Sunday, March 26, 2023
HomeBusinessSectors mostly lower as ASX is down 0.08% at noon

Sectors mostly lower as ASX is down 0.08% at noon

Most sectors are lower, however, gains from Energy and Materials help contain big losses.

- Advertisement -

Overall, at noon, the S&P/ASX 200 is 0.08 per cent lower at 6,960.20.

In company related news, battery manufacturer Magnis Energy (ASX:MNS) has been offered $25 million in funding from SBC Global Investment Fund, with the potential for another $25 million. The funding is expected to strengthen the company’s balance sheet and accelerate the development of its vertically integrated AAM business.

The SPI futures are pointing to a rise of 7 points.

Best and worst performers

The best-performing sector is Energy, up 1.13 per cent. The worst-performing sector is REITs, down 1.97 per cent.

The best-performing large cap is Yancoal Australia (ASX:YAL), trading 2.91 per cent higher at $5.65. It is followed by shares in Worley (ASX:WOR) and Computershare (ASX:CPU).

The worst-performing large cap is Mercury NZ (ASX:MCY), trading 2.84 per cent lower at $5.81. It is followed by shares in Newcrest Mining (ASX:NCM) and Northern Star Resources (ASX:NST).

Asian markets

Asia-Pacific markets were higher Friday after major Wall Street banks came to the rescue of embattled First Republic Bank in an attempt to bolster confidence in the banking system.

CNBC’s David Faber reported that a group of 11 banks, including Bank of America, Wells Fargo, Citigroup and JPMorgan Chase will contribute a total of $30 million to First Republic.

Japanese markets were higher with the Nikkei 225 up 0.88% and the Topix 0.94% higher.

South Korea’s Kospi was also up 0.91%, while the Kosdaq saw a smaller gain at 0.7%.

Company news

QX Resources (ASX:QXR) has entered into a framework agreement with Bayrock Resources, an Australian unlisted public company with a portfolio of highly prospective battery minerals assets in Sweden, primarily in nickel, cobalt and copper. Commenting on the strategic investment, Managing Director Stephen Promnitz stated: ““QXR’s investment in Bayrock is consistent with the Company’s stated strategy of investing in critical and battery minerals and provides our investors exposure to highly prospective Ni-Cu-Co projects.” Shares are trading flat at 3 cents.

Volt Resources (ASX:VRC) announced the execution of a Binding Offtake Agreement signed with listed battery anode material producer Graphex Group Limited subsidiary, Graphex Michigan 1, for the sale of 10,000 tonnes per annum of Bunyu Graphite fine natural flake product for an initial 5-year term. In response, Graphex Group President, John DeMaio, said, “This is an important step forward in our global strategy to diversify the upstream supply of raw materials as we localise our mid-stream processing footprint.” Shares are trading 9.1 per cent higher at 1.2 cents.

Eagle mountain (ASX:EM2) announced that multiple high-grade zones have been intersected at their Oracle Ridge Project in Arizona, USA. Commenting on the ongoing activities, Eagle Mountain Mining’s CEO, Tim Mason, said: “These very high-grade zones demonstrate that the mineralisation at Oracle Ridge is not uniform and there are areas of spectacular grade.”Shares are trading 14.7 per cent higher at 19.5 cents.

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.
Iron ore is 2.0 per cent lower at US$130.45 a tonne.
Iron ore futures are pointing to a 0.1 per cent fall.
One Australian dollar is buying 66.55 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:

- Advertisment -

Most Popular