Wednesday, March 29, 2023
HomeBusinessSectors mixed as ASX edges 0.35% higher

Sectors mixed as ASX edges 0.35% higher

Financials and Materials led the pack, whilst Consumer Staples and Healthcare were today’s laggards.

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Overall, at the closing bell, the S&P/ASX 200 was 0.35 per cent higher at 7,530.10.

Oil prices have risen significantly due to growing optimism about a rebound in Chinese oil demand. This comes after Saudi Arabia, the world’s top oil exporter, raised most of its selling prices for shipments to Asia and Europe in March, marking the first increase since September.

And after months of competing bids, Warrego Energy (ASX:WGO), will be taken over by Hancock Prospecting after Strike Energy (ASX: STX) accepted their 40¢ per share offer over their own one-for-one scrip offer. Strike’s decision means Hancock, who already lured MinRes’s 19.17 per cent stake, will control 78 per cent of Warrego’s shares and is approaching the 90 per cent compulsory acquisition threshold. Strike has made $116 million from the increase in Warrego’s share price without dilution.


The Dow Jones futures are pointing to a fall of 21 points.
The S&P 500 futures are pointing to a fall of 1.25 points.
The Nasdaq futures are pointing to a rise of 6.5 points.
The SPI futures are pointing to a rise of 26 points when the market next opens.

Best and worst performers

The best-performing sector was Financials, up 0.9 per cent. The worst-performing sector was Consumer Staples, down 0.61 per cent.

The best-performing large cap was Suncorp Group (ASX:SUN), closing 4.57 per cent higher at $13.04. It was followed by shares in Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE).

The worst-performing large cap was Mercury NZ (ASX:MCY), closing 3.85 per cent lower at $5.50. It was followed by shares in Amcor (ASX:AMC) and Sonic Healthcare (ASX:SHL).

Asian news

Japan’s Nikkei has lost 0.40 per cent.
Hong Kong’s Hang Seng has gained 0.12 per cent.
China’s Shanghai Composite has gained 1.90 per cent.

Company news

Galan Lithium (ASX:GLN) has announced that it has moved to 100 per cent full ownership of the Candelas Project in the Catamarca Province, Argentina. The Candelas Project is supported by a full Preliminary Economic Assessment (PEA) and a JORC 2012 Resource and lies approximately 40 km ESE of the HMW Project. In response, Galan’s Managing Director, JP Vargas de la Vega, said: “The Candelas Project was our first project foray into Argentina and we now have final full ownership of the project. Over the journey, our focus has understandably been on Hombre Muerto West but once we complete the DFS and associated works and infrastructure projects we will move forward on Candelas.” Shares closed 12.1 per cent higher at $1.26.

Tennant Minerals (ASX:TMS) has announced that thick, and true-width copper and gold have been intersected at the potential to expand the Bluebird discovery. Tennant Minerals Chairman Matthew Driscoll commented, “Drilling is already planned to extend this remarkable new discovery, which lies under shallow cover to the east of the Tennant Creek Mineral Field and continues to grow – in all directions.” Shares closed 17.7 per cent higher at 4 cents.

Latin Resources (ASX:LRS) has announced that their Salinas Lithium Project tenure has expanded by over 367 per cent. In response, Latin Resources’ Managing Director, Chris Gale, commented, “With the recent publication of our Maiden JORC Lithium Resource, the aggressive 65,000 metres drill program planned for 2023 and feasibility studies well underway, we are extremely excited about this year for Latin Resources.” Shares closed 11.4 per cent higher at 12.3 cents.

INOVIQ (ASX:IIQ) has announced positive results for their SubB2M Breast Cancer Test. In response, CSO Dr Gregory Rice said: “These data show that INOVIQ’s SubB2M-CA15.3 test discriminates breast cancer from controls across all stages and significantly outperforms the Roche test; reducing the number of samples misdiagnosed by approximately 10 per cent.” Shares closed 6.7 per cent higher at 64 cents.

Trigg Minerals (ASX:TMG) has reported positive results from its tests on brine from the Lake Throssell Sulphate of Potash project in Western Australia. Bench-scale test work shows promise in producing high-quality feed salts quickly and efficiently using an alternative process, with the potential to improve processing reliability and reduce costs. The results indicate a more efficient and reliable way of producing Sulphate of Potash (SOP) compared to conventional evaporation, and the technology can also capture water for re-use in the processing plant. Trigg Minerals’ Managing Director says the results are encouraging and further test-work will be conducted for pilot-scale work. Shares closed unchanged at 3.8 cents.

Commodities and the dollar

Gold is trading at US$1,889.00 an ounce.
Iron ore is 1.9 per cent lower at US$121.70 a tonne.
Iron ore futures are pointing to a 0.2 per cent fall.
Light crude is trading $0.20 higher at US$77.34 a barrel.
One Australian dollar is buying 69.67 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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