ASX slips, Orica and New Hope rally
Tuesday, September 19, 2023       13:38 WIB

The sharemarket closed 0.5 per cent lower on Tuesday, ahead of the US Federal Reserve's policy meeting, which is expected to reaffirm the "higher-for-longer" message on interest rates. The All Ords also slipped 0.5 per cent.
All the major banks declined. Mining companies slumped after iron ore prices pulled away from six-month highs on worries about China's deepening property crisis.
Heavyweights BHP dropped 1.4 per cent, Fortescue Metals shed 1.1 per cent and Rio Tinto eased 0.7 per cent.
Undermining the mood were minutes of the Reserve Bank's September meeting showing the central bank is considered raising rates. Earlier this month the RBA kept, as expected, the cash rate at 4.1 per cent for the third consecutive meeting, but said it was ready to lift it again should inflation prove more persistent.
On the ASX, all sectors, except energy were in the red, with materials leading losses.
Yet shares in New Hope jumped 2.1 per cent and hit their highest since January, after posting a $1 billion profit on strong coal demand and record high prices.
Explosives giant Orica rallied 1.4 per cent. It has ramped up its targets for direct emissions reduction and has introduced an "ambition" to cut indirect emissions, bucking the broader trend for energy-intensive companies to dial back on near-term climate commitments.
Gold miner takeover target Newcrest advanced 1.4 per cent after US miner Newmont received the nod from Australia's Foreign Investment Review Board ( FIRB ) to proceed with its planned acquisition. The deal needs more regulatory approvals to go ahead.
Logistics group Qube Holdings fell 1 per cent after reporting the death of an employee following an incident at its forestry harvesting operations in South Australia.
Asset management company Pacific Current Group fell 0.6 per cent on plans to buy a stake of up to $62 million in US-based Avante Capital Partners, a private credit investment outlet.
Energy shares, however, were among the rare winners as oil prices topped a fresh 10-month high amid tight supply.
Santos jumped 0.9 per cent and Beach Energy rose 0.3 per cent, but Woodside edged 0.1 per cent lower. Meanwhile, Whitehaven Coal rallied 1.2 per cent.
Gold miners also rose on expectations the Fed will stand pat on rates.

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