ASX closes 0.1% lower: nine out of eleven sectors saw losses

Market Reports

by Peter Milios

The Australian stock market didn't react significantly to a 5.2 percent increase in inflation because it was in line with expectations. The S&P/ASX 200 index closed down slightly by 0.1 percent at 7030.3 points, with nine out of eleven industry sectors seeing losses. The All Ordinaries also fell by 8.4 points to 7299.9.

Futures

The Dow Jones futures are pointing to a rise of 89 points.

The S&P 500 futures are pointing to a rise of 14.50 points.

The Nasdaq futures are pointing to a rise of 44.25 points.

Best and worst performers

The best-performing sector was REITs, up 0.38 per cent. The worst-performing sector was Information Technology, down 0.96 per cent.

The best-performing large cap was ResMed (ASX:RMD), closing 4.79 per cent higher at $22.99. It was followed by shares in Auckland International Airport (ASX:AIA) and Fortescue Metals Group (ASX:FMG).

The worst-performing large cap was Evolution Mining (ASX:EVN), closing 3.48 per cent lower at $3.33. It was followed by shares in Insurance Australia Group (ASX:IAG) and Northern Star Resources (ASX:NST).

Asian markets

Japan's Nikkei has gained -0.09 per cent.

Hong Kong's Hang Seng has gained 0.56 per cent.

China's Shanghai Composite has gained -0.30 per cent.

Company news

Tamboran Resources (ASX:TBN) has increased the Beetaloo Basin 2C gas resources to 2.0 trillion cubic feet. The EP 136 unrisked 1C contingent gas resources increased to 116 billion cubic feet (BCF) and the unrisked 2C contingent gas resources increase to 406 BCF. Shares closed 11.54 per cent higher at 14.5 cents.

NOVONIX (ASX:NVX) has received up to US2.2 million from the Government of Canada used for the Company’s all-dry, zerowaste cathode materials development and pilot line; and a new technology to predict the lifespan of lithium-ion batteries. In response, NOVONIX CEO, Dr. Chris Burns stated, “We expect (government support) to grow, underscoring the increasing need for NOVONIX’s materials technologies and advanced battery testing expertise that support cleaner high-performance materials.” Shares closed 2.5 per cent higher at 82 cents.

ABx Group (ASX:ABX) announced that it has been granted two significant exploration licences covering the southwards extensions of the Portrush REE discovery near Launceston in northern Tasmania. In response, ABx Group Managing Director and CEO Mark Cooksey said: “These two large exploration licences significantly increase our rare earths exploration footprint in Tasmania to almost 600 km2, and I look forward to getting on the ground and kicking off our exploration program to locate more ionic adsorption clay rare earth deposits.” Shares closed 6.25 per cent lower at 8.5 cents.

Commodities and the dollar

Gold is trading at US$1,914.70 an ounce.

Iron ore is 1.2 per cent lower at US$117.40 a tonne.

Iron ore futures are pointing to a 0.83 per cent rise.

Light crude is trading $0.97 higher at US$91.36 a barrel.

One Australian dollar is buying 63.77 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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