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Surge in Tech stocks help lift the ASX 0.41% at close

PUBLISHED

2023-10-17

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The ASX overcame a two-session losing streak thanks to a surge in technology-related stocks, despite some surprisingly cautious remarks from the Reserve Bank of Australia.

The central bank considered increasing rates by 25 basis points but ultimately chose to keep them steady at 4.1%. The minutes also highlighted the board's limited patience for a slower-than-expected return of inflation to its target.

At the closing bell, the S&P/ASX 200 was 0.41 per cent higher at 7,055.50.

Futures

The Dow Jones futures are pointing to a fall of 39 points.

The S&P 500 futures are pointing to a fall of 5.75 points.

The Nasdaq futures are pointing to a fall of 22 points.

The SPI futures are up 31 points.

Best and worst performers

The best-performing sector was Information Technology, up 1.43 per cent. The worst-performing sector was Health Care, down 1.07 per cent.

The best-performing large cap was TPG Telecom (ASX:TPG), closing 5.41 per cent higher at $5.46. It was followed by shares in Mercury NZ (ASX:MCY) and Allkem (ASX:AKE).

The worst-performing large cap was Atlas Arteria (ASX:ALX), closing 1.61 per cent lower at $5.50. It was followed by shares in Pro Medicus (ASX:PME) and Fisher & Paykel Healthcare Corporation (ASX:FPH).

Asian markets

Japan's Nikkei has gained 1.11 per cent.

Hong Kong's Hang Seng has gained 0.70 per cent.

China's Shanghai Composite has gained 0.26 per cent.

Company news

Rincon Resources (ASX:RCR) announced that their exploration activities intersects a wide zone of quartz-sulphide mineralisation at their South Telfer Project, Paterson Range. A total of 3 holes have been completed so far, with a further 12 holes remaining. Shares closed 5.56 per cent lower at 3.8 cents.

Battery Minerals (ASX:BAT) has entered into a binding agreement to acquire the advanced Spur Project in the heart of the highly prospective Lachlan Fold Belt. Commenting on the acquisition, Battery Minerals Managing Director, Peter Duerden, commented: “This deal represents a transformative opportunity for the company, providing high-quality, nearterm drill targets, down-dip from open wide historic gold intercepts in the East Lachlan.” Shares closed 48 per cent higher at 3.7 cents.

St George Mining (ASX:SGQ) announced a $3 million strategic investment by Amperex Technology for lithium exploration in Western Australia. In response, John Prineas, St George Mining’s Executive Chairman, commented, “this strategic investment recognises the exciting potential of the seven prospective lithium projects secured by our subsidiary, Lithium Star.” Shares closed 7.89 per cent higher at 4.1 cents.

Commodities and the dollar

Gold is trading at US$1,928.10 an ounce.

Iron ore is 1.4 per cent higher at US$120.15 a tonne.

Iron ore futures are pointing to a 2.77 per cent rise.

Light crude is trading $-0.18 lower at US$86.48 a barrel.

One Australian dollar is buying 63.56 US cents.

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