ASX extends its three-day losing streak to close 0.46% lower

Market Reports

by Peter Milios

The ASX extended its three-day losing streak, with materials and energy stocks declining, as investors awaited rate decisions from the Bank of England, Bank of Japan, and US Federal Reserve in the next 48 hours, which could significantly impact global markets.

At the closing bell, the S&P/ASX 200 was 0.46 per cent lower at 7,163.30.

Futures

The Dow Jones futures are pointing to a rise of 14 points.

The S&P 500 futures are pointing to a rise of 1.75 points.

The Nasdaq futures are pointing to a rise of 1.75 points.

The SPI futures are down -28 points.

Best and worst performers

The best-performing sector was Consumer Discretionary, up 0.39 per cent. The worst-performing sector was Energy, down 1.81 per cent.

The best-performing large cap was Cleanaway Waste Management (ASX:CWY), closing 3.29 per cent higher at $2.51. It was followed by shares in Aristocrat Leisure (ASX:ALL) and Insurance Australia Group (ASX:IAG).

The worst-performing large cap was IGO (ASX:IGO), closing 3.22 per cent lower at $12.64. It was followed by shares in Pilbara Minerals (ASX:PLS) and Xero (ASX:XRO).

Asian markets

Japan's Nikkei has lost 0.55 per cent.

Hong Kong's Hang Seng has lost 0.61 per cent.

China's Shanghai Composite has lost 0.33 per cent.

Company news

QX Resources (ASX:QXR) announced that Bayrock Resources has confirmed highly encouraging nickel-copper mineralisation, some in thick intercepts, in eight drill holes within Bayrock’s Nickel-Copper Project In Northern Sweden. QXR has a 39% holding in Bayrock Resources. In response, QXR Managing Director Steve Promnitz commented: “today’s results confirm excellent mineralisation in a new area of interest, expanding the project footprint.” Shares closed flat at 2.4 cents.

Vintage Energy (ASX:VEN) has provided an update on the performance of the Odin-1 gas well. The Company has announced an early achievement of target flow rates and that 5 day production rate confirms the well’s capability. In response, Managing Director, Neil Gibbins, commented, “With 5 days of solid production history we have the data which shows Odin-1 is a good well from which we expect to realise a significant uplift in our production and cash generation.” Shares closed 9.09 per cent higher at 3.6 cents.

Alderan Resources (ASX:AL8) announced the execution of a binding share sale agreement to acquire 100% of the issued capital in Parabolic Lithium Pty Ltd, which has the right to acquire a 100% interest in seven lithium exploration projects in the mineral resource rich state of Minas Gerais, Brazil. In response, Managing Director of Alderan, Scott Caithness, commented, “[this agreement] represents the successful culmination of project generation focused on securing high potential critical metals exploration opportunities.” Shares closed 62.5 per cent higher at 1.3 cents.

Commodities and the dollar

Gold is trading at US$1,952.10 an ounce.

Iron ore is 1.4 per cent lower at US$122.75 a tonne.

Iron ore futures are pointing to a 0.34 per cent rise.

Light crude is trading $0.84 lower at US$90.36 a barrel.

One Australian dollar is buying 64.63 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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