The ASX 200 Index saw a robust uptick on Thursday, reaching nearly 7,900 and marking a 0.26% increase, extending its streak of record highs. The surge in market sentiment was propelled by subdued Consumer Inflation Expectations and Retail Sales figures from Australia, which have heightened anticipation for a more accommodative stance on interest rates from the Reserve Bank of Australia (RBA). Additionally, Wednesday’s release of the Australian Monthly Consumer Price Index, which fell below expectations, provided further impetus to the Australian equities market.
Consumer expectations of future inflation over the next 12 months in March stood at 4.3%, a slight decrease from the previous figure of 4.5%. Meanwhile, February saw a modest 0.3% month-over-month increase in seasonally adjusted Retail Sales, slightly below the anticipated 0.4% and the previous 1.1%.
Driving the ASX 200’s ascent were robust performances in the mining sector, buoyed by surging prices of commodities such as gold, iron ore, and lithium. Notable gainers included Arcadium Lithium, which soared by 10.20% to 4.43; Alumina, rising by 5.60% to 1.42; and Whitehaven Coal, up by 5.27% to 7.10. However, some stocks experienced declines, with Xero dipping by 1.09% to 132.43; Audinate Group falling by 0.75% to 21.24; and Tabcorp Holdings slipping by 1.05% to 0.76.
In other developments, Allup Silica showcased promising results from its Sparkler project in southern Western Australia, where bulk sample tests of high-purity silica surpassed industry standards, opening up potential applications in photovoltaics and high-tech manufacturing.
Terra Uranium expanded its Canadian exploration efforts by finalizing a binding letter of intent to acquire the Amer Lake uranium deposit in Nunavut, following recent acquisitions of two new 100%-owned projects in Canada’s Athabasca Basin.
Furthermore, AIC Mines reported a substantial 86% increase in ore reserves at its Jericho copper deposit in Queensland, bolstering its position as a copper producer. The revised reserve estimate now stands at 3.2 million tonnes grading 1.9% copper and 0.4 grams per tonne of gold, equating to 61,100 tonnes of copper and 37,000 ounces of gold.
