Closing Bell 24th January: XJO flat as rally pauses, Miners rise

Mid-day saw Australian shares retracing gains as a tech downturn, driven by a substantial 33% decline in Nanosonix, offset early market strength. The benchmark S&P/ASX 200 index edged up by 0.1% to 7521.8, with four out of the 11 sectors showing positive momentum, primarily led by rallying miners and real estate firms. Fortescue Metals and BHP recorded gains of 1.3% and 1%, respectively, while Rio Tinto secured a 1% increase through a 25-year purchase agreement for all electricity from Australia’s largest solar farm with European Energy Australia. Lithium miners, including Sayona Mining and Liontown Resources, experienced increased demand, in contrast to Pilbara Minerals, which rose by 6.7% following plans to cut capital expenditure by up to 10% amid declining lithium prices. Nanosonics suffered its worst trading day ever, plummeting 34% due to a shortfall in sales guidance for the six months ending December 31. New Zealand’s Q4 annual inflation slowed to 4.7%, down from 5.6% in Q3, maintaining a level above the central bank’s target at 1-3%.