The ASX 200 ended Tuesday 0.3 per cent lower at 7360 points after struggling to stage a midday comeback.
Minutes from the Reserve Bank’s last meeting revealed an April rates hike was very much on the cards before its decision to pause.
RBA board members said inflation remained too high and the labour market was “very tight”.
They agreed the April pause was appropriate to observe the economic impacts of the rate hikes to date before making further decisions.
Some analysts say the details of the meeting increase the likelihood of another rise.
In the green
Of the A11 SX sectors, only utilities and materials ended the day higher.
Core Lithium (CXO) made its way to the top of the leaderboard early following news it had increased the mineral resource at its Finniss lithium project in the Northern Territory by 62 per cent.
The update followed the company’s largest drilling campaign.
Core has put $25 million towards the next program, nearly double its 2022 drilling budget.
Shares rose 6.5 per cent and ended trade at 98.5 cents.
Fellow lithium stock and battery minerals producer Liontown Resources (LTR) shares reached a record high of $2.77.
Shares have continued to inch higher after soaring close to 70 per cent at the end of March on a rejected takeover bid from Albermarle.
Telix Pharmaceuticals (TLX) shares boosted to $8.89 — its highest price in a year — on the back of the company’s first-quarter results for FY23, released yesterday.
Telix delivered its first $100 million revenue quarter and its second consecutive quarter of positive operating cash flow.
In the red
Adelaide-based copper miner Oz Minerals (OZL) had its last day of trading on the ASX today after being acquired by BHP (BHP).
The Federal Court approved the takeover yesterday, and Oz Minerals has since lodged a copy of the court’s orders with ASIC.
BHP shares were down 0.1 per cent and ended trade at $46.58
Lithium explorer Lake Resources (LKE) reversed yesterday’s gains, ending today 9.17 per cent lower at 50 cents.
The company released a notice of JP Morgan ceasing to be a substantial shareholder as of April 13 after the investment banker sold shares received under lending agreements
Shares in top gold producers Newcrest Mining (NCM) and Northern Star Resources (NST) are on a downward trend so far this week as the price of gold dips below the US$2000 mark
Northern Star shares shed 0.07 per cent and closed at $14.03, while Newcrest (NCM) shares were down 0.17 per cent to $29.23.
Gold is down 0.21 per cent for the week but managed to rise 0.21 per cent today.
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