Sunday, March 26, 2023
HomeBusinessAnother weekly loss: Aus shares close 0.68% lower

Another weekly loss: Aus shares close 0.68% lower

The ASX suffered more losses following on from lunchtime, closing 0.86 per cent lower at 7,346.80.

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However, Utilities and Consumer Staples remained strong, with big performances from Origin Energy (ASX:ORG) and Woolworths Group (ASX:WOW).


The Dow Jones futures are pointing to a fall of 92 points.
The S&P 500 futures are pointing to a fall of 17.5 points.
The Nasdaq futures are pointing to a fall of 73.5 points.
The SPI futures are pointing to a fall of 62 points when the market next opens.

Best and worst performers

The best-performing sector was Utilities, up 1.04 per cent. The worst-performing sector was Information Technology, down 2.29 per cent.

The best-performing large cap was QBE Insurance Group (ASX:QBE), closing 7.39 per cent higher at $14.39. It was followed by shares in Computershare (ASX:CPU) and Meridian Energy (ASX:MEZ).

The worst-performing large cap was Xero (ASX:XRO), closing 5.64 per cent lower at $77.76. It was followed by shares in Pilbara Minerals (ASX:PLS) and Whitehaven Coal (ASX:WHC).

Asian markets

Japan’s Nikkei has lost 0.69 per cent.
Hong Kong’s Hang Seng has lost 0.71 per cent.
China’s Shanghai Composite has lost 1.78 per cent.

Company news

Megado Minerals (ASX:MEG) has entered into a formal and binding agreement with DG Resource Management to acquire the Cyclone Lithium Project in Canada. In response, Megado Managing Director, Ben Pearson, said: ““Acquiring the Cyclone Project significantly enhances our North American footprint and is consistent with our strategy of securing highly prospective exploration projects that provide exposure to the green energy transition and global decarbonisation.” Shares closed 34.9 per cent higher at 5.8 cents.

Etherstack (ASX:ESK) has released their full year results presentation for 2022. The Company recorded a 14 per cent increase in revenue growth, 33 per cent growth in EBITDA, and a 51 per cent growth in NPAT. In response, David Deacon, Etherstack CEO noted, “Etherstack continued building its recurring revenue base, its intellectual property portfolio and an opportunity pipeline containing top-tier global communications companies.” Shares closed 5.9 per cent higher at 54 cents.

Sayona Mining (ASX:SYA) has further advanced the restart of lithium production at its flagship North American Lithium (NAL) operation in Canada, with the operation tracking on time and on budget for its March 2023 restart. In response, Sayona’s Managing Director, Brett Lynch commented: “Progress to date has been excellent, and I congratulate the project team for delivering the NAL restart on time and on budget – a remarkable achievement in the current inflationary environment and amid supply chain pressures.” In addition, 19.99 per cent shareholder in Sayona, Piedmont lithium (ASX:PLL), has signed an offtake agreement with LG Chem for a $75 million equity investment. Shares closed 2.27 per cent lower at 21.5 cents.

Commodities and the dollar

Gold is trading at US$1,835.40 an ounce.
Iron ore is 0.9 per cent higher at US$124.75 a tonne.
Iron ore futures are pointing to a 1.31 per cent rise.
Light crude is trading $0.88 lower at US$77.61 a barrel.
One Australian dollar is buying 68.44 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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