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ASX up 0.27% at noon as Australia's producer prices increase by 1.8%

PUBLISHED

2023-10-27

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Australia's producer prices increased by 1.8% in September when compared to the previous quarter, and they rose by 3.8% over the past 12 months, according to the Australian Bureau of Statistics. This data shows a slight acceleration in quarterly price growth compared to the 0.5% rise in the June quarter, although the annual increase of 3.8% is slightly lower than the 3.9% annual rise recorded in the previous quarter.

At noon, the S&P/ASX 200 is 0.27 per cent higher at 6,831.

The SPI futures are pointing to a rise of 32 points.

Best and worst performers

The best-performing sector is Consumer Staples, up 1.3 per cent. The worst-performing sector is Information Technology, down 0.6 per cent.

The best-performing large cap is Coles Group (ASX:COL), trading 2.34 per cent higher at $15.33. It is followed by shares in Endeavour Group (ASX:EDV) and South32 (ASX:S32).

The worst-performing large cap is Brambles (ASX:BXB), trading 3.58 per cent lower at $13.48. It is followed by shares in ResMed (ASX:RMD) and Meridian Energy (ASX:MEZ).

Company news

Industrial Minerals (ASX:IND) has secured an exclusive option to acquire an 80% interest in the non-construction material mineral rights, at the Pippingarra Quarry Project near Port Hedland. In response, IND’s Managing Director Jeff Sweet commented, “In the event of an economic discovery, the granted mining lease and associated mining infrastructure provides the capacity to expedite the development of the Project.” Shares are trading 97.78 per cent higher at 89 cents.

Vital Metals (ASX:VML) announced that Shenghe’s cornerstone investment will allow the Company to establish a new leadership team, and progress the development of the large-scale Tardiff deposit at its Nechalacho Project in Northwest Territories, Canada. Vital Interim Chairman Richard Crookes said, “this strategic investment will allow us to progress our development plans for the world-class Tardiff rare earth deposit at Nechalacho with a refreshed management team that is focused on this goal.” Shares last traded at 1 cent.

Chariot Corporation (ASX:CC9) announced that its shares will commence trading on the Australian Securities Exchange (“ASX”) at 12:00pm (AEDT) today. In response, Managing Director Shanthar Pathmanathan commented, “The IPO is the result of the great work of our joint lead managers, corporate and technical teams, advisors and our key supporters in the capital markets.” 

Commodities and the dollar

Gold is trading at US$1993.70 an ounce.

Iron ore is 0.8 per cent lower at US$119.00 a tonne.

One Australian dollar is buying 63.35 US cents.

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