EcoGrafs (ASX:EGR) WA facility on fast track: Aus shares close 0.7% lower

Market Reports

by Katrina Bullock

The ASX slumped in early trade and a late session recovery wasn’t enough to unwind this morning’s losses. The Aussie market closed out the day 0.7 per cent lower. At the closing bell the S&P/ASX 200 index closed 50 points lower, or 0.7 per cent lower to finish at 6,711. Over the week the S&P/ASX 200 index gained 0.6 per cent or 38 points.

Futures market

Dow futures are suggesting a fall of 61 points.
S&P 500 futures are eyeing a drop of 13 points.
The Nasdaq futures are eyeing fall of 60 points.
And the ASX200 futures are eyeing a 53 point fall on Monday morning.

Company news

The Australian Government has approved major project status for graphite company EcoGraf’s (ASX:EGR) Battery Anode Material Facility in Western Australia. The Minister for Industry, Science and Technology, the Hon. Karen Andrews MP recognised the opportunity for the facility to contribute to the growth of the critical minerals industry in Australia and its positive impact on future downstream critical minerals processing. EcoGraf’s Managing Director Andrew Spinks says ‘unprecedented investment is currently underway to establish self-sufficient and sustainable battery manufacturing supply chains to support the electric vehicle industry’. Shares in EcoGraf (ASX:EGR) closed 11.7 per cent higher at $0.67.

Green energy giant, Magnis Energy Technologies (ASX:MNS) has appointed an impressive team to lead production at its Lithium-ion Battery Plant in New York. Ex Tesla engineer Chaitanya Sharma has been appointed as CEO.

Fruit and vegetable grower, Costa Group (ASX:CGC) has inked conditional agreements to buy both the farming operations of KW Orchard citrus farm, as well as the EJT citrus packing facility.

Childcare and education provider Evolve Education Group (ASX:EVO) has penned a deal to purchase 10 childcare centres in Australia.

Think Childcare Group (ASX:TNK) has appointed Jenny Saliba as Chief Financial Officer.

Lithium-boron producer Ioneer (ASX:INR) has completed its fully underwritten institutional placement raising $80 million.

IPOs

Online food delivery business, My Food Bag Group (ASX:MFB) started trading today. It floated with an issue price of $1.85, opened at $1.65 and it closed at $1.62.

Best and worst performers of the day

The best performing sector was Energy adding 2.8 per cent while the worst performing sector was Health care, shedding 2.3 per cent.

The best performing stock in the S&P/ASX 200 was Unibail-Rodamco-Westfield (ASX:URW), rising 6.5 per cent to close at $5.05. Shares in Oil Search (ASX:OSH) and Santos (ASX:STO) followed higher.

The worst performing stock in the S&P/ASX 200 was Lynas Rare Earth (ASX:LYC),dropping 6.4 per cent to close at $6.05. Shares in Clinuvel Pharmaceuticals (ASX:CUV) and Zip Co (ASX:Z1P) followed lower.

Wall Street

Wrapped up our four trading days this week lower: The Dow Jones lost 0.03 per cent, The S&P 500 lost 1.1 per cent and the tech heavy Nasdaq shed 2.4 per cent.

Asian markets

Lower:Japan’s Nikkei is tracking 0.9 per cent lower, Hong Kong’s Hang Seng is down 0.2 per cent and the Shanghai Composite has lost 0.2 per cent.

Commodities and the dollar

Gold is trading at US$1,693 an ounce.
The Iron ore price rose 0.9 per cent to US$177.98. Its futures are pointing to a fall of 2.7 per cent.
Light crude is US$0.33 higher at US$59.54 barrel.
One Australian dollar is buying 77.06 US cents.
 

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