Energy and mining stocks drive ASX down: Aus shares close 0.77% lower

Market Reports

by Peter Milios

Australian shares decreased by 0.77 per cent to 7,307.80, driven by losses in energy and mining sectors.

Viva Energy's (ASX:VEA) gas terminal project in Geelong is expected to be delayed after additional information is requested by the government.

Mesoblast's (ASX:MSB) shares soared by 14 per cent as its resubmission for a steroid-refractory treatment was accepted by the US FDA.

TPG lifted its stake to 19.98 per cent in InvoCare (ASX:IVC), increasing its chances of making a clean buyout.

Whitehaven Coal (ASX:WHC) and New Hope (ASX:NHC) also declined due to lower coal prices, while Qantas (ASX:QAN) shares increased by 2.9 per cent after an ACCC report noted some improvements in airline delays.


The Dow Jones futures are pointing to a rise of 28 points.
The S&P 500 futures are pointing to a rise of 1 point.
The Nasdaq futures are pointing to a fall of 0.25 points.
The SPI futures are pointing to a fall of 55 points when the market next opens.

Best and worst performers

The best-performing sector was Health Care, up 0.25 per cent. The worst-performing sector was Energy, down 4.24 per cent.

The best-performing large cap was Qantas Airways (ASX:QAN), closing 2.89 per cent higher at $6.77. It was followed by shares in Sonic Healthcare (ASX:SHL) and IDP Education (ASX:IEL).

The worst-performing large cap was Evolution Mining (ASX:EVN), closing 4.17 per cent lower at $2.76. It was followed by shares in Whitehaven Coal (ASX:WHC) and Woodside Energy Group (ASX:WDS).

Asian markets

Japan's Nikkei has gained 0.48 per cent.
Hong Kong's Hang Seng has lost 2.31 per cent.
China's Shanghai Composite has lost 1.25 per cent.

Company news

Lithium producer Sayona Mining (ASX:SYA) has successfully produced the first spodumene concentrate at its flagship North American Lithium operation in Québec, Canada. Approximately 70 tonnes of lithium concentrate was produced. Sayona’s Managing Director, Brett Lynch, “These are exciting times with the first saleable lithium concentrate to be produced soon, marking the next step in Sayona’s evolution towards becoming a leading hard rock lithium producer.” Shares closed 2 per cent lower at 24 cents.

Evolution Energy Minerals (ASX:EV1) has announced that they have reached a landmark agreement with the Government of Tanzania regarding their Chilalo Graphite Project. Phil Hoskins, Evolution’s Managing Director, commented: ““We have worked closely with the Tanzanian Government for an extended period of time and recognise that aligning with the Government and with the people of Tanzania is fundamental to unlocking the value of our Chilalo Project.” Shares closed 7.6 per cent lower at 28.5 cents.

Tyranna Resources (ASX:TYX) has announced outstanding metallurgy results from their Muvero Prospect in Angola. Tyranna Technical Director, Peter Spitalny, commented, “Results such as these are exemplary and demonstrate the potential of the Namibe Lithium Project to be a source of high quality spodumene concentrate and highlights the potential for Direct Shipping Ore.” Shares closed 15 per cent higher at 2.3 cents.

Commodities and the dollar

Gold is trading at US$1,815.30 an ounce.
Light crude is trading $0.09 higher at US$77.67 a barrel.
One Australian dollar is buying 65.87 US cents.

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