The Australian stock market is steadily approaching a historic peak, mirroring the surge on Wall Street, as investors increasingly prepare for the possibility of the US Federal Reserve commencing interest rate reductions in the upcoming year.
At noon, the S&P/ASX 200 is 0.63 per cent higher at 7,536.60.
The SPI futures are pointing to a rise of 44 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Consumer Discretionary, up 1.0 per cent. The sector with the fewest gains is Information Technology, up 0.22 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 3.42 per cent higher at $3.93. It is followed by shares in James Hardie Industries plc (ASX:JHX) and IDP Education (ASX:IEL).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 1.31 per cent lower at $6.02. It is followed by shares in Infratil (ASX:IFT) and Cleanaway Waste Management (ASX:CWY).
Company news
First Lithium (ASX:FL1) announced a significant discovery of lithium confirmed at the Blakala prospect in Mali. The results include 111m @ 1.57% li2o. The spodumene mineralisation is high grade, outcrops at surface, and is open at depth and along strike. Shares are trading 70 per cent higher at 68 cents.
Environmental technology company Entyr (ASX:ETR) has signed two agreements with Trafigura. The two agreements are: one for Trafigura to offtake Entyr's tyre pyrolysis products under certain conditions, and another for Trafigura to collaborate with Entyr on technology and future projects. Shares are trading 77.78 per cent higher at 1.6 cents.
Bastion Minerals (ASX:BMO) announced the execution of two agreements to acquire two highly prospective lithium, REE and gold projects in Western Australia. Commenting on the acquisitions, Bastion Minerals Executive Chairman, Mr Ross Landles, said, “To have exposure to such important commodities in such a Tier 1 mining jurisdiction only adds to the Company’s critical minerals credentials, as we continue to concentrate on our lithium and REE assets, with projects also based in Canada and Sweden respectively.” Shares are trading 57.14 per cent higher at 2.2 cents.
Commodities and the dollar
Gold is trading at US$2053.20 an ounce.
Iron ore is 0.1 per cent lower at US$133.80 a tonne.
Iron ore futures are pointing to a 0.27 per cent rise.
One Australian dollar is buying 67.62 US cents.
