Wednesday, March 29, 2023
HomeBusinessAus dollar increases: ASX closes 0.53% lower

Aus dollar increases: ASX closes 0.53% lower

The Australian dollar has increased by 0.5 per cent due to improved investor sentiment and speculation about a possible interest rate cut by the Chinese central bank. The dollar was trading at US69.54c in the afternoon, although it remains below the US70.60c it was at last Friday.

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In relation to commodities, iron ore futures are experiencing their largest daily gain this month, with a 1.4 per cent increase to $123.05 per tonne in afternoon trading. The rise in prices can be attributed to a positive outlook on the steelmaking material, as well as decreasing Covid-19 deaths in China and the possibility of a cut in interest rates by the Chinese central bank.

At the closing bell, the S&P/ASX 200 was 0.53 per cent lower at 7,490.30.


The Dow Jones futures are pointing to a rise of 91 points.
The S&P 500 futures are pointing to a rise of 10 points.
The Nasdaq futures are pointing to a rise of 40.5 points.
The SPI futures are pointing to a fall of 40 points when the market next opens.

Best and worst performers

All sectors are in the red. The sector with the fewest losses was Industrials, down 0.13 per cent. The worst-performing sector was Utilities, down 2.73 per cent.

The best-performing large cap was Mercury NZ (ASX:MCY), closing 5.64 per cent higher at $5.81. It was followed by shares in IDP Education (ASX:IEL) and Cleanaway Waste Management (ASX:CWY).

The worst-performing large cap was AGL Energy (ASX:AGL), closing 10.33 per cent lower at $7.12. It was followed by shares in Whitehaven Coal (ASX:WHC) and New Hope Corporation (ASX:NHC).

Asian markets

Japan’s Nikkei has lost 0.22 per cent.
Hong Kong’s Hang Seng has gained 0.37 per cent.
China’s Shanghai Composite has lost 1.68 per cent.

Company news

Kairos Minerals (ASX:KAI) has announced that Extensional Drilling at their Mt York Gold Project has intercepted outstanding results. Kairos Managing Director, Dr Peter Turner said: “The results support our view that Mt York is a big system in a Tier-1 location with consistent mineralisation.” Shares closed 14.3 per cent higher at 2.4 cents.

Accelerate Resources (ASX:AX8) announced High Grade Manganese Drill Results from their project in WA. In response, Managing Director Yaxi Zhan commented, “These exceptional results represent only the very early stages of our efforts to delineate significant high grade resources across our 35 km long Woodie Woodie North Project with a series of extensive high grade zones already identified across the project.” Shares closed flat at 2.6 cents.

Argenica Therapeutics (ASX:AGN) has announced that their preclinical data shows ARG007 inhibits a cause of alzheimers. In response, Dr Liz Dallimore, Argenica’s Managing Director, said “It is well recognised that Abeta aggregation in the brain plays a key role in initiating Alzheimer’s Disease, and therefore a safe therapeutic drug that can reduce Abeta aggregation is a huge opportunity.” Shares closed 16.1 per cent higher at 47 cents.

IMDEX (ASX:IMD) has completed the retail component of its equity raising, raising approximately A$36 million through its retail entitlement offer. The completion of the retail component represents the final stage of IMDEX’s equity raising which was used towards acquisition consideration and costs for the company’s proposed acquisition of Devico AS. Shares closed 1.62 per cent higher at $2.51.

Commodities and the dollar

Gold is trading at US$1,891.10 an ounce.
Iron ore futures are pointing to a 2.43 per cent rise.
Light crude is trading $0.05 lower at US$78.42 a barrel.
One Australian dollar is buying 69.60 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.

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