ASX closes 0.7% higher

Market Reports

by Peter Milios

On Wednesday, the Australian stock market made gradual progress towards a potential all-time high, mirroring the upward momentum seen on Wall Street. This movement was driven by investors adjusting their positions in anticipation of the US Federal Reserve initiating interest rate cuts in the coming year.

At the end of the trading day, the S&P/ASX 200 registered a 0.7% increase, equivalent to a gain of 48 points, closing at 7537.9 points. Impressively, ten out of the eleven sectors showed positive growth, and the All Ordinaries index also saw a 0.6% uptick.

Futures

The Dow Jones futures are pointing to a rise of 6 points.

The S&P 500 futures are pointing to a rise of 2.75 points.

The Nasdaq futures are pointing to a rise of 18.5 points.

The SPI futures are up 46 points.

Best and worst performers

The best-performing sector was Communication Services, up 1.12 per cent. The worst-performing sector was Information Technology, down 0.26 per cent.

The best-performing large cap was James Hardie Industries (ASX:JHX), closing 3.39 per cent higher at $54.52. It was followed by shares in Lynas Rare Earths (ASX:LYC) and IGO (ASX:IGO).

The worst-performing large cap was Mercury NZ (ASX:MCY), closing 6.23 per cent lower at $5.72. It was followed by shares in Meridian Energy (ASX:MEZ) and Orica (ASX:ORI).

Asian markets

Japan's Nikkei has gained 1.49 per cent.

Hong Kong's Hang Seng has gained 1.06 per cent.

China's Shanghai Composite has gained 0.66 per cent.

Company news

First Lithium (ASX:FL1) announced a significant discovery of lithium confirmed at the Blakala prospect in Mali. The results include 111m @ 1.57% li2o. The spodumene mineralisation is high grade, outcrops at surface, and is open at depth and along strike. Shares closed 47.5 per cent higher at 59 cents.

Environmental technology company Entyr (ASX:ETR) has signed two agreements with Trafigura. The two agreements are: one for Trafigura to offtake Entyr's tyre pyrolysis products under certain conditions, and another for Trafigura to collaborate with Entyr on technology and future projects. Shares closed 55.56 per cent higher at 1.4 cents.

Bastion Minerals (ASX:BMO) announced the execution of two agreements to acquire two highly prospective lithium, REE and gold projects in Western Australia. Commenting on the acquisitions, Bastion Minerals Executive Chairman, Mr Ross Landles, said, “To have exposure to such important commodities in such a Tier 1 mining jurisdiction only adds to the Company’s critical minerals credentials, as we continue to concentrate on our lithium and REE assets, with projects also based in Canada and Sweden respectively.” Shares closed 21.43 per cent higher at 1.7 cents.

Commodities and the dollar

Gold is trading at US$2,053.00 an ounce.

Iron ore is 0.1 per cent lower at US$133.80 a tonne.

Iron ore futures are pointing to a 1.51 per cent rise.

Light crude is trading $0.14 higher at US$73.58 a barrel.

One Australian dollar is buying 67.62 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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