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ASX closes 1% higher following rhetoric from US Fed

PUBLISHED

2023-10-10

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The S&P/ASX 200 surged back above 7000 on Tuesday, driven by a shift in rhetoric from US Federal Reserve members towards a more dovish stance and signs of easing inflation. The benchmark closed 1% higher at 7040, marking its best one-day performance this month, following comments suggesting reduced pressure for the US central bank to raise its benchmark interest rate, which also led to gains in US shares.

Futures

The Dow Jones futures are pointing to a rise of 13 points.

The S&P 500 futures are pointing to a rise of 3.25 points.

The Nasdaq futures are pointing to a rise of 27 points.

The SPI futures are up 72 points.

Best and worst performers

All sectors are in the black. The best-performing sector was Utilities, up 4.17 per cent. The sector with the fewest gains was Financials, up 0.63 per cent.

The best-performing large cap was Pilbara Minerals (ASX:PLS), closing 6.17 per cent higher at $3.96. It was followed by shares in Origin Energy (ASX:ORG) and REA Group (ASX:REA).

The worst-performing large cap was Ampol (ASX:ALD), closing 1.24 per cent lower at $31.90. It was followed by shares in Mercury NZ (ASX:MCY) and Rio Tinto Group (ASX:RIO).

Asian markets

Japan's Nikkei has gained 2.48 per cent.

Hong Kong's Hang Seng has gained 1.22 per cent.

China's Shanghai Composite has gained 0.39 per cent.

Company news

Atlantic Lithium (AIM:ALL, ASX:A11, OTCQX:ALLIF) receives authorisation to commence the diversion of the transmission lines crossing the Mankessim Licence, moving a step closer to shovel readiness at the Ewoyaa Lithium Project. Shares closed 21.3 per cent higher at 48.5 cents.

Raiden Resources (ASX:RDN) announced the highest grade lithium and rubidium results to date from Andover South Project. In response, Managing Director of Raiden commented, “The recent results have defined further mineralised pegmatites and have extended the high-grade trend significantly to the west of the previously 50 metre wide pegmatites.” Shares closed 10 per cent higher at 2.2 cents.

Paradigm Biopharmaceuticals (ASX:PAR) announced that their clinical 6-week treatment course of iPPS has durable pain reduction and functional improvement effects through the 12-month study duration. Paradigm’s Managing Director, Mr Paul Rennie commented “we have consistently received positive patient and prescribing doctor testimonials relating to iPPS use through the TGA Special Access Scheme.” The companies Founder & Managing Director Paul Rennie will be presenting on this Fridays webinar. You can register for the event in the text below. Shares closed 1.69 per cent higher at 60 cents.

Commodities and the dollar

Gold is trading at US$1,874.20 an ounce.

Iron ore is 2.6 per cent lower at US$116.35 a tonne.

Iron ore futures are pointing to a 1.7 per cent fall.

Light crude is trading $0.44 lower at US$85.94 a barrel.

One Australian dollar is buying 64.14 US cents.

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