ASX closes 0.4% lower, unable to recoup losses from noon

Market Reports

by Peter Milios

The Australian sharemarket closed lower for a third consecutive session due to an earnings miss by Rio Tinto (ASX: RIO) and concerns about inflation following the Federal Reserve's FOMC meeting.

Seven of 11 sectors ended in the red, with Qantas Airways (ASX:QAN) being the biggest large-cap laggard, while Medibank Private (ASX:MPL) and Qube (ASX:QUB) performed well.

At the closing bell, the S&P/ASX 200 was 0.4 per cent lower at 7,285.40.


The Dow Jones futures are pointing to a rise of 95 points.
The S&P 500 futures are pointing to a rise of 18.5 points.
The Nasdaq futures are pointing to a rise of 105 points.
The SPI futures are pointing to a fall of 23 points when the market next opens.

Best and worst performers

The best-performing sector was Utilities, up 1.17 per cent. The worst-performing sector was Materials, down 1.56 per cent.

The best-performing large cap was Qube Holdings (ASX:QUB), closing 8.70 per cent higher at $3.25. It was followed by shares in Medibank Private (ASX:MPL) and Pilbara Minerals (ASX:PLS).

The worst-performing large cap was Qantas Airways (ASX:QAN), closing 6.8 per cent lower at $6.03. It was followed by shares in Reece (ASX:REH) and IDP Education (ASX:IEL).

Asian markets

Japan's Nikkei has lost 1.34 per cent.
Hong Kong's Hang Seng has gained 0.47 per cent.
China's Shanghai Composite has gained 0.13 per cent.

Company news

Mt Monger (ASX:MTM) announced that it will acquire an advanced carbonatite Rare Earth project in Canada from TSX listed Geomega Resources. In response, Managing Director Lachlan Reynolds commented, “This is a further strategic investment by the Company into the rare earth element sector, which we believe has very positive long-term demand outlook due to the global clean energy transition.” Shares closed 46.7 per cent higher at 11 cents.

IVE group (ASX:IGL) has announced their financial results for the six months to 31 December 2022. Revenue is up 31 per cent, EBITDA is up 17.7 per cent and NPAT is up 16.5 per cent. In response, CEO Matt Aiken stated, ““The first half result was ahead of expectations, underpinned by a strong performance across the Group.” Shares closed 2.33 per cent higher at $2.64.

Dateline Resources (ASX:DTR) has agreed with US company MW Sorter to combine Dateline's Gold Links mine and Lucky Strike processing plant with MW's stockpiles at the London and Hock Hocking mines. In response, Dateline’s Managing Director, Stephen Baghdadi, commented: “When we commenced the search for a joint venture partner for Gold Links, we sought a partner that had both financial capabilities as well as US operating experience.” Shares closed 38.5 per cent higher at 3.6 cents.

Commodities and the dollar

Gold is trading at US$1,836.00 an ounce.
Iron ore is 0.9 per cent lower at US$130.60 a tonne.
Iron ore futures are pointing to a 0.1 per cent rise.
Light crude is trading $0.30 higher at US$74.25 a barrel.
One Australian dollar is buying 68.25 US cents.

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