The Reserve Bank of Australia recently released its latest minutes regarding the cash rate decision. During the meeting, members contemplated increasing the cash rate target by 25 basis points but ultimately chose to keep rates unchanged for the fourth consecutive time. They noted that the labor market had undergone a significant change and that economic growth had decelerated, though not as rapidly as initially anticipated. Additionally, the members discussed the substantial rise in oil prices in September, with prices nearly 30 percent higher than they were at the end of June.
At noon, the S&P/ASX 200 is 1.05 per cent higher at 7,100.20.
The SPI futures are pointing to a rise 73 points.
Best and worst performers
All sectors are in the black. The best-performing sector is Information Technology, up 1.99 per cent. Consumer Staples, up 0.01 per cent.
The best-performing large cap is TPG Telecom (ASX:TPG), trading 3.09 per cent higher at $5.34. It is followed by shares in Xero (ASX:XRO) and Rio Tinto Group (ASX:RIO).
The worst-performing large cap is Meridian Energy (ASX:MEZ), trading 2.26 per cent lower at $4.75. It is followed by shares in New Hope Corporation (ASX:NHC) and Whitehaven Coal (ASX:WHC).
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 are trading 5.56 per cent higher 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 are trading 40 per cent higher at 3.5 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 are trading 13.16 per cent higher at 4.3 cents.
Commodities and the dollar
Gold is trading at US$1931.70 an ounce.
Iron ore is 1.4 per cent higher at US$120.15 a tonne.
Iron ore futures are pointing to a 1.53 per cent rise.
One Australian dollar is buying 63.45 US cents.
