Gold miners performed well despite the ASX finishing 0.08% lower

At the closing bell, the S&P/ASX 200 was 0.08 per cent lower at 7,316.30, following weaker-than-expected core inflation figures for the first quarter. Mineral Resources (ASX:MIN) also contributed to losses, with a 9.7% drop in share price after cutting full-year production guidance for its core mining services division.

Despite this, major miners such as BHP (ASX:BHP) and Fortescue (ASX:FMG) recovered slightly as iron ore prices rose during the session, with BHP down 0.4% at $44 and Fortescue down 0.5% at $20.66. Kogan (ASX:KGN) saw a 7.2% surge in its share price to $3.86 after reporting positive group adjusted EBITDA for three consecutive months and announcing plans for a buyback.

However, A2 Milk's (ASX:A2M) share price fell 5.1% to $5.42 after warning that its revenue growth for FY23 is expected to be at the lower end of previous estimates. Gold miners performed well, with Gold Road Resources (ASX:GOR) gaining 4.7% to $1.88 and Evolution Mining (ASX:EVN) climbing 3.5% to $3.56, due to safe-haven flows driving up the price of gold.

Futures

The Dow Jones futures are pointing to a rise of 53 points.
The S&P 500 futures are pointing to a rise of 19.25 points.
The Nasdaq futures are pointing to a rise of 171 points.

Best and worst performers

The best-performing sector was Energy, up 0.88 per cent. The worst-performing sector was Utilities, down 1.12 per cent.

The best-performing large cap was Evolution Mining (ASX:EVN), closing 3.49 per cent higher at $3.56. It was followed by shares in Seven Group Holdings (ASX:SVW) and Ampol (ASX:ALD).

The worst-performing large cap was Mineral Resources (ASX:MIN), closing 9.67 per cent lower at $72.59. It was followed by shares in Pilbara Minerals (ASX:PLS) and IGO (ASX:IGO).

Asian markets

Japan's Nikkei has lost 0.71 per cent.
Hong Kong's Hang Seng has gained 1.18 per cent.
China's Shanghai Composite has lost 1.98 per cent.

Company news

ENRG Elements (ASX:EEL, OTCQB:EELFF) announced a 100 per cent increase in Mineral Resource at Agadez Uranium Project in Niger. In response, Managing Director, Caroline Keats, commented: “This Resource update demonstrates the exciting potential with a drilling program planned to commence in the coming months.” Shares last traded 6.25 per cent higher at 1.7 cents.

Chimeric Therapeutics (ASX:CHM) announced it has received ethics approval for Phase 1B multi site brain cancer trial approved for initiation. In response, Dr Jason Litten, Chief Medical Officer of Chimeric Therapeutics, “The two-part trial design also ensures that we are positioned to move rapidly into the dose expansion cohort upon a positive clinical assessment of the Phase 1 data at the end of 2023.” Shares last traded 5.97 per cent higher at 7.1 cents.

Marley Spoon (ASX:MMM) has announced that they have raised A$52m in equity to the Company by way of new placement shares, subject to shareholder approval, at a price representing a 17 per cent premium to the last close. In addition, the Company has also entered into a Business Combination Agreement (“BCA”) with a Frankfurt Stock Exchange-listed SPAC related to its current investor 468 Capital – in a scrip deal that implies a 45 per cent premium to where the CDIs last traded. Shares last traded 17.2 per cent higher at 17 cents.

Commodities and the dollar

Gold is trading at US$2,005.40 an ounce.
Iron ore futures are pointing to a 0.8 per cent fall.
Light crude is trading $0.59 higher at US$77.66 a barrel.
One Australian dollar is buying 66.07 US cents.