ASX closes 1.36% lower to its worst day in 4 weeks

Market Reports

by Peter Milios

Australia's benchmark index had its worst one-day performance in four weeks on Thursday. This decline was attributed to rising tensions in the Middle East and an unexpected drop in the jobless rate for September, which raised concerns among investors.

At the closing bell, the S&P/ASX 200 was 1.36 per cent lower at 6,981.60.

Futures

The Dow Jones futures are pointing to a fall of 40 points.

The S&P 500 futures are pointing to a fall of 6.5 points.

The Nasdaq futures are pointing to a fall of 17.75 points.

The SPI futures are down 108 points.

Best and worst performers

All sectors are in the red. The sector with the fewest losses was Utilities, down 0.33 per cent. The worst-performing sector was Information Technology, down 1.84 per cent.

The best-performing large cap was Northern Star Resources (ASX:NST), closing 4.36 per cent higher at $11.98. It was followed by shares in Meridian Energy (ASX:MEZ) and ResMed (ASX:RMD).

The worst-performing large cap was Allkem (ASX:AKE), closing 5.45 per cent lower at $11.11. It was followed by shares in Pilbara Minerals (ASX:PLS) and Mineral Resources (ASX:MIN).

Asian markets

Japan's Nikkei has lost 1.55 per cent.

Hong Kong's Hang Seng has lost 1.97 per cent.

China's Shanghai Composite has lost 1.62 per cent.

Company news

Terrain Minerals (ASX:TMX) announced that Rare Earth Element (REE) mineralisation has been intersected across the Lort River project area. In-demand permanent magnetic metals of Neodymium (Nd) and Praseodymium (Pr) were encountered during the drill program and run as high as 43% of the Total Rare Earth Oxide grade. Shares closed flat at 0.4 cents.

Superior Resources Limited (ASX:SPQ) has commenced the Phase 2 drilling program at the Company’s flagship Greenvale Project. In response, Superior’s Managing Director, Peter Hwang commented, “We are naturally, very excited to see the rig turning again at Bottletree and we have a program that takes us to the south of last year’s line of holes to target a high priority interpreted central porphyry core.” Shares closed 5.26 cent higher at 2 cents.

Strickland Metals (ASX:STK) has confirmed large gold target at their Yandal Gold Project. In response,Chief Executive Officer, Andrew Bray, said, “ The results of both efforts suggest we have clipped the outer edge of a substantial, concealed gold deposit, which is now eminently suitable for RC and diamond drilling. An RC rig is scheduled to arrive next week and the diamond rig will arrive the following week.” Shares closed 4.71 per cent higher at 8.9 cents.

Commodities and the dollar

Gold is trading at US$1,958.90 an ounce.

Iron ore is 1.7 per cent lower at US$118.35 a tonne.

Iron ore futures are pointing to a 0.57 per cent fall.

Light crude is trading $0.14 lower at US$88.18 a barrel.

One Australian dollar is buying 63.02 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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