ASX pulls back from highest level in 10 months

Market Reports

by Peter Milios

Australian stocks pulled back from their highest levels in ten months, echoing a pause in the upward momentum seen on Wall Street. Notably, the technology and consumer discretionary sectors experienced the most significant declines.

The S&P/ASX 200 index retreated by 0.5%, or 33.8 points, to reach 7504.1, following a 0.7% increase in the preceding session. Among the 11 sectors, nine ended the day in negative territory, with utilities and industrials being the only exceptions, recording gains. The broader All Ordinaries index also ended the day with a 0.5% decline, closing at 7727.8.

Futures

The Dow Jones futures are pointing to a rise of 96 points.

The S&P 500 futures are pointing to a rise of 16.5 points.

The Nasdaq futures are pointing to a rise of 76.5 points.

The SPI futures are down 41 points.

Best and worst performers

The best-performing sector was Utilities, up 0.44 per cent. The worst-performing sector was Information Technology, down 1.41 per cent.

The best-performing large cap was Mercury NZ (ASX:MCY), closing 6.29 per cent higher at $6.08. It was followed by shares in AGL Energy (ASX:AGL) and Evolution Mining (ASX:EVN).

The worst-performing large cap was Allkem (ASX:AKE), closing 5.57 per cent lower at $9.83. It was followed by shares in GQG Partners (ASX:GQG) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan's Nikkei has lost 1.58 per cent.

Hong Kong's Hang Seng has gained 0.18 per cent.

China's Shanghai Composite has lost 1.50 per cent.

Company news

Immutep (ASX:IMM; NASDAQ:IMMP) announces constructive feedback has been received from the Paul-Ehrlich-Institut (PEI), a German regulatory authority and part of the Committee for Medicinal Products for Human Use (CHMP), regarding the planned TACTI-004 Phase III trial of efti for first line treatment of metastatic non-small cell lung cancer. The PEI acknowledged the good safety profile of efti in combination with anti-PD-1 therapy. Shares closed 1.41 per cent lower at 35 cents.

Metalicity (ASX:MCT) announced that it has executed formal agreements with Nex Metals Exploration regarding the Kookynie and Yundamindra Joint Venture and the settlement of all disputes between the parties. Commenting on the signing of the Formal Agreements, MCT Managing Director Justin Barton said, “both parties remain focused on finalising the remaining conditions of the agreement to allow both parties to move forward and focus on their own business activities into 2024.” Shares closed 33.33 per cent higher at 0.2 cents.

GWR Group (ASX:GWR) announced it has entered into a legally binding agreement for the sale of its remaining interest in the Wiluna West Iron Ore Project to Gold Valley West Wiluna Pty Ltd. GWR’s Chairman Gary Lyons said, “the decision to divest the Company’s iron ore assets was difficult to make, however, after much deliberation the board decided it was in the best interests of GWR shareholders to relinquish control of the Wiluna West iron ore assets.” Shares closed 8.43 per cent higher at 9 cents.

Commodities and the dollar

Gold is trading at US$2,049.70 an ounce.

Iron ore is 0.9 per cent higher at US$134.95 a tonne.

Iron ore futures are pointing to a 1.81 per cent rise.

Light crude is trading $0.34 lower at US$73.89 a barrel.

One Australian dollar is buying 67.51 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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