ASX Closes Near Flat as Morning Gains Fade on Profit-Taking
The Australian sharemarket briefly gained over 1% before profit-taking in materials and healthcare pulled it near flat, ending one of its strongest weeks since April.
Why it mattersArafura Rare Earths made the day's biggest strategic announcement, approving a final investment decision for its Nolans rare earths project with construction set to begin in September, backed by $723 million in cash. That signals growing confidence in domestic rare earths supply chains at a time when global demand for magnet materials continues to rise.
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