The S&P/ASX 200 opened lower on Thursday morning, dropping 0.15 per cent, before rallying following a hike and a successful stint over the last week.
The dip came after the index reported in set a new 20-day high, having experienced a 0.2 per cent bump on Wednesday, with Ramelius Resources rising 3.7 per cent and Spartan Resources jumping three per cent.
It followed a market surge in the United States overnight on Tuesday amid fresh data showing the RBA’s preferred measure of inflation has fallen into its target range.
By midday though the ASX200 returned to the green, rising 0.25 per cent.
Australian stocks had a steady run in the week before Wednesday’s spike, rising by 3.2 per cent over the five days prior.
The dip comes after the release of the latest quarterly CPI figures which showed core inflation dropping less than expected to 2.9 per cent.
Headline inflation had remained remains stable at 2.4 per cent, but trimmed mean inflation fell into the central bank’s target range for the first time since 2021.
The figures sparked hope that the RBA is about to make its second interest rate cut of the year, with Sky News Business Reporter Ed Boyd having said that lowering inflation could lead to a boost in market confidence.
The bottom performing stocks in the index on Thursday morning are Nickel Industries Limited and Pilbara Minerals Limited, which are down 3.10 per cent and 2.99 per cent respectively.
Heavyweight materials and financials sectors are down as well consumer discretionary and utilities stocks.
Meanwhile across the board, Amchor shares sunk to a three-month low of $14.05 on Thursday morning.
