ASX closes 0.3% higher: Healthcare and iron ore stocks rise

Market Reports

by Peter Milios

Australia's sharemarket experienced mixed performance as healthcare and iron ore stocks rose while the energy sector declined due to a 3.5% drop in benchmark oil prices. The S&P/ASX 200 closed with a 0.3% gain at 7259.1 points, with iron ore miners like Fortescue Metals and Rio Tinto reaching record or two-year highs, driven by strong iron ore prices and stable copper prices, which contributed to the government's potential for another budget surplus.

Futures

The Dow Jones futures are pointing to a rise of 43 points.

The S&P 500 futures are pointing to a rise of 6.25 points.

The Nasdaq futures are pointing to a rise of 31 points.

The SPI futures are up 23 points.

Best and worst performers

The best-performing sector was Health Care, up 1.11 per cent. The worst-performing sector was Energy, down 0.79 per cent.

The best-performing large cap was Auckland International Airport (ASX:AIA), closing 2.58 per cent higher at $7.95. It was followed by shares in BlueScope Steel (ASX:BSL) and Infratil (ASX:IFT).

The worst-performing large cap was IDP Education (ASX:IEL), closing 4.37 per cent lower at $20.78. It was followed by shares in Insurance Australia Group (ASX:IAG) and Newmont Corporation (ASX:NEM).

Asian markets

Japan's Nikkei has gained 0.35 per cent.

Hong Kong's Hang Seng has lost 0.70 per cent.

China's Shanghai Composite has gained 0.70 per cent.

Company news

Patrys (ASX:PAB), a therapeutic antibody development company, announced that its Contract Manufacturing and Development Organisation (CDMO) has confirmed that a manufacturing slot for the GMP production of PAT-DX1 will be available in Q1 CY 2024. The Company is confident that the drug material from this manufacturing run will enable the Company to initiate its first-in-human clinical trial of PAT-DX1 in the second half of CY 2024. Shares closed 14.29 per cent higher at 0.8 cents.

Leeuwin Metals (ASX:LM1) announced that the assays results have returned highgrade lithium oxide at the Cross Lake Lithium Project in Canada. In response Managing Director, Christopher Piggott, commented, “We are extremely pleased with today’s results which display … confirmation of a highly fertile LCT system extending over a 4.7km strike of spodumene-bearing pegmatites.” Shares closed 8.33 per cent lower 16.5 cents. 

American West Metals (ASX:AW1, OTCQB:AWMLF) has announced an updated JORC Mineral Resource Estimate (MRE), which adds 23.8Moz of indium and 119Koz of gold at the West Desert Deposit in Utah, USA. In response, Dave O’Neill, Managing Director of American West Metals commented, “the updated MRE adds a world class indium resource to the existing large volumes of zinc, copper and silver that were defined within the maiden resource announced in February this year.” Shares closed 4.35 per cent higher at 12 cents.

Commodities and the dollar

Gold is trading at US$1,993.60 an ounce.

Iron ore is 0.9 per cent higher at US$138.05 a tonne.

Iron ore futures are pointing to a 1.8 per cent fall.

Light crude is trading $0.09 lower at US$68.52 a barrel.

One Australian dollar is buying 65.56 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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