queensland.
The Indicated MRE incorporates results from Ark’s initial Stage 1 drilling program completed in 2023.
Stage 2 drilling, covering twice the area of Stage 1, is yet to commence and will be added to this maiden resource in the coming months.
AHK has been trading at 13.5 cents.