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ASX down 0.14% at noon: Investors await RBA policy statement

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2023-11-07

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Local investors are closely watching the Reserve Bank's policy statement scheduled for 2.30 pm (AEDT). It is anticipated that policymakers will decide on a 0.25 percentage point hike in the cash rate target, bringing it to 4.35 percent. You can find a preview by clicking here.

At noon, the S&P/ASX 200 is 0.14 per cent lower at 6,987.50.

The SPI futures are pointing to a fall of 14 points.

Best and worst performers

The best-performing sector is Health Care, up 0.09 per cent. The worst-performing sector is Financials, down 0.86 per cent.

The best-performing large cap is Pro Medicus (ASX:PME), trading 2.4 per cent higher at $83.58. It is followed by shares in Worley (ASX:WOR) and TPG Telecom (ASX:TPG).

The worst-performing large cap is Allkem (ASX:AKE), trading 2.95 per cent lower at $9.365. It is followed by shares in Whitehaven Coal (ASX:WHC) and Newmont Corporation (ASX:NEM).

Asian news

Asia-Pacific markets fell Tuesday ahead of trade data coming out of China, as well as a rate decision by the Reserve Bank of Australia.

Australia’s S&P/ASX 200 traded 0.22% lower ahead of the central bank’s rate decision. Economists polled by Reuters expect the central bank to raise its key policy rate by 25 basis points to 4.35%.

In Japan, the Nikkei 225 slipped 0.5% in its first hour of trade, while the Topix shed 0.39%.

South Korea’s Kospi fell 1.66%, easing off Monday’s gains when the index posted its best session since late March 2020 after the country re-imposed a ban on short selling.

Hong Kong’s Hang Seng index look set to drop, with futures at 17,867 compared with the index’s last close of 17,966.59. China is expected to post its trade data for November.

Company news

True North Copper (ASX:TNC) has identified high grade zones of copper and gold mineralisation, which exceed the current updated resource model. In response, True North Copper’s Managing Director, Marty Costello said, "with the return of all assays by the end of November 2023, mine optimisation and metallurgical studies will commence. These studies will assess the possibility of producing a copper-gold concentrate and will be finalised Q1 2024." Shares are trading 21.43 per cent higher at 17 cents.

Centrex (ASX:CXM) updates the Stage 1.5 Expansion of the Ardmore Phosphate Mine. This will result in Ardmore reaching a production capacity of 625ktpa of beneficiated phosphate concentrate. Shares are trading 10.14 per cent higher at 7.6 cents.

Eclipse Metals (ASX:EPM | FSE: 9EU) announced an update on the scoping phase, progress toward a mining license, and completion of the Social and Environmental Impact Assessment (SIA and EIA). In response, Eclipse Metals Executive Chairman Carl Popal, stated, "the Company is developing its project portfolios consisting of abandoned mines with the potential to not only minimise the mining footprint but further restore the dynamic use of former mining land with potential for REE and critical minerals." Shares are trading 5.26 per cent higher at 1 cent.

Commodities and the dollar

Gold is trading at US$1982.90 an ounce.

Iron ore is 0.2 per cent higher at US$127.10 a tonne.

One Australian dollar is buying 64.93 US cents.

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