At the closing bell, the S&P/ASX 200 was 0.11 per cent lower at 7,209.30. The sectors showed mixed performance, with some experiencing small gains and others incurring losses. The communications sector led the gains, with Telstra
(ASX:TLS) recording a 0.7 per cent increase. On the other hand, the property sector underperformed, with Goodman
(ASX:GMG) down 0.6 per cent.
Qantas
(ASX:QAN) saw a 2.7 per cent rise after its investor day, while Wesfarmers
(ASX:WES) gained 0.5 per cent following its strategy day briefing. IDP Education
(ASX:IEL) rebounded by 2.3 per cent as Bell Potter upgraded its rating to Buy.
The major banks experienced declines ranging from 0.2 per cent to 1.4 per cent, with ANZ
(ASX:ANZ) being the weakest.
Paladin Energy (PDN) took a sharp dive of 20 per cent and entered a trading halt as Namibia considers acquiring minority stakes in domestic resources companies.
Meanwhile, S&P 500 futures remained up 0.3 per cent following an anticipated debt ceiling agreement expected to be passed by lawmakers before the June 5th deadline.
On Wednesday, the market will be awaiting CPI data and RBA Governor Lowe's Senate economics testimony. Additionally, on Wednesday, market participants will be keeping an eye on CPI data and RBA Governor Lowe's Senate economics testimony.
FuturesThe Dow Jones futures are pointing to a rise of 57 points.
The S&P 500 futures are pointing to a rise of 13.25 points.
The Nasdaq futures are pointing to a rise of 71.25 points.
The SPI futures are pointing to a fall of 13 points when the market next opens.
Best and worst performersThe best-performing sector was Communication Services, up 0.62 per cent. The worst-performing sector was REITs, down 0.98 per cent.
The best-performing large cap was Qantas Airways
(ASX:QAN), closing 2.65 per cent higher at $6.59. It was followed by shares in IDP Education
(ASX:IEL) and Suncorp Group
(ASX:SUN).
The worst-performing large cap was Mercury NZ
(ASX:MCY), closing 3.67 per cent lower at $5.77. It was followed by shares in Seven Group Holdings
(ASX:SVW) and EBOS Group
(ASX:EBO).
Asian marketsJapan's Nikkei has gained 0.30 per cent.
Hong Kong's Hang Seng has lost 0.08 per cent.
China's Shanghai Composite has gained 2.19 per cent.
Company newsGlobal Lithium Resources
(ASX:GL1) has completed its first stage of Ore Sorting Trials at its 100 per cent owned Manna Lithium Project in WA. Global Lithium Project Director, Tony Chamberlain commented, “the Manna Lithium Project has the distinct advantage of having great visual control between ore, which is predominantly white in colour, and surrounding waste rock which appears dark grey to black.” Global lithiums Managing Director Ron Mitchell is on this Friday's webinar, register via the Sharecafe or FNN website to hear an update from the company. Shares closed 2.33 per cent higher at $1.43.
Australian Vanadium
(ASX:AVL) has been awarded a $49 Million government grant. CEO, Graham Arvidson comments, “The Grant will be of great benefit to AVL as we seek to optimise and finalise our financing and offtake arrangements.” Shares closed 11.4 per cent higher at 3.9 cents.
Vital Metals
(ASX:VML) intersects up to 2.8 per cent TREO in drilling at its Tardiff deposit in Canada. Chief Operating Officer Eben Visser said: “We are working towards a better understanding of the geology at Tardiff and increasing confidence in our Inferred components.” Shares closed 11.11 per cent higher at 1 cent.
DroneShield
(ASX:DRO) has undertaken a significant production and operations ramp up. The company has $67 million across its counterdrone products under production, due for completion in stages across the 2023 calendar year. Shares closed 1.89 per cent higher at 27 cents.
Commodities and the dollarGold is trading at US$1,950.30 an ounce.
Iron ore is 2 per cent higher at US$104.45 a tonne.
Iron ore futures are flat.
Light crude is trading $0.37 lower at US$72.29 a barrel.
One Australian dollar is buying 65.14 US cents.
