Australian Shares Continue Upward Trajectory on US Rate Cut Aftermath; Trigg Minerals Rallies 10% as Acquires Antimony Projects

MT Newswires Live09-20

Australian shares reached an all-time high on Friday as the recent US rate cut made investors optimistic about the country's economic growth.

The S&P/ASX 200 edged higher by 0.2% or 17.6 points to close at 8,209.50.

Following the oversized rate cut made by the US Federal Open Market Committee, investors are now optimistic that the US will continue to strengthen its economy, Reuters reported.

There is now a 40% chance that the central bank will cut the interest rate by another 0.5% in November. Consensus showed that interest rates will be lowered to 2.85% by the end of 2025, which the market considers as a neutral rate, the report added.

In corporate news, shares of Trigg Minerals (ASX:TMG) jumped 10% at market close after the mining firm acquired the Taylors Arm and Spartan antimony projects in New South Wales from Bullseye Gold in exchange for 106.3 million TMG shares valued at AU$850,000, pending shareholder approval.

Australian Gold and Copper (ASX:AGC) non-executive co-chairman David Richardson resigned, effective Sept. 20. Its shares closed down by 11%.

Ioneer's (ASX:INR) shares fell past 5% at market close upon securing a key approval for the Rhyolite Ridge lithium-boron project in Nevada following the publication of the project's final environmental impact statement of the US Bureau of Land Management.

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