ASX closes 0.26% higher as Tech outperforms

Market Reports

by Peter Milios

On Wednesday, the Australian stock market experienced a slight upward movement, driven by robust advancements in the technology sector, which counterbalanced a downturn in the mining industry heavyweights.

At the closing bell, the S&P/ASX 200 was 0.26 per cent higher at 6,995.40.

Futures

The Dow Jones futures are pointing to a fall of 26 points.

The S&P 500 futures are pointing to a fall of 3.5 points.

The Nasdaq futures are pointing to a fall of 18 points.

The SPI futures are up 12 points.

Best and worst performers

The best-performing sector was Information Technology, up 1.86 per cent. The worst-performing sector was Materials, down 1.06 per cent.

The best-performing large cap was James Hardie Industries plc (ASX:JHX), closing 13.76 per cent higher at $46.97. It was followed by shares in Ramsay Health Care (ASX:RHC) and Cleanaway Waste Management (ASX:CWY).

The worst-performing large cap was Newmont Corporation (ASX:NEM), closing 4.66 per cent lower at $55.91. It was followed by shares in South32 (ASX:S32) and IGO (ASX:IGO).

Asian markets

Japan's Nikkei has lost 0.11 per cent.

Hong Kong's Hang Seng has lost 0.03 per cent.

China's Shanghai Composite has lost 0.09 per cent.

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 closed 56.25 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 closed 23.08 per cent higher at 3.2 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 closed 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 closed 6.38 per cent higher at 25 cents.

Commodities and the dollar

Gold is trading at US$1,973.60 an ounce.

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

Iron ore futures are pointing to a 0.1 per cent fall.

Light crude is trading $-0.22 lower at US$77.15 a barrel.

One Australian dollar is buying 64.35 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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