Pilbara Minerals (ASX:PLS) receives US funding for Pilgangoora: ASX closed 0.1% higher

Market Reports

by Rachael Jones

At the closing bell the S&P/ASX 200 index closed 6 points higher, or 0.1 per cent higher to finish at 6,773.

Futures market

Dow futures are suggesting a rise of 46 points.
S&P 500 futures are eyeing a rise of 2 points.
The Nasdaq futures are eyeing lift of 1 points.
And the ASX200 futures are eyeing a 12 point risetomorrow morning

Local economic news

Reserve Bank governor Philip Lowe says the economic recovery has been quicker and stronger than expected. The remarks were made at the Melbourne Business Analytics Conference.

Company News

Pilbara Minerals (ASX:PLS) has received a $US15 million unsecured payment from Yibin Tianyi Lithium to fund $22 million of improvement works underway on plant one at Pilbara’s Pilgangoora operation. This increased offtake is in addition to and will be incorporated in the existing five-year offtake agreement. Shares in Pilbara Minerals (ASX:PLS) closed 3.9 per cent higher at $1.08.

Shares in Tilt Renewables (ASX:TLT) surged today after receiving an almost $2.74 billion takeover bid by the renewable energy investment group Powering Australian Renewables, which includes including power company AGL Energy, and the Australian and Queensland government investment arms.

Evolution Mining (ASX:EVN) has entered into an agreement to acquire all the issued shares in Canadian gold mine developer Battle North Gold.

Fortescue Metals Group Ltd (ASX:FMG) plans to achieve carbon neutrality by 2030, ten years earlier than the previous target. Fortescue Future Industries (FFI), a wholly owned subsidiary of Fortescue, will be a key enabler of this target through the development of green electricity, green hydrogen and green ammonia projects in Australia.

Best and worst performers of the day

The best performing sector was Healthcare adding 1.1 per cent while the worst performing sector was Infotech, shedding 1.9 per cent.

The best performing stock in the S&P/ASX 200 was Magellan Financial Group (ASX:MFG), rising 4.9 per cent to close at $45.39. Shares in Clinuvel Pharmaceuticals (ASX:CUV) and Onmi Bridgeway (ASX:OBL) followed.

The worst performing stock in the S&P/ASX 200 was GWA Group (ASX:GWA), dropping 7.6 per cent to close at $2.78. Shares in Afterpay (ASX:APT) and AP Eagers Automotive (ASX:APE) followed.

Asian markets

Japan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng has added 0.7 per cent and the Shanghai Composite has lost 0.7 per cent.

Commodities and the dollar

Gold is trading at US$1,725 an ounce.
Iron ore price fell 3.1 per cent to US$165.44.
Its futures are pointing to a fall of 4.1 per cent.
Light crude is US$0.47 up at US$61.93 barrel.
One Australian dollar is buying 77.44 US cents.

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