The S&P/ASX 200 wiped off 141.2 points, or 1.7%, on Thursday as consumer inflation expectations in Australia rose to its highest level in three months.
At the closing bell, the index sat at a new 20-day low of 8,168.2 points, losing 1.95% over the past five days, and hovering 4.07% below its 52-week high.
Consumer expectation levels climbed to 4.2% in December, up from 3.8% last month. This comes on the back of the Reserve Bank of Australia’s decision to keep interest rates at 4.35% for the ninth consecutive month.
All 11 sectors ended in the red. Materials slumped 2.06%, energy retreated 1.72%, and industrials closed down 0.92%.
Champion Iron (ASX:CIA) managed to buck the downward pull of the broader market to climb 1.95% to $5.76 after announcing a partnership with Japan’s Nippon Steel (TYO:5401) and Sojitz (TYO:2768) to advance the feasibility assessment and potential development of the Kamistiatusset Project.
The partners will initially contribute $245 million for a 49% interest, and Champion may receive future payments based on the project’s financial performance, once it reaches production.
Meanwhile, uranium explorer Deep Yellow (ASX:DYL) continued it descent after delaying a final investment decision on its flagship Tumas Project until March 2025. The company ended the session down 12.08% at $1.06.
Gold miners Westgold Resources (ASX:WGX) and Vault Minerals (ASX:VAU) retreated 8.33% to $2.97 and 5.8% to $0.325, respectively, on Thursday. Vault’s slide came despite news it has given the green light to its $80 million expansion of the King of the Hills processing facility to 6 million tonnes per annum.
The S&P/ASX 200 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
