ASX closes 0.26% higher driven by Energy sector

Market Reports

by Peter Milios

The ASX experienced an increase in value by the end of the trading day, driven by rises in Australian energy stocks.

This was primarily due to gains in US oil and European gas prices. These gains managed to offset losses in the technology sector, leading to an overall positive outcome for the sharemarket by the time trading closed.

At the closing bell, the S&P/ASX 200 was 0.26 per cent higher at 7,357.40.


The Dow Jones futures are pointing to a rise of 147 points.

The S&P 500 futures are pointing to a rise of 19 points.

The Nasdaq futures are pointing to a rise of 68.5 points.

The SPI futures are up 22 points.

Best and worst performers

The best-performing sector was Energy, up 2.27 per cent. The worst-performing sector was Information Technology, down 1.79 per cent.

The best-performing large cap was Yancoal Australia (ASX:YAL), closing 4.84 per cent higher at $5.20. It was followed by shares in Whitehaven Coal (ASX:WHC) and Mercury NZ (ASX:MCY).

The worst-performing large cap was Xero (ASX:XRO), closing 3.72 per cent lower at $117.50. It was followed by shares in AGL Energy (ASX:AGL) and Rio Tinto Group (ASX:RIO).

Asian markets

Japan's Nikkei has gained 0.87 per cent.

Hong Kong's Hang Seng has lost 0.49 per cent.

China's Shanghai Composite has lost 1.17 per cent.

Company news

MPower Group (ASX:MPR) announced that the acquisition accounting for the purchase of the Lakeland Solar & Storage Project has been completed, resulting in a profit of $6.1 million being recognised. In response, CEO Nathan Wise, commented: “An uplift of this magnitude is a testament to the value that MPower can create in a short period of time by leveraging our technical know-how and financial expertise around clean energy projects.” Shares closed 15 per cent higher at 2.3 cents.

True North Copper (ASX:TNC) announced exceptional high-grade copper cobalt-silver mineralisation from the Company’s first drillhole. Managing Director, Marty Costello said: “With every drillhole, we are increasing our confidence and expanding the extent of the resource.” Shares closed 22.7 per cent higher at 27 cents.

Latin Resources (ASX:LRS) announced positive DMS test work undertaken on Colina Deposit ore confirms the ability to produce a high-grade, low impurity spodumene concentrate. In response, Vice President of Operations - Americas, Tony Greenaway, commented: “DMS processing is commonly used in the spodumene lithium sector and has been shown to have significant cost saving implication for both capital and operating costs.” Shares closed 0.69 per cent higher at 35.8 cents.

Commodities and the dollar

Gold is trading at US$1,949.10 an ounce.

Iron ore is flat at US$104.80 a tonne.

Iron ore futures are pointing to a 0.69 per cent rise.

Light crude is trading $0.25 higher at US$84.65 a barrel.

One Australian dollar is buying 65.48 US cents.

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