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ASX down 0.22% at noon amidst RBA's new leadership test

PUBLISHED

2023-11-13

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At noon, the S&P/ASX 200 stock index has decreased by 0.22 percent. This decline comes just before a series of economic indicators are due to be released, which will assess the accuracy of the Reserve Bank's initial forecasts during Michele Bullock's tenure as governor.

The more robust opening performance follows a relatively lacklustre week of trading on the ASX last week. Despite the Reserve Bank of Australia (RBA) implementing its first cash rate hike in five months and revising its inflation projections upwards in its most recent Statement of Monetary Policy, the benchmark index concluded the week with only a slight decline of 1.7 points compared to the previous week.

The SPI futures are pointing to a fall of 18 points.

Best and worst performers

The best-performing sector is Utilities, up 0.31 per cent. The worst-performing sector is Financials, down 0.58 per cent.

The best-performing large cap is Boral (ASX:BLD), trading 6.82 per cent higher at $5.01. It is followed by shares in Altium (ASX:ALU) and Origin Energy (ASX:ORG).

The worst-performing large cap is TPG Telecom (ASX:TPG), trading 10.09 per cent lower at $4.90. It is followed by shares in ANZ Group Holdings (ASX:ANZ) and Meridian Energy (ASX:MEZ).

Company news

Infinity Lithium Corporation (ASX:INF) has advised a grant funding of €18.8 million has been awarded to Tecnología Extremeña del Litio (‘TEL’) for the advancement of the San José Lithium Project. Infinity’s Managing Director and CEO, Ryan Parkin, commented “These first funding commitments for the processing of critical raw materials in Spain places the Company at the forefront of future funding pathways at both the national and European level.” Shares are trading 47 per cent higher at 12.5 cents.

TG Metals Limited (ASX:TG6) has provided an update on lithium exploration activities at the Lake Johnston Lithium Nickel Gold Project, located in the Lake Johnston greenstone belt in WA. TG Metals CEO, Mr. David Selfe stated; “Since the discovery of the spodumene pegmatites at Burmeister, the deposit models we have been considering have been based on the Earl Grey lithium mine area…..We are eagerly anticipating the next drilling results from Burmeister which we expect assays back in the next 2 weeks.” Shares are trading 18.54 per cent higher at $1.06.

4DMedical Limited (ASX:4DX) announced the inclusion of the company’s XV LVAS® procedure to the U.S. Centers for Medicare & Medicaid Services (CMS) annual, final payment rates for hospital outpatient-based services, effective 1 January 2024. 4DMedical MD/CEO and Founder Andreas Fouras said: I am very excited by this progress in the commercialisation of our technology, and the positive impact this reimbursement decision will have upon doctors and their patients.” Shares are trading 43.48 per cent higher at 70 cents.

Commodities and the dollar

Gold is trading at US$1943.90 an ounce.

Iron ore is 1.3 per cent higher at US$129.80 a tonne.

Iron ore futures are pointing to a 1.89 per cent rise.

One Australian dollar is buying 63.58 US cents.

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