ASX closes 0.46% higher as commodities thrive

Market Reports

by Peter Milios

On Thursday, the ASX saw a significant increase in its performance, driven by strong rallies in companies involved in iron ore, coal, and uranium production. These gains in the commodity sectors were so substantial that they overshadowed the unexpected rebound in job market data. 

Overall, at the closing bell, the S&P/ASX 200 was 0.46% higher at 7,186.50.

Futures

The Dow Jones futures are pointing to a rise of 64 points.

The S&P 500 futures are pointing to a rise of 13.5 points.

The Nasdaq futures are pointing to a rise of 71.25 points.

The SPI futures are up 37 points.

Best and worst performers

The best-performing sector was S&P/ASX 200 Materials, up 0.96%. The worst-performing sector was S&P/ASX 200 Health Care, down -0.57%.

The best-performing large cap was Fortescue Metals Group Limited (ASX:FMG), closing 4.13% higher at $20.41. It was followed by shares in Whitehaven Coal Limited (ASX:WHC) and Incitec Pivot Limited (ASX:IPL).

The worst-performing large cap was Spark New Zealand Limited (ASX:SPK), closing -3.97% lower at $4.35. It was followed by shares in EBOS Group Limited (ASX:EBO) and ResMed Inc. (ASX:RMD).

Asian markets

Japan's Nikkei has gained 1.41%.

Hong Kong's Hang Seng has gained 0.41%.

China's Shanghai Composite has gained 0.05%.

Company news

Argent Minerals Limited (ASX:ARD) announced the completion of the second helicopter-borne rock chip reconnaissance survey over the Copperhead Project within the Gascoyne Region of Western Australia. Argent Minerals, Managing Director commented: “We are delighted to have independent confirmation of several styles of mineralisation which might be hosted within our Copperhead Project.” 

Flynn Gold Limited (ASX: FG1) has provided an update on its diamond drilling program being carried out at the Company’s 100% owned Golden Ridge Project located in NE Tasmania. Managing Director and CEO, Neil Marston commented, “We are thrilled that drilling at the Trafalgar Prospect at Golden Ridge in north-east Tasmania has delivered another high-grade gold intersection. The latest results include 4 metres at 23.7grams per tonne gold from just 23 metres downhole.“ 

American Rare Earths (ASX:ARR) has announced high grade field assay results at the exciting new Beaver Creek rare earth project in Wyoming. Donald Swartz, CEO commented “The deposit is open at depth and historic reports indicate that the rare earth mineralisation-outcrop may extend over 457 metres.”

Commodities and the dollar

Gold is trading at US$1,928.40 an ounce.

Iron ore is 0.1 per cent lower at US$122.5 a tonne.

Iron ore futures are pointing to a 0.46 per cent rise.

Light crude is trading $0.64 higher at US$89.16 a barrel.

One Australian dollar is buying 0.6439 US dollars.

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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