The ASX200 had a stronger run than expected, adding 1.65 per cent today.
That interest rates pause by the RBA yesterday helped as well as the ABS today revealing Australia’s economy grew by 0.2 per cent in the September quarter, marking the slowest quarterly growth in two years. This provides some confidence that the rate rise cycle could be coming to an end.
All sectors closed at least half a per cent higher, real estate was by far the standout sector today, adding 3.2 per cent.
In the green
Chalice Mining (ASX:CHN) was up more than 10 per cent on news it’s secured key approvals from the WA Government for its Stage 3 Conservation Management Plan (CMP) and Programme of Work (PoW).
The approvals allow the company to conduct exploration drilling across the entire 30-kilometre strike length of the Julimar Complex.
Drilling is scheduled to begin soon.
CHN closed trade at $1.65.
And financial services group Perpetual (ASX:PPT) was up six per cent after the company announced it’ll conduct a strategic review exploring the potential separation of its Corporate Trust and Wealth Management businesses.
It will also look at creating a more focused Asset Management business.
PPT closed at $23.76.
In the red
$6.88 billion dollar market cap company, Evolution Mining (ASX:EVN) lost 13 per cent after raising $525 million via a fully underwritten Institutional Placement priced at $3.80 a share.
The funds will be used for the acquisition of an 80 per cent interest in the Northparkes Copper-Gold Mine in New South Wales.
A Share Purchase Plan to raise another $60 million opens to investors next week.
EVN closed trade 20 cents below the raise price, at $3.60.
Adavale Resources (ASX:ADD) lost 27 per cent a day after announcing it had been granted a 591 square kilometre uranium licence on the northern edge of the Flinders Ranges in South Australia. Heritage Clearances are still required in consultation with traditional custodians.
Share trade closed at point-8 of a cent.
And Lithium explorer Galan Lithium (ASX:GLN) was down more than 2.5 per cent despite providing an update on the development of its Hombre Muerto West (HMW) lithium brine project in Argentina.
Management revealed that construction is progressing to schedule and it expects to begin lithium chloride production in the first half of 2025. The first phase of the project is aiming to produce 5.4 thousand tonnes of lithium carbonate equivalent each year.
GLN closed at 55.5 cents.