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S&P/ASX 200 lifts to positive territory as inflation stays muted

Australia’s headline consumer price index (CPI) rose 1.6% in the September quarter, but it merely retraced the June quarter’s record 1.9% drop.

Alicanto Minerals - S&P/ASX 200
Annual inflation picked up to just 0.7%

S&P/ASX 200 (INDEXASX:XJO) has recovered by rising 0.40% to 6,075 by about 2.45 pm after falling 0.5% in early trading following a weak lead from the US and European markets as COVID-19 cases continue to surge and Wall Street faces a rocky run-up to election day.

Locally, losses among the financials and energy sectors are being offset by decent gains for technology, consumer staples and healthcare.

The big four banks are acting as the major weight on the market along with Macquarie Group (ASX:MQG), which fell 2.74%.

Lockdown lifts Coles

Coles Group Ltd (ASX:COL) shares rose 3% as sales for the three months to the end of September increased by 10.4% compared to a year ago.

Group sales for the quarter totalled $9.6 billion, one of Coles' highest-ever quarterly results, with supermarket sales making up the majority at $8.5 billion, a growth of 9.8%.

Supermarket sales were primarily driven by the locked-down state of Victoria, followed by New South Wales

Liquor sales grew the most, up 17% to $852 million while convenience store sales also increased by 10%.

Top gainers

Today’s top gainers on the ASX include TNT Mines Ltd (ASX: TIN) (+8.89%), Alicanto Minerals Ltd (ASX:AQI) (+9.38%), Mako Gold Ltd (ASX:MKG) (+9.52%), Galileo Mining Ltd (ASX:GAL) (+8.89%), Ioneer Ltd (ASX:INR) (+14.71%), Andromeda Metals Ltd (ASX:AND) (+10.71%), Element 25 Ltd (ASX:E25) (+8.24%) and Red River Resources Limited (ASX:RVR) (+11.90%).

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