ASX closes 0.12% higher as Consumer Staples outperforms

Market Reports

by Peter Milios

On Tuesday, the Australian sharemarket experienced a modest increase, driven by a rally in consumer staples and real estate stocks.

At the closing bell, the S&P/ASX 200 was 0.12 per cent higher at 6,780.70.

Futures

The Dow Jones futures are pointing to a fall of -67 points.

The S&P 500 futures are pointing to a fall of -16.75 points.

The Nasdaq futures are pointing to a fall of -86.50 points.

The SPI futures are up 4 points.

Best and worst performers

The best-performing sector was REITs, up 1.05 per cent. The worst-performing sector was Materials, down 1.08 per cent.

The best-performing large cap was QBE Insurance Group (ASX:QBE), closing 3.04 per cent higher at $15.60. It was followed by shares in EBOS Group (ASX:EBO) and Qantas Airways (ASX:QAN).

The worst-performing large cap was Mineral Resources (ASX:MIN), closing 4.05 per cent lower at $57.76. It was followed by shares in Allkem (ASX:AKE) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan's Nikkei has gained 0.19 per cent.

Hong Kong's Hang Seng has lost 1.86 per cent.

China's Shanghai Composite has lost 0.32 per cent.

Company news

Chimeric Therapeutics (ASX:CHM), announced that the FDA has cleared the Investigational New Drug application of CHM 2101, Chimeric’s first in class CDH17 CAR T cell therapy for gastrointestinal cancers. Michael R. Bishop, Professor of Medicine and Director at the University of Chicago commented “I am really excited about the planned Phase 1 clinical trial of CHM 2101 and the opportunity to bring a potentially transformative new investigational agent to cancer patients who need them most,” Shares closed 19.2 per cent higher at 3.1 cents.

Power Minerals Limited (ASX:PNN) has received confirmation the first tranche of Summit Nanotech Corporation’s strategic investment of $3.125 million has been transferred to Power, in agreement to its Binding Term Sheet with Summit. The first tranche will be used for the funding and development of the Incahuasi Salar at Power’s Salta Lithium Project, in the lithium triangle of Argentina. Shares closed flat at 26 cents.

James Bay Minerals (ASX:JBY) has discovered spodumene during its maiden field exploration program at the highly prospective Aero Property, which forms part of the Company’s La Grande Project, located in the prolific James Bay district in Quebec, Canada. Senior Field Geologist Mark Fekete, commented: “The discovery of a lithium-bearing mineral at surface on the Warhawk pegmatite within the Aero Property confirms that this pegmatite contains lithium. Our focus is to now determine where the highest concentration of lithium is within the Warhawk and other pegmatites dykes on the Property.” Shares closed flat at 30 cents.

Commodities and the dollar

Gold is trading at US$2,003.00 an ounce.

Iron ore is 0.9 per cent higher at US$122.90 a tonne.

Iron ore futures are pointing to a 0.27 per cent rise.

Light crude is trading $0.44 higher at US$82.75 a barrel.

One Australian dollar is buying 63.47 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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