The Australian Securities Exchange (ASX) has reclaimed a three-month high with things remaining relatively quiet on the trade front and the strong possibility of an interest rate cut next week.
The S&P/ASX200 closed up Friday (16 May) 46.2 points, or 0.56%, at 8,343.7 points.
Over the past week, the index has advanced 1.37% and is sitting 3.15% off its one-year peak.
Eight of the 11 sectors remained in the green by the closing bell. Materials finished the session strongly, jumping 1.09%, industrials climbed 0.87% while energy edged back 0.09%.
ANZ still expects the Reserve Bank of Australia to announce a 25-basis-point rate cut next Tuesday, saying it is “more likely than not”, but has updated its cash rate forecasts with economists seeing less urgency to ease over the coming months.
The bank previously anticipated rate cuts in May, July and August, but has wound that back to just May and August this year, with the final 25-basis-point cut now not likely until the first quarter of 2026.
Of the early moving gold miners, Genesis Minerals (ASX:GMD) and Regis Resources (ASX:RRL) remained in the top five. Genesis added 4.35% to close at $3.84 and Regis lifted 3.97% to $4.45.
At the junior end of the market, Resource Mining (ASX:RMI) jumped 76.92% to $0.023 on no news, which earned the critical minerals explorer a speeding ticket from the ASX.
Newpeak Metals (ASX:NPM) rose 66.67% to $0.015, Nelson Resources (ASX:NES) lifted 50% to $0.003, Empire Resources (ASX:ERL) gained 42.86% to close at $0.005 and Moho Resources (ASX:MOH) advanced 40% to $0.007 after identifying a 4km long gold anomaly at the Silver Swan North Project.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation.
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & iStock
