The S&P/ASX200 ended the session little changed today (14 May), though the ASX has reportedly started a process to cut jobs in a bid to rein in costs.
According to news reports, the ASX is undertaking a redundancy round to remove 100 jobs, or about 8% of its workforce, across its operations.
An ASX spokeswoman told the Australian Financial Review that operating efficiently was an ongoing priority for ASX, and that the exchange operator continually looked for ways to optimise, which may include changes to its workforce.
“There is a consultation process underway regarding proposed people changes. No decisions have been finalised at this time and our focus is on engaging transparently with our people and supporting them through this process,” the spokeswoman said.
Following the news reports yesterday (13 May), the ASX share price lost ground, sliding 1.91% to $71. Though today it reversed that downtrend to advance 1.45% to $72.03.
The S&P/ASX200 edged up 10.6 points, or 0.13%, to 8,279.6 points by the closing bell today.
The index has gained 1.24% over the past five days and is 3.9% off its 52-week high.
Six of the 11 sectors ended higher, led by energy with a 2.28% one-day jump and a five-session gain of 8.38%. Industrials rose 0.62%, materials advanced 0.44% and the financial sector lifted 0.2%, while utilities fell 1.6%.
Lithium miner Liontown Resources (ASX:LTR) was among the top movers on a 6.08% hike to $0.79.
At the junior end, Resource Mining (ASX:RMI) rallied 83.33% to $0.011 and Altair Minerals (ASX:ALR) jumped 50% to $0.003, with both advancing on no news.
Carbine Resources (ASX:CRB), meanwhile, rose 50% to $0.006 after being granted a mining lease for Muchea West Silica Sand Project in Western Australia.
Rare earths and niobium explorer DY6 Metals (ASX:DY6) lifted 47.73% to $0.13 after announcing it will shortly begin exploration at its Douala Basin and Central Rutile projects in Cameroon, and potash company Highfield Resources (ASX:HFR) climbed 45.45% to $0.16.
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
