by Peter Milios
According to the ANZ-Roy Morgan survey, Australian consumer confidence increased by 1.1 points for the week ending April 9, marking three weeks of gains after the Reserve Bank held interest rates. The increase was mainly led by those paying off their mortgage. Despite the consecutive weeks of improvement, the overall consumer confidence is still weak and has been stuck below 80 points for six weeks in a row. However, this is the first time since November 2022 that the confidence has risen for three consecutive weeks, with a cumulative rise of 2.8 points since mid-March.
At noon, the S&P/ASX 200 is 0.56 per cent higher at 7,351.20.
The SPI futures are pointing to a rise of 37 points.
Best and worst performers
The best-performing sector is Materials, up 2.03 per cent. The worst-performing sector is Financials, down 0.37 per cent.
The best-performing large cap is NEXTDC (ASX:NXT), trading 9.44 per cent higher at $12.17. It is followed by shares in Infratil (ASX:IFT) and Rio Tinto Group (ASX:RIO).
The worst-performing large cap is Pilbara Minerals (ASX:PLS), trading 2.98 per cent lower at $3.58. It is followed by shares in Mineral Resources (ASX:MIN) and Mercury NZ (ASX:MCY).
Asian markets
Markets in the Asia-Pacific were mostly up on Wednesday as investors await key US inflation data that will determine the Federal Reserve’s path forward in its tightening cycle.
Economists polled by Dow Jones expect a 6 per cent year-over-year increase in the US consumer price index. Currently, the Fed is expected to raise rates by 25 basis points next month.
In Japan, the Nikkei 225 rose 0.5 per cent and the Topix gained 0.6 per cent as traders further digested Japan’s producer price index and machinery orders report. South Korea’s Kospi rose 0.3 per cent.
Hong Kong’s Hang Seng index fell 0.1 per cent in its first hour of trade. In mainland China, the Shanghai Composite rose 0.1 per cent and the Shenzhen Component slid 0.2 per cent. The International Monetary Fund warned that the global economy could be heading for the weakest growth since 1990, downgrading its outlooks for the coming years.
Company news
RooLife Group (ASX:RLG) has been appointed by Fiji Kava (ASX:FIJ), a global beverage and natural medicine company, to market and sell Fiji Kava in China and Australia. In response, FijiKava CEO, Anthony Noble said “We can find product positioning and marketing synergies in both Australia and China to ensure a successful cross-border eCommerce venture.” Shares are trading 100 per cent higher at 0.6 cents.
Toro Energy (ASX:TOE) announced that further massive nickel sulphides have been intersected at their Dimma project in WA. In response, Executive Chairman, Richard Homsany, said, “We believe Dimma has considerable potential with all four drill holes intersecting massive Ni-sulphide to date leaving the discovery open both at depth and along strike, north and south.” Shares are trading 9.1 per cent higher at 1.2 cents.
Heavy Rare Earths (ASX:HRE) announced further outstanding high-grade rare earths have been intersected at their Cowalinya project in WA. the next process is to upgrade the current Inferred Resource to commence on receipt of assays from another 36 holes. Shares are trading 30 per cent higher at 13 cents.
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
Iron ore is 2 per cent higher at US$122.00 a tonne.
Iron ore futures are pointing to a 1.46 per cent rise.
One Australian dollar is buying 66.62 US cents.
