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ASX down 0.62% at noon as Australian retail sales rise by 0.9% in September

Australian retail sales exceeded expectations by rising 0.9% in September, compared to economists’ forecast of a 0.3% increase, following slower growth in August and July. The Reserve Bank of Australia will consider this sales data as it decides whether to raise the official cash rate. Despite the significant September increase, long-term retail turnover growth remains historically low, with only a 1.5% increase compared to September 2022, the smallest in the series’ history.

At noon, the S&P/ASX 200 is 0.62 per cent lower at 6,784.90.

The SPI futures are pointing to a fall of 56 points.

Best and worst performers

The best-performing sector is Information Technology, up 1.07 per cent. The worst-performing sector is Energy, down 1.99 per cent.

The best-performing in the S&P/ASX200 is Silver Lake Resourcess (ASX:SLR), trading 1.67 per cent higher at $1.07. It is followed by shares in Gold Road Resourcesources (ASX:GOR) and West African Resources (ASX:WAF).

The worst-performing in the S&P/ASX200 is Block, (ASX:SQ2), trading 5.46 per cent lower at $63.37. It is followed by shares in IGO (ASX:IGO) and Cromwell Property Grouperty Group (ASX:CMW).

Asian news

Asia-Pacific markets started the week lower ahead of a week of key economic data from around the region.

Monetary policy decisions from Japan and Malaysia, inflation data from South Korea, and gross domestic growth figures from Taiwan and Hong Kong are the regional highlights of the week.

Japan’s Nikkei 225 slid 0.96% as the Bank of Japan starts its two-day monetary policy meeting, while the Topix lost 0.91% in early trading.

South Korea’s Kospi dropped marginally, but the small-cap Kosdaq rose 0.54%.

Futures for Hong Kong’s Hang Seng index stood at 17,175, pointing to a weaker open compared to the HSI’s close of 17,398.73.

Company news

Tamboran Resources (ASX:TBN) have announced an operational update, in which results have demonstrated an over pressured regime, with a pore pressure gradient of at least 0.54 pounds per square inch (psi) per foot. In response, Managing Director and CEO, Joel Riddle, said, “the results provide confidence that the upcoming flow test of the SS-1H well can replicate or exceed commercial flow tests achieved at the T2H and T3H wells in the Santos-operated EP 161 acreage.” Shares are trading flat at 13.5 cents.

TG Metals (ASX:TG6) high grade lithium intercepted at Lake Johnston. TG Metals CEO, Mr. David Selfe stated, “there appears to be multiple pegmatites with consistent widths of between 8 to 12 metres, that are completely mineralised with spodumene.” Shares are trading 90.5 per cent higher at 20 cents.

West Africa’s newest gold producer Tietto Minerals (ASX:TIE) advises that on 29 October 2023 it received a conditional, non-binding indicative proposal from Zhaojin Capital, to acquire 100% of the issued shares not already owned by Zhaojin for cash consideration of A$0.58 per share by way of an off market takeover offer. Zhaojin currently owns 7.02% of the shares in the Company. Shares are trading 34.7 per cent higher at 57.3 cents.

Commodities and the dollar

Gold is trading at US$2015.80 an ounce.

Iron ore is 2.4 per cent higher at US$121.80 a tonne.

Iron ore futures are pointing to a 1.82 per cent rise.

One Australian dollar is buying 63.46 US cents.

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