Happy hump day!
A great market update from our portfolio company ASX:BCC.
Record revenues and growing margins – exciting times ahead.
Read more below.
Across Markets…
The Australian sharemarket rose 1.2 per cent, or 87.2 points to 7297.7 at the closing bell, after July inflation cooled more than expected, taking further pressure off the Reserve Bank of Australia to raise the cash rate next week.
A sharp rally in the materials and industrials sectors pushed the ASX higher on Wednesday.
BHP Group rallied 1.5 per cent and Rio Tinto added 2.1 per cent.
Interest rate sensitive real estate stocks climbed off the back of the CPI news. Goodman shares advanced 1.2 per cent, Mirvac jumped 1.7 per cent and Lendlease increased 1.8 per cent,
In another day of company earnings, Brambles rose 7.1 per cent after the pallets producer lifted its final dividend.
Chalice Mining shares cratered 25.2 per cent and was among the worst performers on the ASX, after the company used high commodity price assumptions in a scoping study.
Retailer City Chic dropped 4.4 per cent when it posted a 17.2 per cent slide in sales to $268.4 million in fiscal 2023.
Crypto prices surged overnight after a US court ruling on the right to launch a bitcoin exchanged-traded-fund fuelled speculation the decision could unlock billions of dollars of investment into the world’s largest digital currency.
Bitcoin added 6 per cent to $US27,564 ($42,801) after investment manager Grayscale won its appeal against the US Securities and Exchange Commission to reconsider its application to list a bitcoin fund on public exchanges.
A slew of other digital currencies including Ethereum, Cardano, and Solana also gained more than 5 per cent on the news.