ASX closes 0.6% higher to snap a four-day losing streak

Market Reports

by Peter Milios

At the closing bell, the S&P/ASX 200 was 0.56 per cent higher at 7,118.20.

Shares snapped a consecutive decline over the course of four days, while the banking, real estate, and mining sectors outperformed.

The market appears to have absorbed significant selling pressure, potentially linked to the conclusion of the month, quarter, and financial year. The recent lows around 7100 provided substantial support, but the index must reclaim its 200-day moving average at 7131.


The Dow Jones futures are pointing to a rise of 89 points.
The S&P 500 futures are pointing to a rise of 13.25 points.
The Nasdaq futures are pointing to a rise of 46.25 points.

The SPI futures are up 51 points.

Best and worst performers

The best-performing sector was REITs, up 1.95 per cent. The worst-performing sector was Communication Services, down 0.65 per cent.

The best-performing large cap was Fortescue Metals Group (ASX:FMG), closing 2.86 per cent higher at $21.95. It was followed by shares in Sonic Healthcare (ASX:SHL) and Mineral Resources (ASX:MIN).

The worst-performing large cap was Medibank Private (ASX:MPL), closing 3.91 per cent lower at $3.44. It was followed by shares in TPG Telecom (ASX:TPG) and AGL Energy (ASX:AGL).

Asian markets

Japan's Nikkei has lost 0.40 per cent.
Hong Kong's Hang Seng has gained 2.02 per cent.
China's Shanghai Composite has lost 1.16 per cent.

Company news

INOVIQ (ASX:IIQ) has announced excellent results from an independent clinical validation study of the company’s SubB2M/CA15-3 test for breast cancer detection. CEO Dr Leearne Hinch said: “Our blood test detected all-stages of breast cancer with 81% sensitivity and 93% specificity, outperforming a leading CA15-3 test.” Shares closed 42 per cent higher at 71 cents.

Forrestania Resources (ASX:FRS) has announced multiple stacked pegmatites intersected in 13 of 14 holes at the company’s Calypso Prospect, up to 63m thick. In response, MD Michael Anderson commented: “Calypso is only ~4.5km from a known mineralised pegmatite, so any occurrence of pegmatite within this area is significant to Forrestania.” Shares closed 163 per cent higher at 20 cents.

Lincoln Minerals (ASX:LML) has intersected broad zones of shallow, high-grade graphite mineralisation at the company’s Koppio Graphite Resource in South Australia. LML Chair and Acting CEO, Cath Norman said, “Our forward plan includes upgrading our inventory of Mineral Resources at Koppio and additional drilling in late 2023.” Shares closed 20 per cent higher at 1.8 cents.

Tamboran Resources (ASX:TBN) has received commitments for the institutional placement component of its ~$71.4 million capital raise to accelerate development of the Beetaloo. MD and CEO, Joel Riddle, said: “[This] brings the Company one step closer to commercialisation of our acreage in the Beetaloo Basin and funds several key milestones that are expected to unlock this vast, low reservoir CO2 gas resource.” Shares closed 9.8 per cent lower at 18.5 cents.

Commodities and the dollar

Gold is trading at US$1,934.80 an ounce.
Iron ore is 2.4 per cent lower at US$109.45 a tonne.
Iron ore futures are pointing to a 3.85 per cent fall.
Light crude is trading $0.72 higher at US$70.09 a barrel.
One Australian dollar is buying 67.17 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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