• The ASX200 is up 0.54% despite weak economic data out of China
  • Eight out of 11 sectors were higher, with materials leading the charge
  • CBA reports consumer confidence is at its highest in 16 months

Weak Chinese economic data yesterday drove key commodities lower overnight.

Brent crude slipped 4% to US$94 a barrel, iron ore lost ground by 4%, falling to US$104.40 a tonne, and the energy sector was still stuck in a rut, down another 1.29% today.

On the flip side, 8 out of 11 sectors were higher, led by Materials which rallied by 1.73%.

Consumer Staples was up 0.96%, and Health Care was up 0.87%.

And the CBA released its household and card spending along with overseas data, flagging the weekly ANZ-Roy Morgan consumer confidence index which rose by 4.9%. That’s the biggest lift in consumer confidence in 16 months.

The index rose to a seven-week high of 84.2 points but remains well below the long-run average of 112.2 points, with consumers still worried about rising interest rates and cost of living pressures.

“CBA’s internal credit and debit spending data to 12 August 2022 points to some further gradual moderation of spending growth across the country,” CBA economists said.

“In aggregate, consumers are still spending quite strongly, but the rate of spending growth is falling.”

And international travel is on the rise again.

In July, there were 1,083,240 overseas arrivals to Australia and 972,590 overseas departures from Australia – the highest since February 2020, prior to the imposition of pandemic international border restrictions.



(Stocks highlighted in yellow rose after making announcements during the trading day).

Scroll or swipe to reveal table. Click headings to sort.

WordPress Tables Plugin


Cobre (ASX:CBE) has identified significant copper mineralisation in all four diamond holes at the Ngami Project in Botswana’s Kalahari Copper Belt (KCB) – with the fourth hole extending the target copper footprint to more than 4km.

MD Martin Holland said the results so far indicate that the target remains open-ended to the northeast and is MUCH larger than previously anticipated.

“The footprint of mineralisation is in line with the largest known deposits in the Kalahari Belt,” he said.

CBE’s project is immediately east of Kalahari Metals’ Kitlanya West licences – collectively covering a significant portion of prospective KCB stratigraphy.

Online furniture retailer Temple and Webster (ASX:TPW) announced a +30% boost to revenues in FY22.

“Importantly, EBITDA guidance for FY22 was 2-4%, whilst the Group’s actual result was 3.8% which was at the high end of this guidance,” it said.

And Gascoyne Resources (ASX:GCY) went flying on news of a solid 59m at 12.5g/t Au hit including 13m at 51.1g/t at Dalgaranga.



(Stocks highlighted in yellow fell after making announcements during the trading day)

Scroll or swipe to reveal table. Click headings to sort.

WordPress Tables Plugin



It looks like Resource Development Group (ASX:RDG) tripped the ASX radar this morning, after its price skyrocketed more than 70% in the past week to hit $0.079, before trading was halted.

RDG has replied to the ASX with shrugged shoulders and open palms, unable to offer any explanation for the unexpected and apparently unwarranted jump, so we’ll wait and watch with interest to see if the ASX is cool with that, and what happens to the price when the halt is lifted.

For anyone who’s been watching the unfolding soap opera and trading halt duel between MOQ (ASX:MOQ) andAtturra (ASX:ATA), there’s been a HUGE twist ending that we doubt anyone saw coming.

After days of back and forth between MOQ and Atturra, MOQ has revealed unlisted Brennan VDI has swooped in like a bird of prey, bearing an offer that MOQ could not refuse, and Atturra declined to match.

MOQ says Brennan’s cash consideration of $0.075 per MOQ share represents a 7.1% premium, and as such is the best price on the table – so it makes sense to give that deal the nod, leaving Atturra out in the cold.



American Rare Earths (ASX:ARR) – ARR has a capital raise off the starboard bow, a full month before International Talk Like a Pirate Day (which is on 19 September this year, in case you were wondering).

Kin Mining (ASX:KIN) – Kin’s organised a capital raise, because it’s never a good idea to borrow money from family.

DevEx Resources (ASX:DEV) – And DevEx is also into a capital raise, because it’s clearly quite fashionable at the moment and we can’t figure out why everyone isn’t doing it. It looks like fun!