• ASX 200 rebounds 0.80% on Thursday
  • It comes as Australia records its higher ever monthly trade surplus
  • Mining leads the bourse on the back off strong export data

 

Local blue chips rose on Thursday amid a record trade surplus print, with the benchmark ASX 200 index closing 0.80% higher at 6,648 points.

According to the ABS release today, Australia’s trade surplus rose in May by $2.7 billion to the highest ever monthly surplus of $16 billion. The figure came way above market expectations of $10.8 billion.

The surplus was made on inbound tourists and record commodity prices on exports like coal and gas, despite oil imports also registering a 23% rise.

Overall, our exports climbed 10% in May while imports only gained 6%.

The Aussie dollar reacted positively after the data release, jumping from a US67c handle to US68.15.

Meanwhile gold has tumbled to its lowest level this year at US$1,745 an ounce, despite its traditional safe haven status.

The decline has been attributed to the appreciation of the US dollar, which has increased to a 20-year high against major currencies amid the Fed’s recent aggressive rate hikes.

To the ASX, where the Mining index rose by 1.75% and led all sectors, as major miners rebounded from yesterday’s falls buoyed by today’s exports data.

Tech stocks meanwhile, were the worst performers today, down by 1%. The ASX Tech Index (XIJ) has been climbing this week, having risen more than 6% before today’s slip.

Investors will keep a close watch on the US GDP data due later tonight, and the US unemployment rate on Friday (US time).

 

BIG CAP WINNERS

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Pinnacle Investment (ASX:PNI) jumped 11% after advising that 10 of its affiliates have crystallised performance fees for the 12 months ending 30 June, totalling approximately $57.1m at 100% gross in aggregate.

Crystallisation or incentive fee payment refers to the fee investors have to pay to the hedge fund manager.

Chalice Mining (ASX:CHN) rose 6% today after initial diamond drilling at the Dampier target 10km north of Gonneville returned promising visual results akin to the early Gonneville core.

One hole intersected a 50m wide interval of weakly disseminated sulphides from 456m containing minor zones of matrix sulphides, including 13.2m at 0.71g/t Pd, Pt and Au, 0.1% nickel, 0.06% copper and 0.01% cobalt.

 

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