The S&P/ASX 200 enjoyed a rebound today, with the market up 2 per cent in intraday trading, closing 1.44 per cent or 93 points higher at 6555.00. All 11 sectors closed in the green, with Energy outperforming, up 2.78 per cent whilst Utilities had the fewest gains, closing 0.02 per cent higher.
FuturesThe Dow Jones futures are pointing to a fall of 76 points.
The S&P 500 futures are pointing to a fall of 12.75 points.
The Nasdaq futures are pointing to a fall of 61.25 points.
The SPI futures are pointing to a rise of 118 points ahead of tomorrow’s session.
Best and worst performersThe best-performing stock in the S&P/ASX 200 was Premier Investments
(ASX:PMV), closing 14.61 per cent higher at $23.69 after a positive market response to their FY22 Results Announcement this morning. It was followed by shares in Coronado Global Resources
(ASX:CRN) and De Grey Mining
(ASX:DEG).
The worst-performing stock in the S&P/ASX 200 was IRESS
(ASX:IRE), closing 17.30 per cent lower at $8.70 after the company announced today a downgrade to their profit guidance range. It was followed by shares in Cromwell Property Group
(ASX:CMW) and Bega Cheese
(ASX:BGA).
Asian marketsJapan's Nikkei has gained 0.92 per cent.
Hong Kong's Hang Seng has gained 0.11 per cent.
China's Shanghai Composite has lost 0.07 per cent.
Inflation dataInflation data out today from the Australian Bureau of Statistics (ABS) saw inflation rise by 6.8 per cent in the year to August, slightly lower than the 7 per cent recorded in July. The ABS will begin reporting inflation data monthly from October, to allow economists to keep better track of inflation.
Company newsRegenerative medicine company Orthocell
(ASX:OCC) today announced positive results from the crossover patient extension arm of its randomised, multicentre, controlled rotator cuff tendon clinical study. This additional data supports the original randomised controlled RC Study results, which demonstrated that OrthoATI is a safe and effective treatment for patients suffering from rotator cuff tendinopathy with intrasubstance tendon tear compared directly to the standard of care. Orthocell Managing Director, Paul Anderson, said “We are delighted with the crossover patient study results clearly demonstrating that OrthoATI is more effective than steroid injection for treatment of rotator cuff tendinopathy with intrasubstance tendon tear. This is an important validation for OrthoATI and the Company. We are now in a very strong position to progress our US commercialisation strategy to deliver the first injectable cell therapy in orthopaedics that truly addresses the cause of degeneration and returns patients to full use of their chronically damaged tendons.” Shares closed up 6.17 per cent to 43 cents.
Junior explorer Castle Minerals
(ASX:CDT), today advised that it has received encouraging intercepts from the first 23 holes of a recently completed 52 hole, drill program at its flagship Kambale Graphite Project in Ghana. Several holes returned thick, high-grade and multiple intercepts some of which fall outside of the existing Mineral Resource envelope and with many also relatively close to the surface. Castle Managing Director, Stephen Stone, commented: “The interim assay results from 23 holes of the recently completed 52-hole, RC drilling program at the Kambale graphite project, confirm that it is evolving as a very credible and still not yet fully defined deposit. It’s an exciting time for Kambale especially given the projected increasing demand and under supply of graphite for at least the remainder of this decade.” Shares closed 7.4 per cent lower at 3 cents.
Growing multi-asset WA lithium company Global Lithium Resources Limited
(ASX:GL1) this morning announced it has signed a Non-Binding Memorandum of Understanding (MOU) with leading Korean battery manufacturer SK On Co., Ltd (SKO) to explore a range of future business opportunities. SKO is one of the fastest-growing battery manufacturers in the industry, with battery production facilities operating in countries including the US, China, Hungary and Korea. SKO supplies batteries to global automakers, including Ford Motor Company, Hyundai Motor Company and Volkswagen. SKO, an affiliate of Korea’s second-largest conglomerate SK Group, has a strong order backlog. Under the terms of the MOU, Global Lithium and SKO intend to explore future business opportunities including the potential development of downstream integrated battery grade lithium assets for an initial two-year period. Shares closed up 7 per cent to $2.30.
Evolution Energy Minerals
(ASX:EV1) today announced the execution of a binding term sheet with YXGC with regards to the downstream processing of coarse flake concentrate from the Company’s Chilalo Graphite Project which is located in southeast Tanzania. The Term Sheet envisages, subject to positive results and approvals, the establishment of a processing facility for the processing of 25,000tpa of coarse flake concentrate into high-value graphite products. The company has undertaken a preliminary review of suitable locations, with a focus on Europe and the Middle East. Phil Hoskins, Evolution’s MD, commented: “Evolution’s strategy is grounded in sustainably producing graphite products for the modern economy. YXGC is a global leader in the processing of coarse flake graphite to manufacture high-value products such as graphite foils. Combining Chilalo’s high-quality coarse flake graphite with YXGC’s experience, technology and know-how will enable Evolution to capture additional margins and maximise the value of Chilalo." Shares closed 21.7 per cent higher to 28 cents.
Raiden Resources
(ASX:RDN) announced today that it has intercepted visual massive, semi-massive, and disseminated mineralisation in multiple drill holes at its flagship Mt Sholl Project. Mr Dusko Ljubojevic, Managing Director of Raiden commented: “We are highly encouraged by these early drill intercepts. All four of the initial drill holes are intercepting visible Nickel and Copper sulphide mineralisation on the B2 deposit and in line with our modelling. The program will continue testing the remainder of the B2 deposit along the strike before we drill to confirm the mineralisation on the B1 and A1 deposits. Other than providing confirmation of historical results, the drilling will ensure we obtain rock density information, as well as, material for future metallurgical studies and resource modelling all of which will be used to advance the project.” Shares closed up 25 per cent to 1 cent.
Commodities and the dollarGold is trading at US$1645.19 an ounce.
Iron ore is 2.2 per cent lower at US$95.50 a tonne.
Iron ore futures are pointing to a rise of 0.34 per cent.
Light crude is trading $0.74 lower at US$81.41 a barrel.
One Australian dollar is buying 64.54 US cents.
