Market Report September 12: ASX surges as ECB rate cut expected tonight [Video]

Proactive’s Tylah Tully provides a market wrap for the 12th of September.

The Australian stock market surged today, following overnight gains on Wall Street and in anticipation of the European Central Bank’s (ECB) expected interest rate decision. The ASX 200 index rose by 1.1%, with the Small Ordinaries gaining 1.74%. The ASX exceeded its 20-day moving average, closing at 8,075.7 points. Over the past five days, the ASX has gained 1.17% and is now just under 1% from its 52-week high.

All eleven market sectors recorded gains, led by Information Technology, which rallied 2.44%, and Energy, which rose 2.32%. Uranium stocks were the standout performers, with Deep Yellow increasing by 13.53% to $1.17 per share and Boss Energy rising 10.73% to $2.89 per share. This followed Russian President Vladimir Putin’s announcement that Moscow might consider limiting exports of uranium, titanium, and nickel, causing a surge in uranium stocks globally.

In global economics, the ECB is expected to cut interest rates by 0.25 percentage points tonight, with analysts pointing to Eurozone GDP growth of 0.3% in Q2 and declining inflation as supporting factors. Meanwhile, Australia’s Commonwealth Bank reported a 1.8% increase in household spending for August, driven by lower fuel prices and government rebates.

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