Closing Bell: ASX trims losses as RBA softens rate-hike language

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RBA holds rates at 4.35pc and removes hike warning ASX pares losses after RBA statement Mining stocks rise, tech shares fall after China news The RBA has left interest rates on hold at 4.35% today, ...

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Mining stocks rise, tech shares fall after China news","collect":0,"end_time":0,"defaultTopTitle":"stockhead.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"NRG":"NRG能源","BK4585":"ETF&股票定投概念","BK4081":"电力公用事业","BK4588":"碎股","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC"},"translate_title":"收盘钟声：随着澳大利亚央行软化加息措辞，澳大利亚证券交易所缩小跌幅","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"NRG":1},"content_text":"RBA holds rates at 4.35pc and removes hike warning\nASX pares losses after RBA statement\nMining stocks rise, tech shares fall after China news\nThe RBA has left interest rates on hold at 4.35% today, but removed its previous warning about raising rates further.The shift in tone suggested that inflationary pressures may be easing, although the RBA still sees risks.“With underlying or trimmed mean inflation at 3.5 per cent year on year, the RBA is in no hurry to cut rates so we pushed out our expected first rate cut to May,” said AMP’s Shane Oliver.The ASX pared its losses following the RBA’s statement, closing the day 0.36% lower, while the Aussie dollar tumbled below US63.9c.Source: Market IndexThe mining sector led today after China said it will adopt a “moderately loose” monetary policy to support its recovery, a shift from its previous “prudent” stance. Mineral Resources (ASX:MIN) rose 8%, while Pilbara Minerals (ASX:PLS) was up 5%.Tech stocks were the biggest losers following a sell-off on Wall Street after news that China had launched a probe into Nvidia, causing tech stocks to drop globally.Source: Market IndexIn the large caps space, Perpetual (ASX:PPT) faces a potential tax bill of $493-529 million after the ATO raised concerns over its asset sale to KKR, up from an initial estimate of $106-227 million. Shares dropped 6%.Dual-listed Life360 (ASX:360) fell by 5% after the company revealed that a miscalculation of its stock’s weighting in the US Russell indexes had led to passive funds needing to adjust down their positions. This followed an 8% drop yesterday.And, Insurance Australia (ASX:IAG) said it plans to fight a class action filed in the Supreme Court of Victoria, which claims that its subsidiary IAL and its related entity, IMA, misled customers about the discounts they would receive. Shares were down 2%. ASX SMALL CAP LEADERSToday’s best performing small cap stocks:Code Name Price % Change Volume Market Cap 88E 88 Energy Ltd 0.002 50% 5,931,042 $28,933,812 ERL Empire Resources 0.003 50% 1,212,074 $2,967,826 MOM Moab Minerals Ltd 0.003 50% 1,694,660 $3,133,999 TAS Tasman Resources Ltd 0.006 50% 14,244,546 $3,220,998 TKL Traka Resources 0.002 50% 200,000 $1,945,659 EDE Eden Inv Ltd 0.002 33% 2,106,584 $6,162,314 SFG Seafarms Group Ltd 0.002 33% 357,733 $7,254,899 APC Aust Potash Ltd 0.020 25% 156,437 $1,628,090 CZN Corazon Ltd 0.003 25% 2,499 $1,535,811 ERA Energy Resources 0.003 25% 1,034,475 $810,792,482 NRZ Neurizer Ltd 0.003 25% 974,512 $5,635,721 SI6 SI6 Metals Limited 0.022 22% 565,938 $2,636,380 AKA Aureka Limited 0.140 22% 908,088 $11,780,013 MQR Marquee Resource Ltd 0.017 21% 2,233,832 $5,829,381 NFM New Frontier 0.018 20% 7,341,304 $21,806,030 MTC Metalstech Ltd 0.130 18% 685,256 $21,729,343 SMX Strata Minerals 0.021 17% 209,123 $3,434,673 BRN Brainchip Ltd 0.255 16% 22,157,251 $433,942,955 VHM Vhmlimited 0.445 16% 295,147 $63,489,447 SMM Somerset Minerals 0.015 15% 2,988,449 $2,680,602 CND Condor Energy Ltd 0.023 15% 1,818,470 $11,726,674 Wordpress Table PluginCorazon Mining (ASX:CZN) has expanded its MacBride Base and Precious Metals Project in Canada, more than doubling its landholding. The project now covers a 14-kilometre strike, with significant potential for copper, zinc, gold and silver deposits. Historical exploration has already identified high-grade gold samples, and an aerial VTEM survey is underway to help target drilling for early 2025.New Frontier Minerals (ASX:NFM) has contracted New Resolution Geophysics (NRG) to conduct a high-resolution airborne magnetic and radiometric survey at its Harts Range project in the Northern Territory. The survey, covering 2,253 line kilometres, will help identify potential extensions to known uranium, niobium, and rare earth mineralisation. Results from the survey are due to be completed in January 2025.88 Energy (ASX:88E) has received initial 2D seismic data from Monitor Exploration, confirming 10 significant structural leads in its PEL 93 licence area in Namibia’s Owambo Basin. The seismic data reveals large closures, some up to 100 km², with hydrocarbon charge potential. 88 Energy said it plans to independently validate these findings.Boab Metals (ASX:BML) has secured a US$30 million prepayment and an offtake agreement with Trafigura for lead-silver concentrate from its Sorby Hills project. Repayments start after 18 months, and Trafigura will purchase 75% of the concentrate if conditions are met, dropping to 25% otherwise.Somerset Minerals (ASX:SMM) has agreed to acquire the high-grade Coppermine project in Nunavut, Canada, adjacent to White Cliff Minerals’ (ASX:WCN) Rae project. The acquisition will give Somerset control of a 1,208 km² land package, hosting multiple high-grade copper lodes, including rock chip results of up to 45.4% copper.BrainChip Holdings (ASX:BRN) has secured a US$1.8 million contract with the Air Force Research Laboratory (AFRL) to develop radar signalling algorithms for neuromorphic hardware. The project will focus on micro-Doppler signature analysis, using BrainChip’s proprietary TENNs algorithm optimised for its Akida 2.0 hardware.ASX SMALL CAP LAGGARDSToday’s worst performing small cap stocks:Code Name Price % Change Volume Market Cap VTI Vision Tech Inc 0.057 -58% 733,530 $7,429,923 1TT Thrive Tribe Tech 0.001 -50% 456,113 $1,406,723 MTL Mantle Minerals Ltd 0.001 -50% 177,452 $12,394,892 SIT Site Group Int Ltd 0.001 -50% 3,812,824 $6,514,980 LYN Lycaonresources 0.105 -45% 8,029,314 $10,067,116 IBG Ironbark Zinc Ltd 0.003 -38% 5,175 $7,334,591 GGE Grand Gulf Energy 0.002 -33% 21,877 $7,351,161 LNU Linius Tech Limited 0.001 -33% 34,500 $9,226,824 NES Nelson Resources. 0.002 -33% 400,704 $6,515,783 RLL Rapid Lithium Ltd 0.005 -29% 907,400 $5,124,776 WC1 Westcobarmetals 0.013 -28% 920,801 $2,866,798 GMN Gold Mountain Ltd 0.003 -25% 702,194 $15,629,893 VRX VRX Silica Ltd 0.045 -21% 1,660,995 $35,810,573 VMC Venus Metals Cor Ltd 0.056 -20% 13,860 $13,729,008 AAU Antilles Gold Ltd 0.004 -20% 1,503,272 $9,289,380 ADD Adavale Resource Ltd 0.002 -20% 282 $3,087,330 ARV Artemis Resources 0.008 -20% 4,823,373 $19,168,824 CDT Castle Minerals 0.002 -20% 10,017,866 $4,182,035 CAG Caperangeltd 0.105 -19% 3,750 $12,338,079 SVL Silver Mines Limited 0.093 -19% 29,002,298 $173,424,170 EMH European Metals Hldg 0.130 -19% 1,000 $33,191,153 BUS Bubalusresources 0.115 -18% 156,275 $5,090,995 AUG Augustus Minerals 0.033 -18% 301,465 $4,767,657 Wordpress Table PluginIN CASE YOU MISSED ITAsra Minerals (ASX:ASR) has appointed the experienced Paul Stephen as its new CEO to lead its Leonora gold exploration drive. With a track record of discovering and delineating 2.8Moz, Stephen is set to leverage his expertise in the high-performing gold market.James Bay Minerals (ASX:JBY) has unveiled historical data revealing up to 4% copper and 6,874 g/t silver from its Independence gold project in Nevada. The company is investigating the potential for multi-commodity mineralisation of the newly acquired project.Summit Minerals (ASX:SUM) has kicked off maiden drilling at its Barra lithium project in Brazil. The 3000m RC program is targeting quartz outcrops believed to be extensions of previously unmapped pegmatite quartz cores, and is supported by recent magnetic surveys.Fintech Ovanti (ASX:OVT) is raising $6 million to expand its US team. The company aims to launch a BNPL offering and is eyeing a listing on a US exchange, following the path of peers like Sezzle and Afterpay.Lanthanein Resources (ASX:LNR) has extended its farm-in agreement with Gondwana Resources by six months to earn a 50% interest in tenement E77/2143, agreeing to pay $200,000 in cash. The extension accommodates delays in regulatory approvals and allows time to complete drilling, receive assay results and evaluate the project’s potential for the next farm-in stage.At Stockhead, we tell it like it is. While Asra Minerals, James Bay Minerals, Summit Minerals, Ovanti and Lanthanein Resources are Stockhead advertisers, they did not sponsor this article.This article does not constitute financial product advice. 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