Energy lifts ASX by 0.4%

On Friday, Australian shares increased by 0.4 per cent to 6994.8, with the energy sector performing the best, rising by 1.9 per cent. Liontown Resources (ASX:LTR) and Paladin Energy (ASX:PDN) saw significant gains in their shares. On the other hand, the REITs sector was the worst performer, declining by 1.4 per cent.

Futures

The Dow Jones futures are pointing to a fall of 11 points.
The S&P 500 futures are pointing to a rise of 2.25 points.
The Nasdaq futures are pointing to a rise of 18.25 points.
The SPI futures are pointing to a rise of 31 points when the market next opens.

Best and worst performers

The best-performing sector was Energy, up 2.3 per cent. The worst-performing sector was REITs, down 1.54 per cent.

The best-performing large cap was Meridian Energy (ASX:MEZ), closing 5.1 per cent higher at $4.95. It was followed by shares in South32 (ASX:S32) and BlueScope Steel (ASX:BSL).

The worst-performing large cap was Mercury NZ (ASX:MCY), closing 5.02 per cent lower at $5.68. It was followed by shares in Cleanaway Waste Management (ASX:CWY) and Northern Star Resources (ASX:NST).

Asian markets

Japan's Nikkei has gained 1.20 per cent.
Hong Kong's Hang Seng has gained 1.76 per cent.
China's Shanghai Composite has gained 2.48 per cent.

Company news

QX Resources (ASX:QXR) has entered into a framework agreement with Bayrock Resources, an Australian unlisted public company with a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt and copper. Commenting on the strategic investment, Managing Director Stephen Promnitz stated: ““QXR’s investment in Bayrock is consistent with the Company’s stated strategy of investing in critical and battery minerals and provides our investors exposure to highly prospective Ni-Cu-Co projects.” Shares closed flat at 3 cents.

Volt Resources (ASX:VRC) announced the execution of a Binding Offtake Agreement signed with listed battery anode material producer Graphex Group Limited subsidiary, Graphex Michigan 1, for the sale of 10,000 tonnes per annum of Bunyu Graphite fine natural flake product for an initial 5-year term. In response, Graphex Group President, John DeMaio, said, “This is an important step forward in our global strategy to diversify the upstream supply of raw materials as we localise our mid-stream processing footprint.” Shares closed flat at 1 cent.

Eagle Mountain (ASX:EM2) announced that multiple high-grade zones have been intersected at their Oracle Ridge Project in Arizona, USA. Commenting on the ongoing activities, Eagle Mountain Mining’s CEO, Tim Mason, said: “These very high-grade zones demonstrate that the mineralisation at Oracle Ridge is not uniform and there are areas of spectacular grade.”Shares closed 2.9 per cent higher at 20 cents.

Commodities and the dollar

Gold is trading at US$1,933.90 an ounce.
Iron ore is 2 per cent lower at US$130.45 a tonne.
Iron ore futures are pointing to a 0.93 per cent rise.
Light crude is trading $0.63 higher at US$68.98 a barrel.
One Australian dollar is buying 67.15 US cents.