Desktop Broker TV

The Australian market extended last week’s rally into this week with the key index closing the session 1.02% higher, boosted by a surge in materials and technology stocks.

The best performing stock today was Nickel Industries (ASX:NIC) soared 6.7% after announcing an upgrade to its Hengjaya Mine Resource, increasing the resource from 2.4m tonnes to 3.7m tonnes of contained nickel metal. Gold Road Resources (ASX:GOR) also lifted just over 5% today. Other stocks that investors bought into today included Mineral Resources (ASX:MIN), with shares in the mining services giant soaring to a fresh record high of $74.20 today during the session. The a2 Milk Company (ASX:A2M) also lifted today following its New Zealand-based baby formula producer for the Chinese market, Synlait Milk (ASX:SM1), being granted renewal of its State Administration for Market Regulation licence to continue manufacturing the baby formula for China until 21 February 2023.

Investors sharply sold out of Liontown Resources (ASX:LTR) today despite the company announcing it has executed a letter of award with Zenith Energy (ASX:ZEN), one of Australia’s leading independent power producers, to supply electricity to its Kathleen Valley Lithium project in Western Australia for a 15-year period. Other losing stocks today included Sims (ASX:SIM) and Lake Resources (ASX:LKE).

The top traded stocks by Bell Direct clients today are Pilbara Minerals (ASX:PLS), Fortescue Metals Group (ASX:FMG) and Lake Resources (ASX:LKE).

On the economic calendar for tomorrow, investors will gain an insight into just how confident both consumers and businesses are with current market and economic conditions, with Westpac Consumer Confidence data for September out in the morning followed an hour later by the release of NAB’s Business Confidence data for August. US Core inflation data for August is also out later tomorrow night.