Lake Resources achieves big gains as ASX closes 0.27% higher

Market Reports

by Peter Milios

At the closing bell, the S&P/ASX 200 was 0.27 per cent higher at 7,381.50, led by gains in the financials and real estate sectors.

Lake Resources (ASX:LKE) and Transurban (ASX:TCL) saw their share prices increase after positive news, while AMA Group (ASX:AMA) and Regis Resources (ASX:RRL) experienced significant declines due to downgraded earnings guidance.

EML Payments (ASX:EML) saw a rise in their share price following the appointment of Kevin Murphy as interim CEO.


The Dow Jones futures are pointing to a rise of 65 points.
The S&P 500 futures are pointing to a rise of 8.5 points.
The Nasdaq futures are pointing to a rise of 10 points.
The SPI futures are pointing to a rise of 21 points when the market next opens.

Best and worst performers

The best-performing sector was REITs, up 1.51 per cent. The worst-performing sector was Energy, down 0.31 per cent.

The best-performing large cap was Atlas Arteria (ASX:ALX), closing 2.23 per cent higher at $6.42. It was followed by shares in James Hardie Industries plc (ASX:JHX) and Lynas Rare Earths (ASX:LYC).

The worst-performing large cap was New Hope Corporation (ASX:NHC), closing 9.48 per cent lower at $5.25. It was followed by shares in Northern Star Resources (ASX:NST) and Newcrest Mining (ASX:NCM).

Asian markets

Japan's Nikkei has gained 0.14 per cent.
Hong Kong's Hang Seng has gained 1.28 per cent.
China's Shanghai Composite has lost 0.35 per cent.

Company news

On Friday, Sayona Mining (ASX:SYA) announced an update on their Definitive Feasibility Study confirming the North American Lithium operation with an NPV of A$2.2 billion. Today, the Company announced an expansion on their measured, indicated and inferred Moblan Lithium project, representing one of North America’s single largest lithium resources. Shares closed 11.5 per cent higher at 21.8 cents.

Arovella Therapeutics (ASX:ALA) announced that their main product - ALA-101, confers significant antitumor effect and survival benefits in the aggressive leukaemia model. CEO and MD, Dr Michael Baker, commented, “The fact that we see a statistically significant lifespan extension in an aggressive leukaemia animal model provides excellent data to indicate our product's potency.” Shares closed 11.4 per cent higher at 8.8 cents.

Lake Resources (ASX:LKE) has successfully produced 2,500kg of lithium carbonate with minimal environmental impact. In response, the Company, and partner Lilac Solutions, stated “we’ve proven that it is possible to produce high-purity lithium faster and without evaporation ponds – all while protecting surrounding communities and ecosystems.” Shares closed 17.9 per cent higher at 54.3 cents.

Immutep (ASX:IMM) announces the initiation of investigator-initiated Phase II trial in sarcoma, a tumour that occurs in the bones and soft tissues. It is the first time efti will be studied in a non-metastatic cancer setting. In response, CEO Marc Voigt added “Efti’s unique potential to help safely drive superior clinical efficacy for cancer patients… is attracting increasing attention from industry and academia.” Shares closed 2.04 per cent lower at 24 cents.

Commodities and the dollar

Gold is trading at US$2,025.00 an ounce.
Light crude is trading $0.09 lower at US$82.43 a barrel.
One Australian dollar is buying 67.16 US cents.

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