- 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
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| IMU | Imugene Limited | 0.24 | 9% | 17,647,996 | $1,290,453,988 |
| PNI | Pinnacle Investment | 8.19 | 8% | 1,504,604 | $1,516,658,257 |
| CHN | Chalice Mining Ltd | 3.99 | 6% | 5,217,044 | $1,394,025,529 |
| LNK | Link Admin Hldg | 4.065 | 6% | 3,475,898 | $1,964,742,052 |
| S32 | South32 Limited | 3.7 | 5% | 19,683,986 | $16,338,363,492 |
| LOV | Lovisa Holdings Ltd | 16.11 | 4% | 253,714 | $1,661,326,127 |
| RIO | Rio Tinto Limited | 97.13 | 4% | 1,043,637 | $34,660,457,901 |
| BLD | Boral Limited | 2.62 | 4% | 674,956 | $2,779,782,816 |
| ABC | Adbri Limited | 2.38 | 4% | 618,247 | $1,494,517,101 |
| FMG | Fortescue Metals Grp | 17.11 | 4% | 6,153,046 | $50,741,341,849 |
| HUB | HUB24 Ltd | 23.01 | 4% | 248,276 | $1,774,889,806 |
| YAL | Yancoal Aust Ltd | 4.94 | 4% | 375,689 | $6,285,291,720 |
| MIN | Mineral Resources. | 44.44 | 4% | 1,231,822 | $8,114,842,342 |
| BKL | Blackmores Limited | 76.69 | 4% | 52,417 | $1,438,241,317 |
| AKE | Allkem Limited | 9.94 | 4% | 2,895,791 | $6,121,517,626 |
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.
BIG CAP LOSERS
Swipe or scroll to reveal the full table. Click headings to sort.
| Code | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| IMU | Imugene Limited | 0.24 | 9% | 17,647,996 | $1,290,453,988 |
| PNI | Pinnacle Investment | 8.19 | 8% | 1,504,604 | $1,516,658,257 |
| CHN | Chalice Mining Ltd | 3.99 | 6% | 5,217,044 | $1,394,025,529 |
| LNK | Link Admin Hldg | 4.065 | 6% | 3,475,898 | $1,964,742,052 |
| S32 | South32 Limited | 3.7 | 5% | 19,683,986 | $16,338,363,492 |
| LOV | Lovisa Holdings Ltd | 16.11 | 4% | 253,714 | $1,661,326,127 |
| RIO | Rio Tinto Limited | 97.13 | 4% | 1,043,637 | $34,660,457,901 |
| BLD | Boral Limited | 2.62 | 4% | 674,956 | $2,779,782,816 |
| ABC | Adbri Limited | 2.38 | 4% | 618,247 | $1,494,517,101 |
| FMG | Fortescue Metals Grp | 17.11 | 4% | 6,153,046 | $50,741,341,849 |
| HUB | HUB24 Ltd | 23.01 | 4% | 248,276 | $1,774,889,806 |
| YAL | Yancoal Aust Ltd | 4.94 | 4% | 375,689 | $6,285,291,720 |
| MIN | Mineral Resources. | 44.44 | 4% | 1,231,822 | $8,114,842,342 |
| BKL | Blackmores Limited | 76.69 | 4% | 52,417 | $1,438,241,317 |
| AKE | Allkem Limited | 9.94 | 4% | 2,895,791 | $6,121,517,626 |