ASX closes 0.18% higher ahead of Wall Streets CPI data

Market Reports

by Peter Milios

US stock market futures were down slightly before the opening bell, as investors await the release of January CPI data. S&P 500 and Dow Jones futures were both down 0.1 per cent, while Nasdaq futures were 0.2 per cent lower.

Iron ore futures rebounded from their biggest decline in four weeks, with Singapore iron ore futures rising by 1.1 per cent to $121.70 per tonne,. The weak demand for the steelmaking material in China has put pressure on prices. Commonwealth Bank commodity strategist Vivek Dhar has predicted a fall of $100 a tonne in the coming months due to a contraction in China's property construction sector.

At the closing bell, the S&P/ASX 200 was 0.18 per cent higher at 7,430.9.


The Dow Jones futures are pointing to a fall of 26 points.
The S&P 500 futures are pointing to a fall of 3.75 points.
The Nasdaq futures are pointing to a fall of 16.75 points.
The SPI futures are pointing to a rise of 7 points when the market next opens.

Best and worst performers

The best-performing sector was Information Technology, up 1.27 per cent. The worst-performing sector was Industrials, down 0.39 per cent.

The best-performing large cap was EBOS Group (ASX:EBO), closing 3.22 per cent higher at $40.67. It was followed by shares in WiseTech Global (ASX:WTC) and REA Group (ASX:REA).

The worst-performing large cap was James Hardie Industries (ASX:JHX), closing 4.25 per cent lower at $30.40. It was followed by shares in Mineral Resources (ASX:MIN) and Aurizon Holdings (ASX:AZJ).

Asian news

Japan's Nikkei has gained 0.68 per cent.
Hong Kong's Hang Seng has gained 0.05 per cent.
China's Shanghai Composite has gained 1.48 per cent.

Company news

Elementos (ASX:ELT) announced a 2023 Mineral Resource Estimate update at its Oropesa Tin Project in Spain. The 2023 MRE increased by 4 per cent to 19.6 million tonnes at 0.39 per cent Tin and contained tin increased by more than 12 per cent to 71.8 thousand tonnes. In response, Elementos Managing Director Joe David stated, “We achieved our main aim of upgrading all the Inferred Resources located within the 2022 Optimisation Study US$30,000 pit shell, to Measured and Indicated resources.” Shares closed 0.83 per cent higher at 30.5 cents.

Falcon Metals (ASX:FAL) has announced multiple high-grade gold intercepts at the Ironbark East project. In response, Falcon Metals’ Managing Director Tim Markwell said, “The results at Ironbark confirm the potential of diorite to host economic zones of mineralisation, especially with the intersection of a new zone at Ironbark Central announced earlier this month.” Shares closed 69 per cent higher at 35.5 cents.

Matsa Resources (ASX:MAT) has announced excellent preliminary lithium results at their project in Western Thailand. In response, Matsa Executive Chairman Mr Paul Poli commented, “We’ve only just started to scratch the surface here and with our discovery that makes three new discoveries in quick succession. We really don’t know at this point how big these discoveries could be.” Shares closed 10 per cent higher at 3.9 cents.

Antisense Therapeutics (ASX:ANP) has received regulatory approval from the Turkish Medicines and Medical Device Agency to conduct its phase 2b Duchenne muscular dystrophy clinical trial. In response, Professor Thomas Voit commented, “This is great news not only for the prospects of our Phase IIb trial but also for the Duchenne patients who remain in great need of effective and safe therapies.” Shares closed 4.2 per cent higher at 10 cents.

Radiopharm Theranostics (ASX:RAD), a developer of a world-class platform of radiopharmaceutical products for both diagnostic and therapeutic uses, today announced the initiation of the process to obtain a secondary listing on the Nasdaq Capital Market. "We are confident that obtaining a listing on Nasdaq will complement our loyal existing Australian shareholder base by expanding Radiopharm’s access to investors globally, and thereby driving increased shareholder value with enhanced liquidity for all shareholders," said Riccardo Canevari, CEO and Managing Director of Radiopharm Theranostics. Shares closed 7.7 per cent higher at 14 cents.

Chimeric Therapeutics (ASX:CHM), a clinical stage cell therapy company and an Australian leader in cell therapy, is pleased to announce it has received a research and development (R&D) tax refund of A$3,061,205 under the Australian Government’s R&D tax incentive. The refund is in recognition of Chimeric’s R&D activities during the 2022 financial year and will provide important funding for continued development of its portfolio of cell therapies. Shares closed flat at 7.3 cents.

Commodities and the dollar

Gold is trading at US$1,869.00 an ounce.
Iron ore is 3.4 per cent lower at US$121.85 a tonne.
Iron ore futures are pointing to a 0.5 per cent fall.
Light crude is trading $0.88 lower at US$79.26 a barrel.
One Australian dollar is buying 69.69 US cents.

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