• ASX200 up on last day of month, but the index is still down over 2pc in September
  • Mining stocks surge, with gold, lithium and iron ore stocks climbing
  • Bank of Queensland to axe 200 jobs


Local shares rose in afternoon trading, and at the close, the ASX200 was up around 0.35%. For the month however, the index was still down by -2%.

Mining stocks were the main winners today, with the sector up 1.5%.

Base metals producer South32 (ASX:S32) and lithium play IGO (ASX:IGO) led the pack, along with Allkem (ASX:AKE) and Northern Star (ASX:NST).

Major miners like BHP (ASX:BHP) and Fortescue (ASX:FMG) tracked iron ore futures in Singapore, which rose by 1.15% to US$117.20 a tonne.

Energy stocks meanwhile tumbled after oil prices slipped-2% overnight on speculation the Saudis could start increasing their output if prices get too high.

ASX Tech stocks climbed modestly despite US FAANG stocks, including Nvidia and Meta, driving Wall Street higher as bond yields softened.

Elsewhere, stocks in the region were mainly higher amid optimism that spending during China’s Golden Week holiday, which starts this Sunday, could jumpstart the badly beaten Chinese economy. China’s markets are shut through to the end of next week.

And as we wrap up the month, September has once again lived up to its reputation as the worst month of the year for the ASX 200.

The ASX 200’s disappointing performance in September follows a losing month in August (-1.42%), which has conspired to see the ASX 200 trading flat on the year (excluding dividends).

The Australian bourse has returned a meagre +3.5% in 2023 if dividends are included.

Trading platform, IG, says the current return seems incomprehensible after the ASX 200 leaped from the starting blocks in January when it rose +6.22%.

“We had optimism around the China reopening and hopes that the headwinds of rising interest rates and inflation encountered in 2022 were in the rearview mirror – most of which we now know were unfounded,” said a note out of IG.



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Bank of Queensland  (ASX:BOQ) said it was firing up to 250 employees and will incur $25 million in redundancy costs. Overall, BOQ said its profit will take a $79m hit from the restructuring and changes at ME Bank – an acquisition it made for $1.33 billion in mid-2021.

Core Lithium (ASX:CXO) surged 22% after reporting its maiden full-year results. Revenue came in at $50.6 million, and net profit was at $10.8 million.

Charter Hall Group (ASX:CHC) announced that it has appointed Anastasia Clarke as Chief Financial Officer (CFO), replacing Russell Proutt who resigned to pursue other opportunities.



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Liontown Resources (ASX:LTR)  fell after the company increased the estimate on its Kathleen Valley lithium project capital cost to $951 million – a 6% increase from the $895 million estimate announced in January.