Gold Miners Shine as ASX Climbs: ASX Market Recap 21st March

The ASX 200 index closed 86.2 pts. or 1.1% higher on Thursday, buoyed by the news overnight that the U.S. Federal Reserve still plans to make three rate cuts in 2024, the first of which is in June. Gold miners were some of the big winners on the boards as the precious metal’s price reached an all-time high, crossing the US$2,200 mark. Northern Star (+2.31%), Evolution Mining (+5.15%), and Sandfire Resources (+2.00%) were all big movers on the day.

Nine sectors closed the day in the green, with Financials (+1.74%), Discretionary (+1.50%) and Real Estate (+1.33%) leading the march. All five big banks saw more than 1% gains, while Wesfarmers (+1.33%) and Goodman Group (+1.91%) also ended the day higher.

In company news, Washington H. Soul Pattinson (+0.4%) rose slightly after it reported an 11% jump in its interim dividend for the six months ending January. While the company’s Net Asset Value rose 10.0% to $11.5 billion, Statutory Profit fell by 33.2% to $302.5 million due to weaker coal prices and lower property valuations. Webjet (+9.17%) shares hit a 52-week high after showcasing its WebBeds business at a Strategy Day today, where it said it would achieve a total transaction value (TTV) of $4 billion in FY24 and then $5 billion in FY25.

Australian Strategic Minerals (+20.1%) surged after it flagged a potential $US600 million debt funding commitment from the U.S. government. Brickworks (-3.1%) shares fell after it posted a statutory half-year loss of $52 million and impaired property valuations by $233 million.