Financials not enough to keep ASX in the green: Aus shares close 0.07% lower

Market Reports

by Peter Milios

It was a tumultuous day of trading. There was a peak of near 1 per cent high at lunchtime. However, pessimism surrounded the upcoming US CPI data. At the closing bell, the ASX finished 0.07 per cent or 4.90 points lower at 6642.60.

Financials, including NAB (ASX:NAB) and ANZ (ASX:ANZ), as well as Qantas (ASX:QAN), was the stars of the day, helping to ease ASX’s total losses to less than a per cent.


The Dow Jones futures are pointing to a rise of 21 points.
The S&P 500 futures are pointing to a rise of 3 points.
The Nasdaq futures are flat.
The SPI futures are pointing to a fall of 8 points when the market next opens.

Best and worst performers

The best-performing sector was Financials, up 1.39 per cent. The worst-performing sector was Real Estate Investment Trusts, down 1.87 per cent.

The best-performing stock in the S&P/ASX 200 was Qantas Airways (ASX:QAN), closing 8.70 per cent higher at $5.62. It was followed by shares in Kelsian Group (ASX:KLS) and St Barbara (ASX:SBM).

The worst-performing stock in the S&P/ASX 200 was NIB Holdings (ASX:NHF), closing 11.98 per cent lower at $6.61. It was followed by shares in GrainCorp (ASX:GNC) and Allkem (ASX:AKE).

Asian markets

Nearing close, Japan's Nikkei has lost 0.47 per cent, Hong Kong's Hang Seng has lost 1.11 per cent and China's Shanghai Composite has gained 0.09 per cent.

Company news

North Stawell Minerals (ASX:NSM) have today announced the first of the follow up (Phase 2) air core drilling programs and has confirmed higher grade gold within the broad, gold-anomalous halo identified in previous, regional, AC programs. NSM’s first Phase 2 drilling (infill) has successfully upgraded a broad, low-grade gold anomaly identified beneath cover into a significant gold intercept for further appraisal. In response, North Stawell Minerals Chief Executive Russell Krause said, “The success highlights the efficacy of NSM’s exploration strategy which we continue to deploy with confidence upon other targets within our tenement package. Drilling recommences in November 2022”.

Voltaic Strategic Resources (ASX:VSR) provided an update this morning on its Gascoyne REE and Battery Metals Project located in WA. An ongoing review of historical data within the Company’s ‘Paddys Well’ has confirmed multiple REE occurrences within both historical drill core and surface rockchips. Voltaic’s CEO, Michael Walshe, commented, “The historical drill results are extremely encouraging for the REE prospectivity of the region. We have observed elevated REE values over several significant widths. Moreover, the mineralisation appears to have a high proportion of the in-demand ‘magnet’ REEs, which is encouraging for potential economic extraction in the future."

Carnaby Resources (ASX:CNB) announced this morning further exceptional drilling results from the Mount Hope Prospect in Mt Isa, Queensland. The Company’s Managing Director, Rob Watkins commented “The outstanding result of copper is the widest and highest grade drill result yet recorded throughout the Greater Duchess Project, even surpassing the original discovery hole. These exceptional drill results from Mount Hope are pointing towards a very material and growing discovery. With numerous IP anomalies, structural targets and obvious direct extension drill targets to the results announced today, we look forward with great anticipation to the unfolding discovery at Mount Hope”.

Valor Resources (ASX:VAL) announced exceptional Uranium and Copper rock chip results at Surprise Creek. The findings found up to 6.13 per cent uranium and 61.7 per cent copper. In response, Valor Executive Chairman stated, “We are seeing two potential target types emerge - one primarily for uranium with associated copper in the northern part of the project and another in the south and central part of the project comprising just copper”.

INOVIQ (ASX:IIQ) announced that it has signed a contract research agreement with Nicoya Lifesciences Inc to transfer, develop and evaluate a prototype SubB2M-based test on the next-generation Alto digital SPR instrument. In response, Nicoya CEO and Founder Ryan Denomme stated, “while Alto is a critical tool in drug development with its unprecedented sample throughout and automation capabilities, it’s also broadly applicable in many other impactful areas of disease research that align with our mission to improve human life.”

Commodities and the dollar

Gold is trading at US$1670.56 an ounce.
Iron ore is 0.6 per cent lower at US$96.50 a tonne.
Iron ore futures are pointing to a fall of 1.2 per cent.
Light crude is trading $0.01 higher at US$86.07 a barrel.
One Australian dollar is buying 62.80 US cents.

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