After getting off to a slow start, the ASX 200 was up 0.21% in Friday afternoon trade in what has been an overall flat week for the markets.
Tech stocks, Telcos and Health Care were leading the way at time of writing, while the Energy sector fared poorly and Utilities were also lower.
Boral jumped almost 10% and is now trading 8% higher after the building materials maker lifted its profit guidance for the 2024 financial year. CEO Vik Bansal said Boral was on track to resume paying regular dividends after last paying a regular dividend in April 2020.
Cochlear is trading at a record high of $317.81, having gained over 4% today and extending its Thursday gains after the hearing aid maker upgraded its FY 2024 profit guidance.
News from major uranium supplier Cameco overnight, outlining plans to expand production, hit the local uranium market today. Boss Energy is 12% lower, while Paladin Energy (ASX:PDN) is down more than 7.5%.
Rates in focus
RBA governor Michele Bullock has told the House Economics Committee in Canberra that she would consider cutting interest rates before inflation returned to 2.5% if the economy were in good shape. Bullock, along with other RBA members, were questioned by the House Economics Committee on everything from rates, inflation, unemployment and stage three tax cuts.
However, UBS economist George Theranou pushed back the investment bank’s forecast for an RBA interest rate cut from August to November this year. Theranou said the RBA and US Federal Reserve were more hawkish than expected over the past week as household spending remains resilient.
Bitcoin surges
Bitcoin surged past $45,000 to reach $46,300 — its highest level since January 10 when the US SEC approved bitcoin ETFs to trade on exchanges.
Read: Bitcoin Christmas: Crypto ETFs for ASX investors
Founder of crypto exchange Independent Reserve Adrian Przelozny said, “Bitcoin has reached its highest point since the ETF approval. This is driven by the extra demand coming from the ETF inflows along with the market anticipating the block reward halving that is scheduled for April.”
Five at five
Venture Minerals hits highest grade clay REE intersection in Australia
Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has set itself apart from the rest of the pack, with a record result representing the highest-grade clay-hosted rare earth element (REE) intersection unearthed so far in Australia. The big one, which sent shares soaring by 50.00% in early trade, was 48 metres at 3,025 parts per million (ppm) total rare earth oxide (TREO).
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Novo Resources marks new partnerships and milestones across its WA and Victorian exploration endeavours
Novo Resources Corp (TSX:NVO, OTCQX:NSRPF, ASX:NVO) has reported making considerable progress in its exploration activities across Western Australia, delivering compelling results from its gold portfolio there and forging ahead in Victoria too.
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Nexus Minerals begins diamond drill program at Bethanga copper-gold project
Nexus Minerals Ltd (ASX:NXM) has commenced a 2,000-metre diamond drill program at the Bethanga copper-gold project, 260-kilometres northeast of Melbourne in Victoria, targeting areas prospective for copper-gold porphyry style mineralisation.
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Lightning Minerals wraps up Dundas aircore drilling program
Lightning Minerals Ltd (ASX:L1M) has now completed exploration drilling on tenement E63/2000 to test the geochemistry beneath a surface soil anomalism at its flagship Dundas project, 34-kilometres east of Norseman in Western Australia.
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Provaris Energy green hydrogen progress recognised by Longspur Research
A new research report from Longspur Research on Provaris Energy Ltd (ASX:PV1, OTC:GBBLF) following the release of its Q4 quarterly activities report, recognises the progress made by the company as it works to develop a portfolio of integrated green hydrogen projects.
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On your six
African mining and its role in the global energy transition
A report by Allen and Overy delves into the significance of Africa's mining sector in the global energy shift. The document highlights the pivotal position of the continent and its mining companies in confronting climate change.
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One to watch
American Rare Earth announces update to mineral resource estimate at Halleck Creek in Wyoming
American Rare Earths Limited CEO Donald Swartz joined Steve Darling from Proactive to share a significant milestone for the company.
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