ASX up 0.23% at noon: Tech is best performing sector

Market Reports

by Peter Milios

The Australian sharemarket is higher at noon, influenced by mixed factors including flat performance on Wall Street and weaker-than-expected Chinese data impacting commodity prices. 

At noon, the S&P/ASX 200 is 0.23 per cent higher at 6,992.90.

The SPI futures are pointing to a rise of 11 points.

Best and worst performers

The best-performing sector is Information Technology, up 1.99 per cent. The worst-performing sector is Materials, down 1.66 per cent.

The best-performing large cap is James Hardie Industries plc (ASX:JHX), trading 12.96 per cent higher at $46.64. It is followed by shares in WiseTech Global (ASX:WTC) and Telstra Group (ASX:TLS).

The worst-performing large cap is Newmont Corporation (ASX:NEM), trading 3.79 per cent lower at $56.42. It is followed by shares in South32 (ASX:S32) and Rio Tinto Group (ASX:RIO).

Asian news

Asia-Pacific markets opened higher after most major indexes closed lower in the previous session. Investors are watching for more economic data to help give stock markets more direction.

The tepid gains arrive after South Korean stocks retreated more than 2% from their Monday rally, while U.S. markets closed out their longest winning streaks in nearly two years.

The Reuters Tankan poll showed Japanese manufacturers’ business confidence improved for the first time since August and service-sector mood rose for a second month, underscoring a challenging outlook amid a patchy economic recovery. 

Japan’s Nikkei 225 gained 0.57%, while the Topix added 0.14%.

In South Korea, the Kospi added 0.72% and the Kosdaq inched 0.30% higher at open.

Futures for Hong Kong’s Hang Seng index stood at 17,727, pointing to a marginally higher open compared to the HSI’s close of 17,670.16.

Company news

Golden State Mining (ASX:GSM) has confirmed that pegmatite Dykes has been identified at the Paynes Find lithium project. Golden State’s Managing Director, Michael Moore commented: “The Paynes Find project was pegged by GSM after a high-level targeting exercise identified it as having the right geological attributes to host lithium mineralisation. We now look forward to finalising drill target areas and undertaking drilling in early 2024.” Shares are trading 56.3 per cent higher at 2.5 cents.

New World Resources (ASX:NWC) has entered into a binding agreement whereby Trident Royalties will provide New World with $11 million in exchange for a 0.9% NSR royalty over the high-grade Antler Copper Project in Arizona, USA. In response, New World’s Managing Director, Mike Haynes, commented, “the Company is now well financed to continue to advance the Antler Copper Project towards initial production, which is targeted to coincide with a period when a substantial shortfall in global copper supply is forecast.” Shares are trading 19.2 per cent higher at 3.1 cents.

Boab Metals (ASX:BML) has intersected zinc-lead sulphide mineralisation between 242 and 257m at the at its 75% owned Sorby Hills Project located in the Kimberley Region of Western Australia. Boab Managing Director and CEO, Simon Noon, stated: “this is an outstanding success given the conceptual nature of the target and its location in an area, and at a depth where no mineralisation has been intersected before.” Shares are trading 8.7 per cent higher at 12.5 cents.

Neometals (ASX: NMT & AIM: NMT) announced the successful production of battery-grade nickel sulphate by its LIB recycling incorporated joint venture, Primobius. Primobius’ German lithium-ion battery (“LIB”) recycling demonstration trial generates battery-grade nickel sulphate exceeding Chinese cathode producer specifications from recyclingEV batteries. Shares are trading 7.45 per cent higher at 25.3 cents.

Commodities and the dollar

Gold is trading at US$1975.80 an ounce.

Iron ore is 0.8 per cent lower at US$126.10 a tonne.

Iron ore futures are pointing to a 0.5 per cent fall.

One Australian dollar is buying 64.36 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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