ASX closes 0.51% higher influenced by a relief rally inspired by Wall Street

Market Reports

by Peter Milios

On Thursday, the sharemarket experienced a rebound, influenced by a relief rally inspired by Wall Street. This rally was prompted by softer US jobs data, which temporarily alleviated concerns about high interest rates.

However, the gains in the market were limited by a sharp decline in crude oil prices overnight. The Nasdaq index surged by 1.4 percent in response to US private payroll data, which fell short of expectations, showing an increase of 89,000 jobs last month compared to a gain of 180,000 in August.

At the closing bell, the S&P/ASX 200 was 0.51 per cent higher at 6,925.50.

Futures

The Dow Jones futures are pointing to a fall of 2 points.

The S&P 500 futures are pointing to a rise of 0.5 points.

The Nasdaq futures are pointing to a rise of 6.75 points.

The SPI futures are up 48 points.

Best and worst performers

The best-performing sector was REITs, up 2.15 per cent. The worst-performing sector was Energy, down 0.85 per cent.

The best-performing large cap was Northern Star Resources (ASX:NST), closing 4.72 per cent higher at $10.66. It was followed by shares in NEXTDC (ASX:NXT) and Evolution Mining (ASX:EVN).

The worst-performing large cap was IGO (ASX:IGO), closing 3.98 per cent lower at $11.57. It was followed by shares in Aristocrat Leisure (ASX:ALL) and Mineral Resources (ASX:MIN).

Asian markets

Japan's Nikkei has gained 1.75 per cent.

Hong Kong's Hang Seng has gained 0.76 per cent.

China's Shanghai Composite has gained 1.35 per cent.

Company news

Vintage Energy (ASX:VEN) announces an additional two-year gas sale under the master gas supply agreement for the Odin gas field. The joint venture parties have agreed and signed terms with Pelican Point Power for the supply of gas from 1 January 2025 to 31 December 2026. Shares closed 11.1 per cent higher at 3 cents.

Rumble Resources (ASX:RTR) has announced that high grade zinc and lead has been intersected at the Earaheedy Project. The width and tenor of mineralisation intercepted indicates that potential feeder faults exist at the Project and confirms the prospectivity of the 9km x 3km area to host high grade Zn-Pb sulphide mineralisation. Shares closed 9.52 per cent higher at 11.5 cents.

QX Resources (ASX:QXR) has signed a formal documentation to acquire a 75% Interest in the 100km2 Liberty Lithium Brine Project in the USA. In response, QXR Managing Director, Stephen Promnitz, said: “The Liberty Lithium Project is potentially a new large-scale lithium brine project - in the right location, with good infrastructure and a pathway to development.” Shares are on a trading halt and last traded at 2.3 cents.

Dimerix (ASX:DXB) and ADVANZ PHARMA have entered into an exclusive licence agreement for the UK, Switzerland, Canada, Australia, and New Zealand for the commercialisation of Dimerix’ Phase 3 drug candidate DMX-200 for the treatment of FSGS, which is a rare type of kidney disease. Dimerix will receive up to ~AU$230* million in upfront and milestone payments, plus royalties. Shares closed 162 per cent higher at 16 cents.

BluGlass Limited (ASX:BLG) has been named a member of the Commercial Leap Ahead for Wide-bandgap Semiconductors (CLAWS) Hub, one of eight Microelectronics Commons regional innovation hubs announced by the US Department of Defense. This is a part of the US$238M funding initiative in FY23 to establish these hubs, aimed at boosting America's capabilities in cutting-edge microelectronics development and production. Shares closed 40.5 per cent higher at 5.3 cents. 

Commodities and the dollar

Gold is trading at US$1,841.40 an ounce.

Iron ore is 0.1 per cent lower at US$119.70 a tonne.

Iron ore futures are pointing to a 0.88 per cent rise.

Light crude is trading $0.49 higher at US$84.71 a barrel.

One Australian dollar is buying 63.25 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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