Property sector leads ASX 0.3% lower

Market Reports

by Peter Milios

Large property players Goodman Group (ASX:GMG), Dexus (ASX:DXS), Mirvac Group (ASX:MGR) and Charter Hall (ASX:CHC) have all suffered losses in today’s session.

The index has retreated from a 10-month high as US futures slip due to strong economic data, which has led to interest rate jitters. The market awaits a speech by Fed Chair Powell on Tuesday.

Iron ore futures have fallen 2.8 per cent to a three-week low of $121.40, causing iron ore miners to trim their gains.

At the closing bell, the S&P/ASX 200 was 0.25 per cent or 18.8003 points lower at 7,539.30.


The Dow Jones futures are pointing to a fall of 85 points.
The S&P 500 futures are pointing to a fall of 15.5 points.
The Nasdaq futures are pointing to a fall of 57 points.
The SPI futures are pointing to a fall of 32 points when the market next opens.

Best and worst performers

The best-performing sector was Energy, up 0.92 per cent. The worst-performing sector was REITs, down 1.94 per cent.

The best-performing large cap was Newcrest Mining (ASX:NCM), closing 9.27 per cent higher at $24.53. It was followed by shares in Beach Energy (ASX:BPT) and Incitec Pivot (ASX:IPL).

The worst-performing large cap was Sayona Mining (ASX:SYA), closing 5.77 per cent lower at $0.245. It was followed by shares in Core Lithium (ASX:CXO) and Lake Resources NL (ASX:LKE).

Asian news

Japan's Nikkei has gained 0.78 per cent.
Hong Kong's Hang Seng has lost 2.47 per cent.
China's Shanghai Composite has lost 1.59 per cent.

Company news

Newcrest Mining (ASX:NCM) has confirmed that it received a conditional and non-binding indicative proposal from Newmont Corporation to acquire 100 per cent of the issued shares of Newcrest by way of a scheme of arrangement. Newcrest shareholders would be entitled to receive 0.380 Newmont shares for each Newcrest share held. Based on Newmont’s last trading price of $49.85 and the exchange rate, this represents an approximate premium of 22 per cent on Newcrest’s trading price of $22.45. Shares closed 9.44 per cent higher at $24.57.

Imagion Biosystems (ASX:IBX), announced that an independent blinded review by a panel of expert breast cancer radiologists has corroborated the Company’s previously reported positive findings. In response, Bob Proulx, CEO. “We now have a clear indication that our MagSense® magnetic nanoparticle technology could work with the existing medical imaging infrastructure to provide the clinical benefit to breast cancer patients we have been aiming for.” Shares closed 27.3 per cent higher at 2.8 cents.

Emyria (ASX:EMD) expands MDMA programs following a landmark TGA decision that changes down-scheduling to Schedule 8 medicines from July 1st, 2023. In response, Emyria’s Managing Director, Dr Michael Winlo said: “Emyria is well-prepared to support the safe provision of MDMA-assisted therapies under this new change as the only ASX company with a clinical service specialising in unregistered medicines and Real-World Data generation.” Shares closed 65.8 per cent higher at 31.5 cents.

Immutep (ASX:IMM) has announced that the enrollment target has been reached for INSIGHT-003 Trial of 20 patients. In response, Immutep’s CSO & CMO Dr Frederic Triebel said, “The promising initial efficacy and favourable safety results reported in November 2022 from this first triple combination approach instil more confidence in the flexibility of our novel immunotherapy, to be combined with various therapeutics and safely drive superior patient outcomes.” Shares closed 3.51 per cent lower at 27.5 cents.

Magnetite Mines (ASX:MGT) announced that it has signed a non-binding Memorandum of Understanding (MoU) with Whyalla Ports Pty, a company that is part of the GFG Alliance and managed by SIMEC Mining, a business unit within the GFG Alliance responsible for the iron ore business in the South Middleback Ranges. MGT CEO Tim Dobson said: “Our agreement to work with SIMEC Mining to investigate export services as part of an overall review of export options represents an important step in the development of the Razorback Iron Ore Project.” Shares closed 8.54 higher at 44.5 cents.

Commodities and the dollar

Gold is trading at US$1,863.40 an ounce.
Iron ore is 0.9 per cent higher at US$126.25 a tonne.
Iron ore futures are pointing to a 1 per cent fall.
Light crude is trading $0.11 higher at US$73.50 a barrel.
One Australian dollar is buying 69.38 US cents.

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