Resources stocks weigh, BNPL stocks catch a bid on tech surge: ASX down 0.2% at noon

Market Reports

by Melissa Darmawan

The Australian sharemarket has been choppy this morning, trading as low as 0.5 per cent before rebounding to a gain of 0.2 per cent to then fall again. Information technology shares are leading the gains while resources stocks are lagging, weighed by weak commodity prices due to fears of a global demand slowdown.

At noon, the S&P/ASX 200 is 0.2 per cent or 15 points lower at 6,614. The SPI futures are pointing to a fall of 20 points.

Information technology sector has added 3.8 per cent, consumer discretionary, healthcare, property, communication services, and consumer staples have risen up to 1.7 per cent each, financials are up 0.7 per cent and industrials have added 0.3 per cent. Energy stocks are down 3.7 per cent, materials have lost 2.5 per cent and utilities are down 1.5 per cent.

The best-performing stock in the ASX 200 is Zip Co (ASX:ZIP), trading 14.7 per cent higher at 58 cents while the worst-performing stock in the ASX 200 is St Barbara (ASX:SBM), trading 7.3 per cent lower at 83 cents.

Buy-now pay-later stocks have jumped, Square (ASX:SQ2) has added 5.1 per cent to $99.13, Sezzle (ASX:SZL) surged 36 per cent to 53 cents, Laybuy (ASX:LBY) gained 16.7 per cent to 4.9 cents and Ioupay (ASX:IOU) is trading 19.7 per cent higher to 7.9 cents.

National Australia Bank (ASX:NAB) and Macquarie Group (ASX:MQG) have added 1.5 per cent each while Commonwealth Bank (ASX:CBA) is up, 0.3 per cent to $91.53.

Meanwhile, gold, energy and iron ore miners are down. Newcrest Mining (ASX:NCM), Evolution Mining (ASX:EVN), Beach Petroleum (ASX:BPT), Woodside Energy (ASX:WDS) are down 4 to 6 per cent and iron ore miners, Rio Tinto (ASX:RIO), BHP Group (ASX:BHP) and Fortescue Metals (ASX:FMG) are down 3 to almost 4 per cent.

Company news

Immutep (ASX:IMM) has granted a Japanese patent for its IMP761, an immunosuppressive agonist antibody targeting LAG-3 for autoimmune diseases. Shares are trading 1.6 per cent higher to 32 cents.

Victorian gold explorer North Stawell Minerals (ASX:NSM) has provided an update on its exploration programs. The aircore rig has continued the regional, first pass drill program, targeting mineralisation beneath shallow cover that has potential to be structural repeats of the multi-million ounce gold deposit at Stawell. Shares are flat at 14 cents.

Strike Energy (ASX:STX) has provided an update on the Walyering Gas Field after mobilisation of all equipment to the W6 well site had now concluded with rig up and swabbing operations also completed. Shares are trading flat at 26 cents. 

Zenith Minerals (ASX:ZNC) has advised that lithium bearing pegmatites have been intersected at the Waratah Well project in Western Australia. Shares are trading 1.9 per cent higher to 26.5 cents.

Paradigm Biopharmaceuticals (ASX:PAR) has activated the first trial site in the UK, for the Para_OA_002 phase 3 clinical trial evaluating knee osteoarthritis. Shares are trading 1 per cent higher to $1.06.

ResApp Health (ASX:RAP) has announced that its SleepCheckRx has received clearance from the US Food and Drug Administration, which enables ResApp to commercially market the test in the US. Shares are trading 2.2 per cent lower to 13.2 cents.

Incitec Pivot (ASX:IPL) has appointed Chris Opperman as chief financial officer for the fertilisers business. Shares are trading 0.8 per cent lower to $3.26.

Residential construction business Sunland Group (ASX:SDG) is on track to achieve its FY22 profit guidance of between $92 million and $98 million. Shares are trading 6.3 per cent higher to $2.89.

Insurance Australia Group (ASX:IAG) has finalised its aggregate reinsurance cover for the 2023 financial year, while the structure of IAG’s main catastrophe reinsurance program for 2022 remains unchanged. Shares are trading 1.3 per cent higher to $4.32.

SportsHero (ASX:SHO) has entered a marketing and sponsorship agreement with PT Top Skor Indonesia, who are the owners and operators of youth football leagues throughout Indonesia. Shares are trading 4.2 per cent lower to 2.3 cents.

Battery materials company Talga Group (ASX:TLG) has reported the first drilling results from its Vittangi graphite project in Sweden. Shares are trading 5 per cent higher to $1.15.

Anson Resources (ASX:ASN) has announced its plans to fast track its JORC resource upgrade at the US paradox lithium project via test work on the newly discovered diamond core from the project area. Shares are trading 4.8 per cent higher to 11 cents.

Renascor Resources (ASX:RNU) has reported on the recent drilling at its Siviour Graphite Deposit in South Australia, confirming intersections within the project area are amongst the thickest and highest grade graphite to date. Shares are trading 9.7 per cent higher to 17 cents.  

Commodities and the dollar

Gold is trading at US$1,771.09 an ounce.
Iron ore is 4.0 per cent higher at US$114.30 a ton.
Iron ore futures are pointing to a rise of 1 per cent.
One Australian dollar is buying 68.06 US cents.

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