Tue. Dec 7th, 2021

In China, monthly producer prices rose by 10.7 per cent in September from the previous year, growing at the highest rate since 1995.

Inflationary concerns triggered an increase in the price of gold, which jumped 1.8 percent to $ 1792 dollars per share. Ounce and subsequently lifted miners of the precious metal.

Silver Lake Resources jumped 6.7 percent to $ 1.67, Regis Resources added 5 percent to $ 2.30, Evolution Mining confirmed 4.8 percent to $ 3.90 and Ramelius Resources rose 4.5 percent to $ 1.62. .

“Gold can reach over $ US2000 ounces within the next 12 months given these financial risks. Gold shares now appear cheap in relation to the gold price and other shares, ”said Neiron.

Perseus Mining jumped 9.3 percent to $ 1.69 after saying it would increase its resource estimate for the Yaouré gold mine in Ivory Coast after the first results of backfill drilling.

Technical rally

Nasdaq achieved the largest gain of the three major benchmarks on Wall Street, rising 0.7 percent. This paved the way for a strong session from the local technology sector, which advanced 4.1 per cent.

WiseTech Global jumped 7.2 percent to $ 53.51, Megaport added 6.8 percent to $ 17.70, the app confirmed 6.2 percent to $ 9.32, Xero rose 5.3 percent to $ 143.04 and Afterpay advanced 4 .5 percent to $ 120.68.

Netwealth was the best stock on the benchmark index, rising 15.6 percent to $ 16.52 after increasing its net inflow guidance for the fiscal year to $ 12.5 billion from $ 10 billion. This comes after attracting $ 4 billion in the quarter in September.

Fellow wealth platform HUB24 recorded a record first-quarter net inflows of $ 3 billion in the three months ended September 30th. The stock rose 8.7 percent to $ 31.25.

South32 said it would buy a 45 percent stake in Chile’s Sierra Gorda copper mine for $ 1.55 billion ($ 2.1 billion). The deal will give South32 joint control of the asset together with a Polish mining group. Its shares rose 4.9 percent to $ 3.83.

Collins Food has bought nine KFC stores in the Netherlands after securing the franchise for the country earlier this month. The stock rose 0.4 percent lower to $ 13.32.

Orica Group lost 0.3 percent to $ 14.37 after announcing its desire to achieve zero emissions by 2050.

The big banks had a mixed performance: National Australia Bank rose 0.1 percent to $ 28.58, but Commonwealth Bank fell 1.3 percent to $ 101.91, ANZ fell 0.7 percent to $ 27.58 and Westpac fell 0.1 percent to $ 25.27.

Shares in the online marketplace Redbubble were the biggest lag and fell 12.5 percent to $ 3.99 on news that it had a 34 percent drop in gross profit in the September quarter.

Whitehaven Coal fell 2.1 percent to $ 3.23 despite telling the market it expects to be debt-free within six months as a global energy crisis drives NSW thermal coal prices to record levels.

The national economy cut 138,000 jobs last month, the Australian Bureau of Statistics said. The total amount exceeded the consensus forecast of 120,000 jobs. Australia’s unemployment rose higher to 4.6 per cent from 4.5 per cent in August.

“The lack has no bearing on the financial markets, which are completely focused on rebound,” said Gareth Baird., The Commonwealth Bank’s head of the Australian economy.

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