The ASX closed lower today as the Reserve Bank increased the cash rate to 4.1 per cent.
The RBA cited “persistent” and “ongoing” high inflation as its reason behind the increase, marking the highest cash rate since April 2012.
The sectors were a sea of red, with 10 of 11 ending the day lower. Only the utilities sector managed the buck the trend, up 0.53 per cent.
In the green
Adavale Resources’ (ADD) shares soared after diamond drilling confirmed the presence of nickel-bearing massive sulphides at the Luhuma Central prospect.
The prospect falls within its Kabanga Jirani nickel project in Tanzania, returning massive nickel sulphides over 4.15 metres from a down-hole depth of 223 metres.
Meanwhile, Norwest Minerals (NWM) was up 11.11 per cent after announcing a placement to raise $1 million to advance exploration at its Arunta West copper-gold project in WA.
And Sigma Healthcare (SIG) shot up 22.05 per cent after signing a binding term sheet with Chemist Warehouse.
The deal will see it supply its pharmaceutical benefits scheme medicines and Fast-Moving-Consumer-Goods (FMCG) products over a five-year term.
In the red
While Sigma Healthcare celebrated the deal today, healthcare rival EBOS Group (EBO) tumbled 12.31 per cent.
Chemist Warehouse has cut ties with the company, resulting in an annual revenue loss of $1.9 billion.
Westar Resources (WSR) fell 23.6 per cent, despite identifying additional pegmatites at the Olga Rocks lithium project in Western Australia.
And Burley Minerals (BUR) took a hit, falling to 21 cents. The company confirmed high-grade results at the Chubb lithium project in Quebec.
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