ASX closes 0.07% lower ahead of Thanksgiving

Market Reports

by Peter Milios

Australia's stock markets remained stable ahead of the Thanksgiving Day holidays in the United States. Various sectors displayed a mixed performance, as gains in materials, energy, utilities, and healthcare balanced out declines in property, technology, communications, and consumer discretionary.

At the closing bell, the S&P/ASX 200 was 0.07 per cent lower at 7,073.40.

Futures

The Dow Jones futures are pointing to a rise of 30 points.

The S&P 500 futures are trading even.

The Nasdaq futures are pointing to a fall of 16.5 points.

The SPI futures are down 4 points.

Best and worst performers

The best-performing sector was Utilities, up 0.88 per cent. The worst-performing sector was REITs, down 1.43 per cent.

The best-performing large cap was Newmont Corporation (ASX:NEM), closing 2.12 per cent higher at $57.22. It was followed by shares in QBE Insurance Group (ASX:QBE) and Meridian Energy (ASX:MEZ).

The worst-performing large cap was Allkem (ASX:AKE), closing 4.41 per cent lower at $8.88. It was followed by shares in Pilbara Minerals (ASX:PLS) and IGO (ASX:IGO).

Asian markets

Japan's Nikkei has gained 0.34 per cent.

Hong Kong's Hang Seng has lost -0.10 per cent.

China's Shanghai Composite has lost -0.31 per cent.

Company news

Helix Resources (ASX:HLX) announced that a 15,000 to 25,000 metre drill campaign is taking shape as ‘essential’ to test the best of fifty copper targets being defined in the Western Group Tenements. In response, Helix’s Chair, Mike Rosenstreich commented: “We are now seeing a surge of data and ‘target-insights’ coming through and it’s becoming pretty clear that we need to focus on a major drilling program next year – likely to start late in the March quarter.” Shares closed flat at 0.4 cents. 

4DMedical (ASX:4DX) has signed agreements to deliver XV LVAS® scans at imaging facilities located in the Detroit and Memphis communities. In response, 4DMedical MD/CEO and Founder Andreas Fouras said, “I am thrilled to see imaging facilities being brought online to serve patients in the communities of Detroit and Memphis. Not all patients needing scans want to visit a hospital environment for a lung assessment, and we are pleased to grow these options in the U.S., in parallel with expanding our traditional hospital providers.” Shares closed 20.9 per cent higher at 81 cents.

Westar Resources (ASX:WSR) announced that drilling has commenced at its Olga Rocks Project located in Western Australia, to test the reinterpretation for potential pegmatite-hosted lithium and also target a prospective horizon for high grade gold mineralisation that is largely underexplored. In response, Westar Executive Director Lindsay Franker commented, “We are excited to test the reinterpretation for the discovery of lithium-bearing pegmatites in such close proximity to Zenith Mineral’s recently announced Rio lithium Mineral Resource.” Shares closed 57.89 per cent higher at 3 cents.

Commodities and the dollar

Gold is trading at US$2,020.80 an ounce.

Iron ore is 1.6 per cent higher at US$133.95 a tonne.

Iron ore futures are pointing to a 0.25 per cent rise.

Light crude is trading $0.02 higher at US$77.79 a barrel.

One Australian dollar is buying 65.47 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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