Wednesday, December 7, 2022
HomeBusinessASX finishes 0.14% higher after a choppy day of trading

ASX finishes 0.14% higher after a choppy day of trading

Sectors were mixed today, with Information Technology and Materials leading the day, whilst, on the opposite end, Energy and Consumer Staples were the day’s worst performers.

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Information Technology received a boost from large cap WiseTech Global (ASX:WTC) and Altium (ASX:ALU), increasing by 3.23 per cent and 2.29 per cent respectively.

The price of Singapore iron futures have risen on the back of China’s decision to allow banks to reduce capital reserves to increase the support for the economy. The Fed’s expectation to slow down interest rate hikes has also boostered the price of iron ore.

As such, Rio Tinto (ASX:RIO), BHP and Fortescue (ASX:FMG) have all finished higher.

At the closing bell, the S&P/ASX 200 was 0.14 per cent or 10 points higher at 7241.80.

Futures

The Dow Jones futures are pointing to a rise of 38 points.
The S&P 500 futures are pointing to a rise of 7.25 points.
The Nasdaq futures are pointing to a rise of 26.25 points.
The SPI futures are pointing to a rise of 3 points when the market next opens.

Asian news

Asian equities have been advancing today. Property developers leading in Hong Kong as mainland China trades flat. Nikkei outperforming with Korea and Taiwan the other notable gainers.

Overall, Japan’s Nikkei is up 1.10 per cent, Hong Kong’s Hang Seng is 0.43 per cent higher, whilst China’s Shanghai Composite is down 0.22 per cent.

Company news

Emerging lithium producer Sayona Mining (ASX:SYA; OTCQB:SYAXF) has further progressed the restart of production at its North American Lithium (NAL) operation in Québec, Canada, with procurement and permitting nearing completion. The NAL operation is on track for recommencement of production in Q1 2023, with procurement 98 per cent completed and permitting 96 per cent finalised as of the end of October 2022. Shares closed 2.33 per cent higher at $0.22.

Global semiconductor developer BluGlass (ASX:BLG) has entered into a collaboration agreement with Ganvix, Inc to develop cutting-edge gallium nitride (GaN) vertical cavity surface emitting lasers (VCSELs) for green wavelengths (515 nm-525 nm). Ganvix is a leading developer of nanoporous GaN VCSELs, a type of laser diode. Surface emitting lasers (VCSELs) require distributed Bragg mirrors (DBR) to enable their unique properties, and while highly successful in other materials, have been prohibitively difficult to fabricate in GaN. Jim Haden, BluGlass President, said, “The advantages of BluGlass’ low temperature RPCVD technology provides significant commercial benefits for longer-wavelength lasers, including green. Our unique low temperature, low hydrogen growth technology enables brighter, higher performing green quantum-wells – the key light emitting region in lasers.” Shares closed 3.33 per cent higher at $0.2031.

Accelerate Resources (ASX:AX8) has announced that the maiden sampling work at its East Pilbara Lithium Project has confirmed the presence of significant outcrops of pegmatites with the potential for lithium mineralisation. The results from the current program will be used to prioritise the targets for follow-up mapping and sampling in early 2023, and to progress to the drilling stage. Shares closed 13.79 per cent higher at $0.033.

Auroch Minerals (ASX:AOU) has announced the discovery of high grade lithium mineralisation at their Nepean Nickel Project in Western Australia. Follow up work consisting of mapping, rock chip sampling and drill-hole is planning to commence immediately. In response, Auroch Exploration Manager Robin Cox commented, “We can see the significant potential for high grade LCT pegmatites at Nepean North and are excited to commence the next phase of exploration.” Shares closed 21.15 per cent higher at $0.063.

Australian manganese explorer, Black Canyon (ASX:BCA), has announced that their Flanagan Bore Mineral Resource Estimate has increased by 64 per cent. The updated measures adds 67 Mt of resource with an additional 7 Mt of contained manganese. Black Canyon Executive Director, Brendan Cummins, said, “this higher grade zone provides a solid platform for early mining years, maximising potential cashflow during the start-up phases of a mining operation.” Shares closed 4.17 per cent higher at $0.25.

Commodities and the dollar

Gold is trading at US$1755.49 an ounce.
Iron ore is 1.1 per cent higher at US$95.20 a tonne.
Iron ore futures are pointing to a rise of 1.52 per cent.
Light crude is trading $0.22 lower at US$77.72 a barrel.
One Australian dollar is buying 67.60 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.


Image & Story Credit: finnewsnetwork.com.au

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