Iron ore is about to record its biggest daily drop in almost three months. This follows news that Chinese authorities will tighten supervision of pricing, after iron ore surged in the wake of the elimination of lockdowns.
At the closing bell, the S&P/ASX 200 was 0.82 per cent or 60.1001 points higher at 7,388.20.
FuturesThe Dow Jones futures are pointing to a rise of 39 points.
The S&P 500 futures are pointing to a rise of 4.5 points.
The Nasdaq futures are pointing to a rise of 8.25 points.
The SPI futures are pointing to a rise of 61 points when the market next opens.
Best and worst performersAll sectors closed in the black. The best-performing sector was Information Technology, up 1.81 per cent. The worst-performing sector was Utilities, up 0.09 per cent.
The best-performing large cap was New Hope Corporation
(ASX:NHC), closing 4.82 per cent higher at $6.52. It was followed by shares in Xero
(ASX:XRO) and WiseTech Global
(ASX:WTC).
The worst-performing large cap was Computershare
(ASX:CPU), closing 2.12 per cent lower at $23.59. It was followed by shares in Fortescue Metals Group
(ASX:FMG) and The a2 Milk Company
(ASX:A2M).
Asian newsSo far, Japan's Nikkei has lost 1.14 per cent, Hong Kong's Hang Seng has gained 0.35 per cent and China's Shanghai Composite has gained 0.71 per cent.
Company newseMetals
(ASX:EMT) has announced exceptionally high grade rock chips of Niobium and Tantalum at their project in WA. Although the extent of the rich materials is yet to be specifically determined, the company personnel believe it is related to iron rich material confined to structural infill zones. Shares closed 18.18 per cent higher at 1.3 cents.
Ioneer
(ASX:INR) announces that the U.S. Department of Energy Offers a conditional commitment for a Loan of Up to US$700 Million for their lithium-boron project in Nevada. James Calaway, Executive Chairman of Ioneer commented: “The Conditional Commitment highlights Rhyolite Ridge’s strategic role in strengthening America’s critical mineral supply chain in providing a secure, sustainable, and reliable domestic source of lithium for the growing electric vehicle ecosystem.” Shares closed 20.9 per cent higher at 55 cents.
White Cliff Minerals
(ASX:WCN) has identified Rare Earth Elements at its Hine Hill Project in WA. commenting on the progress, White Cliff Technical Director Ed Mead said: “Our maiden drill program at Hines Hill has been extremely successful in demonstrating the potential of the project with the discovery of shallow mineralisation.” Further geochemical sampling has also been completed, to grow the project potential. Shares closed 15.4 per cent higher at 1.5 cents.
Splitit Payments
(ASX:SPT), the only white-label service allowing customers to pay by instalments using their existing credit on their payment card at checkout, announces that Splitit and Alipay have formed a partnership to power the ‘Pay After Delivery’ option for shoppers on AliExpress, a global eCommerce marketplace owned by the Alibaba Group. The service will initially launch in Germany, France and Spain, with plans to expand into other international markets. In response, Splitit CEO Nandan Sheth says, “Our work with Alipay is a testament to the flexibility of Splitit’s platform and the strength of our new partnership with Checkout.com. Together we are providing a valuable resource for sellers and shoppers by powering payment after delivery.” Shares closed 22.2 per cent higher at 22 cents.
Emerging lithium producer Sayona Mining
(ASX:SYA) has pushed ahead towards the recommencement of production in Q1 2023 at its flagship North American Lithium (NAL) operation in Québec, Canada, with work continuing during the Christmas holiday period to ensure deadlines are met. Progress towards the concentrator restart neared nearly 90 per cent by the end of December for engineering and construction, with all critical equipment received, including the Vacuum pump and WHIMS Rectifier Reducer. Installation of the LIMS was completed, together with the third ore sorter and other key items. Sayona’s Managing Director, Brett Lynch commented: “Sayona continues to advance towards the restart of production at NAL this quarter, and I congratulate the project team for pushing through the holiday period to ensure targets are met. This is particularly noteworthy given widely publicised global supply chain issues and cost pressures, with our team working hard to mitigate any potential issues.” Shares closed unchanged at 23 cents.
Commodities and the dollarGold is trading at US$1,923.40 an ounce.
Iron ore is 2.7 per cent higher at US$127.00 a tonne.
Iron ore futures are pointing to a 3.9 per cent fall.
Light crude is trading $0.55 lower at US$79.31 a barrel.
One Australian dollar is buying 69.95 US cents.
