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Aus shares down 0.25% at noon as RBA warns of higher risk

The Reserve Bank of Australia’s Financial Stability Review states that while the Australian financial system is strong and able to support economic activity, there has been an increase in global financial stability risks. Additionally, higher interest rates and inflation are causing financial stress for some households, but most remain resilient.

The RBA also warns that cyberattacks targeting individuals could potentially spread to businesses and pose a threat to financial stability on a larger scale.

At noon, the S&P/ASX 200 is 0.25 per cent lower at 7,218.19.

The SPI futures are pointing to a fall of 24 points.

Best and worst performers

The best-performing sector is Health Care, up 1.13 per cent. The worst-performing sector is Information Technology, down 1.93 per cent.

The best-performing large cap is ASX (ASX:ASX), trading 2.18 per cent higher at $69.25. It is followed by shares in EBOS Group (ASX:EBO) and CSL (ASX:CSL).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 4.18 per cent lower at $5.73. It is followed by shares in Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE).

Asian markets

Asia-Pacific markets fell on Thursday as Wall Street digested the latest ADP private payrolls report, which showed slowing job growth in March.

India’s central bank is also expected to raise its repurchase rate by 25 basis points to 6.75 per cent, according to economists polled by Reuters.

Japan’s Nikkei 225 led losses in the region as it slid 1.08 per cent and the Topix lost 0.91 per cent. Elsewhere, the South Korean Kospi fell 0.68 per cent, while the Kosdaq saw a smaller loss of 0.64 per cent.

Hong Kong’s Hang Seng index was 0.58 per cent down, while the Hang Seng Tech index was 1.5 per cent lower.

Both Australia and Hong Kong markets will conclude their trading weeks on Thursday, as their markets will be closed for a holiday on Friday.

Mainland Chinese markets were also lower, as the Shanghai Composite shed 0.37 per cent and the Shenzhen Component was down 0.45 per cent.

Japan will release data for its household spending for February, and China will see private surveys on its services sector activity as well.

Company news

Australian based and globally integrated biopharmaceutical company, Immuron (ASX: IMC) has announced that their global Q3 year-to-date sales have increased by 239 per cent and their Australian Q3 sales have increased by 101 per cent for the 1H of FY23. This growth was attributable to increasing sales in both Passport Health Travel Clinics and distributor sales. Shares are trading 21.4 per cent at 8.5 cents.

Following on from yesterday’s announcement, Western Mines Group (ASX:WMG) has announced aqua regia testwork confirms nickel sulphide association at their Mulga Tank Project in WA. In response, Managing Director Dr Caedmon Marriott said: “This basic comparison testwork prove that it is hosted in potentially recoverable sulphide form.” Shares are trading 49.2 per cent higher at 47 cents.

Cooper Metals (ASX:CPM) has announced that their IP survey has upgraded the copper and gold prospectivity at their Ardmore Project in Queensland. Adding to the announcement, Managing Director, Ian Warland, commented: “The IP crew is completing two profile lines over the highest chargeability areas and a separate IP survey over a mineralised shear zone in the northern part” of the project. Shares are trading 7.27 per cent higher at 29.5 cents.

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.
Iron ore is 0.5 per cent lower at US$120.45 a tonne.
Iron ore futures are pointing to a 0.8 per cent fall.
One Australian dollar is buying 67.04 US cents.