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The local market rallied in afternoon trade before sharply declining in the last hour of trade to close just 0.04% higher as a rally for the banks offset a sharp sell-off in utilities and energy stocks. Some relief was also felt for the REIT sector today as real estate stocks edged 1.44% higher at the end of the midweek session. The lacklustre session followed a mixed day on Wall Street as investor sentiment remains on edge ahead of FOMC minutes and core inflation data due out tomorrow.
The mining giants took a hit following a 0.5% decline in the price of iron ore to US$97.5 per ton, while Lake Resources (ASX:LKE) rallied 2% after inking a supply deal to supply battery grade lithium to SK On from the company’s Kachi Project in Argentina. The winning stock was the Bank of Queensland (ASX:BOQ) as it soared 11.13% to have its best session in 2-years after releasing its FY22 annual report outlining key achievements including NPAT up 15% to $426 million for FY22. Coronado Global Resources (ASX:CRN) rose more than 8% today and Sayona Mining (ASX:SYA) regained ground today closing the midweek session up 4.65%.
On the losing end, Mineral Resources (ASX:MIN) fell 3.65% today amid the declining price of iron ore, Nickel Industries (ASX:NIC) lost almost 3.2% and Telix Pharmaceuticals (ASX:TLX) ended the day down just over 3%.
On the economic data front for tomorrow it is a big day over in the US with the FOMC minutes due out, indicating exactly how hawkish the Fed is toward raising interest rates further moving forward, and Core inflation data in the US is also out which will give an insight into just how successful the Fed’s aggressive interest rate hikes have been at cooling the country’s high inflation.
The Australian dollar has hit a fresh 2.5 year low today, with 1 Aussie dollar buying 62.67 US cents, 65 Euro cents, 56.60 British Pence, 91.74 Japanese Yen, and 1 New Zealand Dollar and 12 cents.