AU Morning Wrap: ASX Rises; Gold Stocks Rally

The $Dow Jones Industrial Average (.DJI.US)$ edged up 0.03 per cent; the $S&P 500 Index (.SPX.US)$ added 0.12 per cent and the $Nasdaq Composite Index (.IXIC.US)$ gained 0.21 per cent. Trading volumes were lighter than average as the stock market closed at 1am local time. About 6 billion shares changed hands in US exchanges, compared with the 11 billion daily average over the last 20 sessions.

The $S&P/ASX 200 (.XJO.AU)$ edged up 0.1 per cent, or 7.8 points to 7253.9 at market open as traders remain focused on this afternoon's Reserve Bank cash rate decision.

The materials sector was the best performer, up 0.8 per cent. $Fortescue Ltd (FMG.AU)$ shares rallied 1.1 per cent, $BHP Group Ltd (BHP.AU)$ shares rose 0.4 per cent and $Rio Tinto Ltd (RIO.AU)$ added 0.3 per cent.

Gold stocks also climbed. $Ramelius Resources Ltd (RMS.AU)$ rose 3.2 per cent, $Gold Road Resources Ltd (GOR.AU)$ added 3.3 per cent and $De Grey Mining Ltd (DEG.AU)$ increased 1.5 per cent.

$Suncorp Group Ltd (SUN.AU)$ shares dropped 2.8 per cent after it said it was expecting the cost of reinsurance premiums to increase more than $250 million in the 2024 financial year, up 12 per cent when compared to the prior year.

$Suncorp Group Ltd (SUN.AU)$: Suncorp is expecting the cost of reinsurance premiums to increase more than $250 million in the 2024 financial year, up 12 per cent when compared to the prior year.

$National Australia Bank Ltd (NAB.AU)$: National Australia Bank has announced that its chief people officer, Susan Ferrier, will retire from the bank.

$Magellan Financial Group Ltd (MFG.AU)$: Magellan Asset Management has announced that its chief financial officer, Kirsten Morton, has resigned from her position on the board.

$CSR Ltd (CSR.AU)$: Building products manufacturer CSR has announced it has entered into an agreement to acquire interior finishes company Woven Image for $43 million.

$Silver Lake Resources Ltd (SLR.AU)$: Gold producer Silver Lake says its financial year 2023 sales are in line with the annual guidance range.

$Costa Group Holdings Ltd (CGC.AU)$: Costa says its received a takeover proposal from Paine Schwartz Partners to acquire the company at $3.50 a share.