Shares closed little changed on Tuesday as the benchmark index ended the month up 6.3 per cent, entirely recouping last’s year losses. Tech stocks came under pressure.
Shares in battery minerals miner IGO tumbled 7.1 per cent to $14.57 after cutting its full-year, nickel-production target. Its 14¢ interim dividend was better than the 10¢ expected by RBC analyst Kaan Peker, and almost triple last year’s 5¢ payout as strong lithium prices drive record earnings.. CEO Morné Engelbrecht said the company was navigating a challenging period, but he remained confident it would fulfil its contractual obligations.
The retreat will be welcomed by the Reserve Bank of Australia, which is counting on slower consumer spending to bring down high inflation. Bond traders cut the probability of back-to-back central bank tightening in February and March. Investors, meanwhile, are trading cautiously ahead of this week’s key central bank meetings by the US Federal Reserve, the Bank of England and the European Central Bank in Frankfurt.
The day after the Fed, the European Central Bank and the Bank of England will each probably raise rates a half point, after eurozone data is expected to show slowing inflation and a stagnating economy. There is a small risk the ECB may opt for a larger increment.
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