Tech and mining shares lead as ASX closes 0.25% lower

Market Reports

by Peter Milios

Technology and mining shares led the decline before the Easter break.

For the week, the benchmark index recorded a gain of 0.6 per cent, marking its second consecutive weekly increase after seven consecutive weekly declines, which had been the longest since the global financial crisis.

On the flip side, Health care and Utilities surged by 1.68 per cent and 1.23 per cent respectively.

Overall, at the closing bell, the S&P/ASX 200 was 0.25 per cent lower at 7,219.


The Dow Jones futures are pointing to a fall of 45 points.
The S&P 500 futures are pointing to a fall of 9.25 points.
The Nasdaq futures are pointing to a fall of 50.25 points.
The SPI futures are pointing to a fall of 28 points when the market next opens.

Best and worst performers

The best-performing sector was Health Care, up 1.68 per cent. The worst-performing sector was Information Technology, down 2.14 per cent.

The best-performing large cap was ASX (ASX:ASX), closing 3.20 per cent higher at $69.94. It was followed by shares in CSL (ASX:CSL) and AGL Energy (ASX:AGL).

The worst-performing large cap was Mineral Resources (ASX:MIN), closing 3.5 per cent lower at $76.16. It was followed by shares in Allkem (ASX:AKE) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan's Nikkei has lost 1.22 per cent.
Hong Kong's Hang Seng has lost 0.42 per cent.
China's Shanghai Composite has lost 1.07 per cent.

Company news

Australian based and globally integrated biopharmaceutical company, Immuron (ASX:IMC) has announced that their global Q3 year-to-date sales have increased by 239 per cent and their Australian Q3 sales have increased by 101 per cent for the 1H of FY23. This growth was attributable to increasing sales in both Passport Health Travel Clinics and distributor sales. Shares closed 14.3 per cent at 8 cents.

Following on from yesterday’s announcement, Western Mines Group (ASX:WMG) has announced aqua regia testwork confirms nickel sulphide association at their Mulga Tank Project in WA. In response, Managing Director Dr Caedmon Marriott said: “This basic comparison testwork prove that it is hosted in potentially recoverable sulphide form.” Shares closed 22.2 per cent higher at 38.5 cents.

Cooper Metals (ASX:CPM) has announced that their IP survey has upgraded the copper and gold prospectivity at their Ardmore Project in Queensland. Adding to the announcement, Managing Director, Ian Warland, commented: “The IP crew is completing two profile lines over the highest chargeability areas and a separate IP survey over a mineralised shear zone in the northern part” of the project. Shares closed 26 per cent higher at 34.5 cents.

Commodities and the dollar

Gold is trading at US$2,033.00 an ounce.
Iron ore is 0.5 per cent lower at US$120.45 a tonne.
Iron ore futures are pointing to a 0.9 per cent fall.
Light crude is trading $0.40 lower at US$80.21 a barrel.
One Australian dollar is buying 66.98 US cents.

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