ASX up 0.87% as US labour market cools

Market Reports

by Peter Milios

Currently, the S&P/ASX 200 is 0.87 per cent higher at 7,273.10, supported by gains overseas after data showed the US labour market is cooling.

The SPI futures are pointing to a rise of 71 points.

Best and worst performers

The best-performing sector is Industrials, up 1.52 per cent. The worst-performing sector is Consumer Discretionary, down 0.65 per cent.

The best-performing large cap is Brambles (ASX:BXB), trading 5.94 per cent higher at $14.99. It is followed by shares in Fortescue Metals Group (ASX:FMG) and Fisher & Paykel Healthcare Corporation (ASX:FPH).

The worst-performing large cap is Boral (ASX:BLD), trading 5.86 per cent lower at $4.735. It is followed by shares in WiseTech Global (ASX:WTC) and IDP Education (ASX:IEL).

Company news

Arrow Minerals (ASX:AMD) secures rights to earn a 100% interest in the Simandou North Iron Project through a staged earn-in. In response, Managing Director, Hugh Bresser comments, “[This] enables us to advance our exploration activities and development plans with security and confidence.” Shares are trading 20 per cent higher at 0.3 cents.

Tamboran Resources (ASX:TBN) announced that they have intersected 90-metres of high quality Mid Velkerri B Shale in their Beetaloo Basin asset. In response, Managing Director and CEO, Joel Riddle, said: “Initial data supports our view that the deeper areas in the Beetaloo Basin contain some of the thickest and highest quality B Shale intersected to date in the Beetaloo Basin.” Shares are trading flat at 14 cents.

Dreadnought Resources (ASX:DRE) announced that RC drilling has commenced at the Mangaroon Project, in Western Australia. Drilling is expected to take 1-2 weeks to complete with assay and down hole EM results expected in October 2023. Shares are on trading halt and last traded at 4.1 cents.

Commodities and the dollar

Gold is trading at US$1964.00 an ounce.

Iron ore is 0.1 per cent higher at US$114.05 a tonne.

Iron ore futures are pointing to a 0.79 per cent rise.

One Australian dollar is buying 64.72 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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