Gold miners were among the worst performers on Wednesday following a string of soft quarterly results. St Barbara plunged 21.4 per cent.
in the December quarter, bolstering the case for further tightening by the Reserve Bank of Australia.
“There were people who were expecting interest rates to remain flat or even be cut this year, but this set of inflation numbers suggests otherwise,” said Hugh Dive, chief investment officer at Atlas Fund Management. Shares in Mineral Resources declined from their record high achieved on Tuesday after the miner pushed back the expansion of its Mt Marion operations due to labour shortages and the delayed supply of processing equipment.The company reduced its FY23 shipped guidance for the operation and increased its cost guidance. Shares in MinRes dropped 2.2 per cent to $94.20.
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