by Peter Milios
The ASX peaked at 7,422 at just after 12pm, then slowly cooled to 7,410. Overall, at the closing bell, the S&P/ASX 200 closed 0.79 per cent higher.
On the back of this upswing, some sectors performed really well, including Consumer Discretionary, Informational Technology, Communication Services and Real Estate, which all closed at least 2 per cent higher.
Utilities and Energy were the biggest laggards.
ANZ has increased its forecast for the Reserve Bank cash rate to 4.1 per cent for May due to inflation pressures. It believes the cash rate will remain in restrictive territory for some time, with no expectation of easing until 2024. ANZ said that increasing inflation pressures require a higher cash rate to return inflation to the top of the target band by late-2024, and while 70 per cent of mortgage debt was affected by higher variable rates, overall spending had not been materially impacted.
Futures
The Dow Jones futures are pointing to a rise of 20 points.
The S&P 500 futures are pointing to a rise of 7.5 points.
The Nasdaq futures are pointing to a rise of 50 points.
The SPI futures are pointing to a rise of 56 points when the market next opens.
Best and worst performers
The best-performing sector was Consumer Discretionary, up 2.74 per cent. The worst-performing sector was Utilities, down 1.43 per cent.
The best-performing large cap was Sonic Healthcare (ASX:SHL), closing 14.25 per cent higher at $33.20. It was followed by shares in Aurizon Holdings (ASX:AZJ) and REA Group (ASX:REA).
The worst-performing large cap was New Hope Corporation (ASX:NHC), closing 3.66 per cent lower at $5.52. It was followed by shares in Pro Medicus (ASX:PME) and Origin Energy (ASX:ORG).
Asian markets
Japan’s Nikkei has gained 0.72 per cent.
Hong Kong’s Hang Seng has gained 2.31 per cent.
China’s Shanghai Composite has gained 0.92 per cent.
Company news
Critical Resources (ASX:CRR) announced that their drilling program has identified a new mineralised zone south of Mavis Lake. In response, Critical Resources’ Managing Director Alex Cheeseman said, “These are further great results from Mavis Lake, identifying a new mineralisation zone has the ability to significantly increase the scale potential of the project, and is extremely encouraging.” Shares closed 4 per cent higher at 5.2 cents.
Matsa Resources (ASX:MAT) announced that strong gold intercepts have continued at Fortitude North Lake Carey Gold Project. In response, Matsa Executive Chairman Mr Paul Poli commented: “The thicker intercepts in the high grade shoots provide substantial volumes of gold not seen in previous drilling and certainly eclipse what we have seen at Fortitude Gold Mine.” Shares closed 27 per cent higher at 4.7 cents.
Goodman Group (ASX:GMG) has released its results for the half year ended 31 December 2022. The company achieved an operating profit of $877 million, an impressive 11.5 per cent increase from the first half of FY22, and they increased their operating earnings per security to 46.4 cents, up 10.7 per cent from last year. In response, Group Chief Executive Officer, Greg Goodman said, “Despite the volatility in the global economic environment, we delivered a strong operating performance and financial results, and we expect this to continue into the second half of FY23.” Shares closed 2.27 per cent higher at $20.26.
Commodities and the dollar
Gold is trading at US$1,850.20 an ounce.
Iron ore is 0.1 per cent lower at US$123.60 a tonne.
Iron ore futures are pointing to a 1.27 per cent rise.
Light crude is trading $0.59 higher at US$79.18 a barrel.
One Australian dollar is buying 69.22 US cents.
