Aus shares closed 1.1% lower as mining suffers big losses

Market Reports

by Peter Milios

On Monday, the S&P/ASX 200 index dropped 1.1 per cent, or 82.2 points, to 7224.8, primarily due to significant losses in the mining sector. Fortescue (ASX:FMG) saw a decrease of 7.3 per cent to $20.81 as it traded ex-dividend, Downer EDI (ASX:DOW) plunged 23.7 per cent to $3.02 after revising down its profit guidance, City Chic Collective (ASX:CCX) declined 12 per cent to 51.5¢ after reporting a first-half loss, while Woodside Energy (ASX:WDS) increased by 1.5 per cent to $35.13 after announcing a significant increase in full-year net profit.

At the closing bell, the S&P/ASX 200 was 1.12 per cent or 82 points lower at 7,224.80.


The Dow Jones futures are pointing to a rise of 10 points.
The S&P 500 futures are pointing to a rise of 4.75 points.
The Nasdaq futures are pointing to a rise of 28.75 points.
The SPI futures are pointing to a rise of 79 points when the market next opens.

Best and worst performers

The best-performing sector was Energy, up 0.25 per cent. The worst-performing sector was Materials, down 3.15 per cent.

The best-performing large cap was TPG Telecom (ASX:TPG), closing 5.93 per cent higher at $5.00. It was followed by shares in Computershare (ASX:CPU) and Amcor (ASX:AMC).

The worst-performing large cap was Pilbara Minerals (ASX:PLS), closing 7.28 per cent lower at $4.20. It was followed by shares in Mineral Resources (ASX:MIN) and Lynas Rare Earths (ASX:LYC).

Asian markets

Japan's Nikkei has lost 0.16 per cent.
Hong Kong's Hang Seng has lost 0.32 per cent.
China's Shanghai Composite has lost 1.69 per cent.

Company news

Whitebark Energy (ASX:WBE) has announced the quadrupling of oil production at their Wizard Lake project. In response, Whitebark Interim CEO, Dr Simon Brealey, commented: ““Rex-4 continues to perform increasingly well, as modelled, and as its oil cut increases and it makes a more significant contribution to overall field production we expect revenue to increase strongly.” Shares closed 50 per cent higher at 0.2 cents.

Lincoln Minerals (ASX:LML) has announced that they have locked in drilling for early March 2023, in which they signed a contract with Bullion Drilling to undertake exploration drilling on the Company’s Koppio graphite project. In response, Sam Barden CEO & MD of Lincoln Minerals commented, “This is an exciting time for Lincoln Minerals as we shake the COVID largesse of the past few years, which has greatly hampered our exploration activities.” Shares closed flat at 2.5 cents.

Walkabout Resources (ASX:WKT) has announced that it has secured a US$10 million funding commitment from Battery Metals Capital Group. CEO of Walkabout Resources, Andrew Cunningham commented, “Building confidence in the necessary financial resources to move to production is most welcome by customers, contractors and other funding providers.” Shares closed 6.7 per cent lower at 9.8 cents.

Commodities and the dollar

Gold is trading at US$1,814.70 an ounce.
Iron ore is 2.7 per cent lower at US$126.65 a tonne.
Iron ore futures are pointing to a 2.1 per cent fall.
Light crude is trading $0.19 lower at US$76.13 a barrel.
One Australian dollar is buying 67.04 US cents.

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