Energy and Materials only sectors left lagging: ASX closes 0.28% higher

Market Reports

by Peter Milios

In today’s events, independent commission agency ASIC has launched legal action against BPS Financial, the company behind Gold Coast-based digital currency Qoin, claiming that it made false, misleading or deceptive representations to almost 80,000 users when it informed consumers that the digital currency could be exchanged for cryptocurrency or Australian dollars on an independent exchange.

It was a grim day for commodities, as all were in the red except Nickel. Ampol (ASX:ALD) saw shares drop by 12.08 per cent, whilst JP Morgan downgraded their price target of South32 (ASX:S32). Shares closed 1.4 per cent lower.

Overall, at the closing bell, the S&P/ASX 200 was 0.28 per cent or 19.20 points higher at 6798.60.

Best and worst performers

The best-performing sector was Real Estate Investment Trusts, up 1.74 per cent. The worst-performing sector was Energy, down 1.58 per cent.

The best-performing stock in the S&P/ASX 200 was Sayona Mining (ASX:SYA), closing 10.64 per cent higher at $0.26. It was followed by shares in Credit Corp Group (ASX:CCP) and St Barbara (ASX:SBM).

The worst-performing stock in the S&P/ASX 200 was Reliance Worldwide (ASX:RWC), closing 13.37 per cent lower at $3.11. It was followed by shares in Ampol (ASX:ALD) and New Hope Corporation (ASX:NHC).


The Dow Jones futures are pointing to a fall of 7 points.
The S&P 500 futures are pointing to a fall of 1 point.
The Nasdaq futures are pointing to a fall of 2.50 points.
The SPI futures are pointing to a rise of 23 points when the market next opens.

Asian markets

Chinese stocks are swinging into positive territory following earlier declines.

The Nikkei has outperformed regional benchmarks, with Korea also picking up gains.

Bond markets are mixed, with Treasury yields turning lower and the JGB curve bear steepening.

Commodities are mixed, with crude recording mild gains and copper leading commodity market declines.

Overall, Japan's Nikkei is about to close gaining 1.13 per cent, Hong Kong's Hang Seng has so far lost 0.25 per cent and China's Shanghai Composite is currently 0.03 per cent higher.

Company news

C29 Metals (ASX:C29) announced this morning the signing of an option agreement to acquire 80 per cent of two exploration licences located within the world renowned South American lithium triangle. Projects are drill ready with previous exploration indicating highly prospective layers of lithium bearing brine potential. C29’s Executive Director Mark Major commented: “We recognise the rapid changes in the future world's metal usage caused by the evolution to move to a more sustainable electrified world. The fundamental movement for increased electrical storage and the growth in electric vehicle markets is driving unprecedented growth in the lithium market. The company believes the potential of Lithium brine extraction that is quicker to enter the market, and which operates at the lower end of the cost curve will be critical to fill the void being created with the current and future demand fundamentals.” Shares closed 93.33 per cent higher at 29 cents.

Hammer Metals (ASX:HMX) announced that its first Reverse Circulation (RC) drill-hole completed at the South Hope prospect, located ~650m south of the Carnaby Resources Limited’s (ASX:CNB) Mount Hope prospect, has intersected a broad zone of copper-bearing sulphides. Hammer’s drilling in the Mount Hope region, part of its extensive copper-gold portfolio in the Mount Isa district of NW Queensland, commenced on Saturday, 22 October 2022. In response to the news, Hammer’s Managing Director, Daniel Thomas said: “This is the first recorded drillhole at South Hope and the interim XRF analysis confirms the nature of the historical workings and provides an indication of the significant copper potential at this prospect.” Shares clsoed 6.9 per cent higher at 6 cents.

St George Mining (ASX:SGQ) announced today that drilling has commenced at its Mt Alexander Project to test below numerous widespread pegmatite dykes, which are interpreted as highly prospective for lithium mineralisation. John Prineas, St George Mining’s Executive Chairman, said: “This is an exciting milestone for St George as we commence the first-ever, lithium-focused drill programme at Mt Alexander. This initial phase of drilling will provide St George with an opportunity to potentially make a greenfields discovery within what is emerging as a significant lithium province.” Shares closed 11.76 per cent higher at 6 cents.

Chrysos Corporation (ASX:C79) provided its Quarterly Cash Report and summary of its activities for the Quarter ended 30 September 2022 (Q1 FY23) today. Chrysos Managing Director and CEO Dirk Treasure commented: “Chrysos saw strong and sustainable growth across the business including a quarterly record of 10 lease agreements signed, and a 14 per cent QoQ increase in sample volumes. Our global deployment capacity enables installations to occur across three locations simultaneously; supporting our target of 21 deployed PhotonAssay units by the end of FY23. Our balance sheet and cash position both remain strong, with cash at $82m, supporting the Company’s accelerating rollout of PhotonAssay units around the world. We continue to progress discussions with debt financiers to provide future funding capacity for further international growth into FY24.” Shares closed 1.79 per cent lower at $3.29.

Askari Metals (ASX:AS2) has announced today that it has executed a landmark deal to acquire an advanced Lithium-Tantalum-Tin project in Namibia, Africa. The company has executed a binding Heads of Agreement (HoA) signed with LexRox Exploration Services (Pty) Ltd (LexRox) to acquire a 90 per cent interest in the project. Commenting on Acquisition of the Uis Lithium-Tantalum-Tin Project, Executive Director Mr Gino D’Anna stated: “The acquisition of the Uis Lithium-Tantalum-Tin Project signifies a transformational period for the Company as we expand our exposure to the battery metals sector. To acquire a project within 2.5km from an operating mine sharing the same geology and mineralised pegmatites is remarkable.” Shares closed 2.13 per cent higher at 48 cents.

Australian medical technology company LBT Innovations (ASX:LBT) a leader in medical technology automation using artificial intelligence, announced this morning that it will be conducting a pro-rata non-renounceable entitlement offer to existing eligible shareholders. The company is seeking to raise up to approximately $3.5 million (before costs) through the offer of one new fully paid ordinary share in the capital of the company for every six shares held by eligible shareholders at an issue price of $0.065 per share, plus one free attaching option for every three new shares subscribed for. The company intends to use the proceeds of the offer to support expected sales growth and finalisation of the core offering of Analysis Modules which will extend the utility of the APAS Independence. Shares closed 16.44 per cent lower at 6 cents.

Immutep (ASX:IMM; NASDAQ:IMMP), a clinical-stage biotechnology company developing novel immunotherapies for cancer and autoimmune disease, today provides an update on the ongoing development of its product candidates, eftilagimod alpha (“efti”) and IMP761 for the quarter ended 30 September 2022 (Q1 FY23). Key highlights include: Clinical development strategy for efti to prioritise non-small cell lung cancer (NSCLC), as well as advance head & neck squamous cell cancer (HNSCC) and metastatic breast cancer (MBC). Further encouraging interim data in 2nd line NSCLC from TACTI-002 comparing favourably to standard of care chemotherapy-based options. Three abstracts accepted at the upcoming SITC Annual Meeting 2022 including first interim data from INSIGHT-003 trial and a late breaking abstract. New investigator-initiated Phase II trial in new indication soft tissue sarcoma. Board strengthened with LAG-3 pioneer, Professor Frédéric Triebel, Immutep’s CSO and CMO. Fast Track designation granted by US FDA for efti in 1st line NSCLC, post period and lastly strong cash position of $73.9 million, giving cash runway into early calendar year 2024. Shares closed 5.08 per cent lower at 28 cents.

Commodities and the dollar

Gold is trading at US$1648.96 an ounce.
Light crude is trading $0.05 higher at US$84.63 a barrel.
One Australian dollar is buying 63.24 US cents.

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