Gold miners push up the materials sector: ASX tracking 0.3% lower at noon

Market Reports

by Rachael Jones

The Australian sharemarket opened lower this morning. the S&P/ASX 200 Index 20 points down or 0.3 per cent lower at 6,664. Futures are pointing to a fall of 12 points. Gold miners are pushing the materials sector higher with shares in Ramelius Resources (ASX:RMS) on the up. Shares in Unibail-Rodamco-Westfield (ASX:URW) have seen a drop today.

Company news

Magnis Energy Technologies (ASX:MNS) reports that it’s partner C4V has been selected to participate in a United States Government project for the Department of Energy focused on grid stabilisation. Magnis has a 10 per cent interest in C4V. The project is to develop a two-stage solar plant control framework that will enable the coordination of multiple solar plants with generation uncertainty. C4V will provide lithium-ion battery for the project. Shares in Magnis Energy Technologies (ASX:MNS) are currently 8.1 per cent higher at $0.20.

Best and worst performers

The best-performing sector is Materials adding 1.8 per cent while the sector trailing behind is Real Estate Investment Trust losing 1.6 per cent.
The best performing stock in the S&P/ASX 200 is Ramelius Resources (ASX:RMS) rising 4.9 per cent to $1.86, followed by shares in Sandfire Resources (ASX:SFR) and Silver Lake Resources (ASX:SLR).
The worst performing stock in the S&P/ASX 200 is Atlas Arteria (ASX:ALX) dropping 3.8 per cent to $6.25, followed by shares in Unibail-Rodamco-Westfield (ASX:URW) and Virgin Money UK (ASX:VUK).

Commodities

Gold is trading at US$1,937 an ounce.
Iron ore is 1.5 per cent lower at $162.03.
Futures are suggesting a fall of 3.1 per cent.
One Australian dollar is buying 76.76US.