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Closing Bell 25 October

Sophia Mavridis
October 25, 2022

The ASX200 moved higher today, closing with a 0.3% gain. Nine of the eleven industry sectors are in the green with real estate stocks advancing the most, up 1.7%. Meanwhile, the energy and materials sectors declined the most.

Lithium company Sayona Mining (ASX:SYA) was the best performing stock on the ASX200 today, closing the session 10.6% higher. While there was no news from the company, its share price was likely boosted by the price of lithium, which has reached a record high. Lithium carbonate prices in China extended its record high, now up 95% year-to-date, as surging demand coincides with tight supply. Other top performing stocks today included Credit Corp (ASX:CCP), St Barbara (ASX:SBM), Nine Entertainment (ASX:NEC) and Core Lithium (ASX:CXO).

On the flip side, Reliance Worldwide (ASX:RWC) declined the most today, closing the session more than 13% lower. The company released a quarterly update this morning, which was a mixed bag of results. Sales increased when compared to the prior corresponding period, while EBITDA margins fell more than 26% over the quarter. Ampol (ASX:ALD), New Hope Corporation (ASX:NHC) and Chalice Mining (ASX:CHN) also closed in the red.

The most traded stocks by Bell Direct clients today were Whitehaven Coal (ASX:WHC), Pilbara Minerals (ASX:PLS), the Bank of Queensland (ASX:BOQ) and Sayona Mining (ASX:SYA).

Tonight, the government will be handing down the Federal Budget. This isn’t likely to have much impact on markets, however we’ll all still be watching the budget tonight. It’ll be announced at 6:30pm AEDT. And tomorrow the inflation rate for the third quarter will be released. The inflation report is more likely to have some influence over markets tomorrow, with inflation expected to rise from 6.1% to 6.5%. This is a key piece of data ahead of the RBA’s next meeting on Tuesday, when markets are expecting a 25-basis point rate hike.

Lastly, the Australian dollar is buying 63 US cents, 56.58 British Pence, 94.13 Japanese Yen and 1 dollar and 11 cents New Zealand.

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