Closing Bell 8th January: ASX weaker as rate cut expectations slow

Australian shares are experiencing a downturn in the final trading hours, extending the challenging start witnessed last week. The S&P/ASX 200 has declined by 0.2%, currently standing at 7472.2 points, with the All Ordinaries following suit with a 0.2% decrease. Amid a lackluster market, none of the ASX’s 11 sectors have recorded movements exceeding 0.5%. Energy stocks, initially supporting the benchmark, have retreated to a modest 0.3% gain. Notably, Kali Metals, a lithium hopeful, made a remarkable debut, surging approximately 75% from its IPO price of 25¢ per share. Uranium stocks are standout performers, with Boss Energy rising 8.4% to $4.58 and Paladin Energy up 4.1% to $1.06, driven partly by the UK government’s announcement of a £300 million investment in a new high-tech nuclear fuel plant. Red 5 has gained 3.6% at 29¢, affirming its alignment with FY24 production guidance. Metcash has appointed Richard Murray, former CEO of Premier Investments, as the CEO of Total Tools Holdings, resulting in a 1% increase in shares to $3.53 following Paul Dumbrell’s departure.