The Utilities sector has finished 4 per cent lower, with the nation’s leaders putting a temporary cap on the price of coal and gas and the war in Ukraine continuing to shock the global markets.
Origin Energy
(ASX:ORG) has closed 7.88 per cent lower, whilst AGL Energy
(ASX:AGL) and Mercury NZ
(ASX:MCY) have finished 2.38 per cent and 2.46 per cent lower.
At the closing bell, the S&P/ASX 200 was 0.45 per cent or 32 points lower at 7,180.80.
FuturesThe Dow Jones futures are pointing to a fall of 19 points.
The S&P 500 futures are pointing to a fall of 4.5 points.
The Nasdaq futures are pointing to a fall of 18 points.
The SPI futures are pointing to a fall of 32 points when the market next opens.
Best and worst performersThe best-performing sector was Energy, up 1.22 per cent. The worst-performing sector was Utilities, down 4.27 per cent.
The best-performing large cap was Woodside Energy Group
(ASX:WDS), closing 2.69 per cent higher at $35.10. It was followed by shares in Macquarie Group
(ASX:MQG) and Pilbara Minerals
(ASX:PLS).
The worst-performing large cap was Origin Energy
(ASX:ORG), closing 7.82 per cent lower at $7.19. It was followed by shares in Aurizon Holdings
(ASX:AZJ) and Meridian Energy
(ASX:MEZ).
Asian newsAsian equities are mostly weaker on Monday. Hang Seng leading regional benchmarks lower, whilst mainland China, Korea, and Taiwan the other notable decliners.
So far, Japan's Nikkei has lost 0.22 per cent, Hong Kong's Hang Seng has lost 2.15 per cent and China's Shanghai Composite has lost 0.70 per cent.
Company newsEmerging lithium producer Sayona Mining
(ASX:SYA) has effectively derisked its North American Lithium operation in Québec, Canada, with the award of the final permit for NAL’s restart ahead of the planned recommencement of production in the first quarter of 2023. The completion of the permitting process follows an extensive process by Sayona Québec, with the aim of ensuring the successful restart of NAL’s lithium mine and concentrator in compliance with all necessary environmental regulations and obligations. Sayona’s Managing Director, Brett Lynch welcomed this new milestone in the recommencement of production at NAL. “Securing all the necessary permits for NAL’s restart is another important step in the derisking process, and I would like to congratulate our team in Québec for this new milestone,” he said. “With the planned expansions of our resource base both at NAL and at our northern lithium hub, Sayona is well placed to become the leading lithium producer in North America, facilitating the EV and battery revolution in North America.” Shares close 2.33 per cent higher at $0.22.
GTI Energy
(ASX:GTR) announced that four mud rotary drill rigs are now working at the Company’s ISR uranium projects in Wyoming’s Great Divide Basin. 18 of 22 drill holes encountered uranium mineralisation. Shares close 10 per cent higher at $0.011.
Galileo Mining
(ASX:GAL) announced high grade nickel sulphide from its diamond core and RC drilling program in WA. Galileo’s Managing Director Brad Underwood commented; “The nickel results from disseminated sulphides in diamond core show we are drilling a quality mineralised system capable of producing high grades of nickel, copper, and palladium.” Shares close 6.25 per cent higher at $0.935.
Emmerson Resources
(ASX:ERM) announced bonanza gold from an emerging new ore zone at its Tennant Creek project. Emmerson’s Managing Director, Rob Bills commented: “These latest assays indicate a significant expansion of the high-grade gold mineralisation to the north of the historic Golden Forty Mine.” Shares close 6.76 per cent higher at $0.079.
Highfield Resources
(ASX:HFR) announced that it has received firm commitments from institutional, sophisticated and professional investors for the placement of ordinary shares of the company at an issue price of A$0.62 per share to raise gross proceeds of $13 million. The placement was oversubscribed with strong support from new and existing shareholders, including high-quality institutional investors based domestically and offshore. Highfield Resources CEO, Ignacio Salazar, said: “We are pleased to announce the completion of the Placement which was well supported by existing and new institutional investors. We welcome all new shareholders to the Company and thank existing shareholders for their ongoing support." Shares close 10.87 per cent lower at $0.615.
Commodities and the dollarGold is trading at US$1,796.90 an ounce.
Iron ore is 1.5 per cent higher at US$112.40 a tonne.
Iron ore futures are pointing to a 0.3 per cent fall.
Light crude is trading $0.53 higher at US$71.55 a barrel.
One Australian dollar is buying 67.77 US cents.
