The ASX was up 0.42 per cent today closing at 5975.5. After the excitement from the Fed meeting has pushed the ASX 1.8% higher yesterday, the local market has extended its rise today despite a fall in U.S. equity markets overnight. At a speech given to the American Chamber of Commerce in Australia, Reserve Bank governor Glenn Stevens underlined the role of the RBA during periods of economic uncertainty. He pointed out that although interest rates were cut recently due to inflation and growth concerns, the RBA’s ability to induce positive change with interest rate cuts were limited. Mr. Stevens also assured attendees of the speech that a recession in Australia was looking unlikely.
APN News and Media (ASX:APN) is up 5.5c, or 6 per cent, at $1 per share. APN shares surged this morning after retreating later in the day. APN recently announced that News Corp would be increasing their stake in the company from 4.9 per cent to 14.99 per cent.
Lynas Corporation (ASX:LYC) is up .2c, or 4.89 per cent, at 4.3c per share. Lynas has recently been struggling after it announced lower than expected profits.
Regis Resources Limited (ASX:RRL) is up 3c, or 2.5 per cent, at $1.24 per share. Shares of RRL recently plummeted early this month due to faltering gold prices and production delays.
Karoon Gas Australia Limited (ASX:KAR) is down 48c, or 18 per cent, at $2.16 per share. KAR has taken a hit today after announcing that a potentially massive energy resource project off the coast of Brazil failed to find any oil or gas.
Whitehaven Coal Limited (ASX:WHC) is down 8c, or 5 per cent, at $1.42 per share. Falling coal prices have been challenging Whitehaven and its one-year return is down 11.42 per cent. However, the company released some positive news earlier this month after announcing that they secured a $1.4bn refinancing plan.