ASX rebounds from earlier losses to gain 0.06% at close

Market Reports

by Peter Milios

At the closing bell, the S&P/ASX 200 was 0.06 per cent higher at 7,351.50, on the back of a strong performance from big banks, which closed almost 1 per cent higher.

Despite the overall gain, almost all sectors have closed lower, with falls of around 1 per cent in REITs and Energy.


The Dow Jones futures are pointing to a fall of 19 points.
The S&P 500 futures are pointing to a fall of 2.75 points.
The Nasdaq futures are pointing to a fall of 3.25 points.
The SPI futures are pointing to a rise of 1 point when the market next opens.

Best and worst performers

The best-performing sector was Financials, up 0.94 per cent. The worst-performing sector was REITs, down 0.98 per cent.

The best-performing large cap was QBE Insurance Group (ASX:QBE), closing 3.68 per cent higher at $14.92. It was followed by shares in Challenger (ASX:CGF) and Bendigo and Adelaide Bank (ASX:BEN).

The worst-performing large cap was BlueScope Steel (ASX:BSL), closing 9.99 per cent lower at $17.84. It was followed by shares in The a2 Milk Company (ASX:A2M) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan's Nikkei has gained 0 per cent.
Hong Kong's Hang Seng has gained 0.59 per cent.
China's Shanghai Composite has lost 0.58 per cent.

Company news

BluGlass (ASX:BLG) has secured their first customer orders for commercial lasers from two customers. In response, BluGlass President Jim Haden said, “Our newly launched GaN lasers were incredibly well received at , reaffirming the need for a dedicated provider to address unmet market needs across several verticals.” We also spoke to Mr. Haden regarding the announcement this morning. Keep an eye out on our website for an interview with Jim Haden, it will be on the website tomorrow. Shares last traded 40.7 per cent higher at 7.6 cents.

Tempus Resources (ASX:TMR) has announced more 'Bonanza' high-grade gold from their Elizabeth gold project. In response, Tempus Resources, President and CEO, Jason Bahnsen, commented “The final drilling results provide further evidence of the extension of the high-grade gold zone associated with the No. 9 Vein to over 250 metres and the Blue Vein to over 285 metres.” Shares last traded 7.27 per cent higher at 5.9 cents.

King River Resources Ltd (ASX:KRR) announced that it has signed a binding term sheet with ASX listed resources company Tivan Limited (ASX: TVN) by which Tivan will acquire 100 per cent of King River’s Speewah Vanadium-Titanium-Iron Project. The total consideration is A$20 million, comprising the issue of 100 million Tivan shares at a deemed issue price of A$0.10 per share, and A$10 million in cash to be paid by way of three staged payments over 12 months. Shares last traded 8.33 per cent higher at 1.3 cents.

Commodities and the dollar

Gold is trading at US$1,851.10 an ounce.
Iron ore is 2 per cent higher at US$127.30 a tonne.
Iron ore futures are pointing to a 1.01 per cent rise.
Light crude is trading $0.34 higher at US$76.68 a barrel.
One Australian dollar is buying 68.91 US cents.

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