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Materials the only sector lagging: ASX closes 0.5% higher

The ASX has rallied for a second straight day, closing 0.53 per cent or 37 points higher at 7,152.50.

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The strong performance comes after better than expected consumer confidence data out of the US, as well as strong earnings reports by FedEx and Nike. However, these stronger consumer confidence figures could lead to the US raising rates further.

Across the sectors, Utilities, Information Technology and Healthcare were the star performers.

Futures

The Dow Jones futures are pointing to a rise of 75 points.
The S&P 500 futures are pointing to a rise of 11.5 points.
The Nasdaq futures are pointing to a rise of 36.25 points.
The SPI futures are pointing to a rise of 30 points when the market next opens.

Best and worst performers

The best-performing sector was Utilities, up 1.59 per cent. The worst-performing sector was Materials, down 0.18 per cent.

The best-performing large cap was Pro Medicus (ASX:PME), closing 3.91 per cent higher at $56.40. It was followed by shares in SEEK (ASX:SEK) and Medibank Private (ASX:MPL).

The worst-performing large cap was Whitehaven Coal (ASX:WHC), closing 2.32 per cent lower at $10.53. It was followed by shares in James Hardie Industries (ASX:JHX) and Infratil (ASX:IFT)

Asian news

Japan’s Nikkei has gained 0.51 per cent.
Hong Kong’s Hang Seng has gained 2.44 per cent.
China’s Shanghai Composite has gained 1.54 per cent.

Company news

icetana (ASX:ICE) announced a new contract for services to be provided to Melbourne-based Monash University to supply icetana’s surveillance video analytics solution. The icetana solution ensures the privacy of those being surveilled with no facial recognition and automated learning algorithms for each camera view. icetana will allow real-time detection of many events of interest for the active response of the University’s security team. Monash joins a number of other higher education clients that include Swinburne, Curtin and Mount Royal Universities. icetana CEO and Managing Director Matt Macfarlane said: “The university market has always offered a particularly strong use-case for icetana’s AI software. Campus surveillance is highly varied with indoor requirements as well as wide open outdoor environments; from relatively quiet late night movement to very busy lunchtime events.” Shares closed flat at $0.031.

Chimeric Therapeutics (ASX:CHM), a clinical stage cell therapy company and an Australian leader in cell therapy, announced the successful completion of the planned dosing of the third patient cohort (n=3) in the Phase 1 dose escalation study evaluating the safety and maximum tolerated dose of Chimeric’s CHM 1101 (CLTX CAR T) cell therapy, in patients with recurrent or progressive glioblastoma (GBM). Shares closed 6.41 per cent higher at $0.083.

Jade Gas Holdings (ASX:JGH) has signed a non-binding gas offtake MOU with Xanadu Mines for commercial gas sales from Jade’s TTCBM Project. The operation is expected to have a 30-year mine life with up to 120 Mega Watts of power demand. Commenting on the news, Jade’s Managing Director and Chief Executive Officer, Chris Jamieson, said: “Jade has already established substantial gas field potential over a 45 km strike, and it is pleasing to see commercial customers in the region recognise the important role that Jade can play in providing a cleaner source of energy to deliver on ESG ambitions for sustainable operations.” Shares closed 13.33 per cent higher at $0.051.

SciDev (ASX:SDV) has secured a contract with Cleanaway to deploy a Build Own Operate water treatment plant in Queensland to treat PFAS-impacted leachate. In response, SciDev CEO Seán Halpin said, “SciDev is generating a strong portfolio of blue chip clients across our end markets, driving revenue and expanding future growth opportunities.” Shares closed 5 per cent higher at $0.315.

GTI Energy (ASX:GTR) has announced that new uranium roll fronts have been confirmed at their operations in Wyoming’s Great Divide Basin. 29 of 33 holes drilled across their three projects have encountered uranium mineralisation. Executive Director Bruce Lane commented, “drilling this year in the Great Divide has increased our total roll front trend length to 7.5 miles & represents significant progress towards our goal of delivering a maiden resource statement in 2023.” Shares closed flat at $0.011.

Commodities and the dollar

Gold is trading at US$1,828.90 an ounce.
Iron ore is 3.4 per cent higher at US$114.25 a tonne.
Iron ore futures are pointing to a 1.41 per cent rise.
Light crude is trading $0.42 higher/lower at US$78.71 a barrel.
One Australian dollar is buying 0.6757 US dollars.
 





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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