by Lauren Hayes
The ASX managed to close in the green on Tuesday trading despite a weaker Wall Street, ending a three-day run of consecutive losses.
At the closing bell, the S&P/ASX 200 was 0.41 per cent or 26.80 points higher at 6496.20.
Futures
The Dow Jones futures are pointing to a rise of 191 points.
The S&P 500 futures are pointing to a rise of 27.75 points.
The Nasdaq futures are pointing to a rise of 93.75 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 Materials, up 2.57 per cent. The worst-performing sector was Real Estate Investment Trusts, down 2.17 per cent.
The best-performing stock in the S&P/ASX 200 was Brainchip (ASX:BRN), closing 7.23 per cent higher at $0.89. It was followed by shares in Whitehaven Coal (ASX:WHC) and Megaport (ASX:MP1).
The worst-performing stock in the S&P/ASX 200 was Core Lithium (ASX:CXO), closing 5.56 per cent lower at $1.19. It was followed by shares in Fisher & Paykel Healthcare (ASX:FPH) and Ramsay Health Care (ASX:RHC).
Asian markets
Shares in the Asia-Pacific have mostly risen on Tuesday.
The Nikkei 225 in Japan is up 0.53 per cent and the Shanghai Composite in mainland China is trading up 1.25 per cent with the Shenzhen Component 1.73 per cent higher.
South Korea’s Kospi is trading higher, up 0.13 per cent. In Hong Kong, the Hang Seng index is flat.
European markets
European markets are pointing to a higher open as stocks attempt to rally following choppy trading on Monday.
Company news
Magnis Energy Technologies (ASX:MNS) has completed an update to the 2016 Bankable Feasibility Study (BFS) for its Nachu graphite project in Tanzania and confirms that the Project continues to demonstrate strong financial and technical viability. Commenting on the completion of the BFS update, Magnis Energy Technologies CEO, David Taylor, stated: “The update to the BFS demonstrates that the Nachu Graphite Project represents one of the best graphite production opportunities in today’s market. The project will produce a high quality, sustainable product that requires minimal purification, placing Magnis in a strong competitive position relative to others in the market. Our high purity graphite concentrate will provide lithium-ion battery manufacturers and other industrial customers with an attractive and competitive alternative to current sources in the global graphite market.” Shares closed up 3.85 per cent to 38 cents.
Emerging lithium producer Sayona Mining (ASX:SYA) is advancing the restart of production at its North American Lithium (NAL) operation, awarding a four-year, approximately C$200 million contract to Québec company Fournier & Fils for mining operations. Under the agreement, Fournier will be responsible for the supervision of all stripping and drilling, blasting, loading and transportation of ore and waste rock, the maintenance of mining roads, and all other services related to operations. Sayona Québec CEO, Guy Laliberté, said the agreement marked another important step in the restart of operations at NAL. “We are very happy to have found a partner of the calibre of Fournier & Fils for our mining operations at the North American Lithium site in La Corne,” Mr Laliberté said. “We are thrilled that this commercial agreement is not only a win-win solution for both parties, but that it also allows us to work with a local company. This partnership with Fournier therefore helps fulfil our promise to ensure that the success of our projects deliver genuine benefits to the local community.” Shares closed 4.6 per cent higher at 23 cents.
Australian clean energy company Pure Hydrogen Corporation (ASX:PH2) has advised that hydrogen fuel cell EV manufacturer H2X Global has confirmed the initial production release of its Warrego All Wheel Drive Pick-Up. The pickup is now undergoing final validation and verification testing procedures in the Netherlands as it heads towards formal certification in Europe and global markets. Australian certification testing will be commenced soon. H2X Global CEO and founder, Brendan Norman, said the completion of the first Warrego pickup was a milestone of success for the company. “It is extremely satisfying that our team now have the Warrego running through the final stages of its engineering, safety and on road verification program,” Mr Norman said. “It is true that we have had some frustrating delays over the past nine months due to supply chain complications.” Shares closed up 6.4 per cent to 25 cents.
Ragusa Minerals (ASX:RAS) today advised progress towards commencement of the maiden drilling program at the NT Lithium Project, with completion of site preparation earthworks, including access track and drill pad clearing. Ragusa Chairperson, Jerko Zuvela said, “The Company is very excited as we prepare to commence our maiden drilling program at our strategic and highly prospective NT Lithium Project. This puts Ragusa in a strong position to rapidly accelerate the development of our project within a proven high-quality lithium district. We have a significant opportunity to utilise our exploration and development experience to rapidly progress our NT Lithium Project and realise the massive upside value potential in a Tier 1 jurisdiction close to major infrastructure at a time of record lithium prices.” Shares closed 26.6 per cent higher at 41 cents.
Copper producer Austral Resources (ASX:AR1) has announced assay results from the diamond drilling hole program, part of the in-progress Lady Colleen drilling program that includes Reverse Circulation drilling. CEO Dan Jauncey said, “These further outstanding results are aligned with our exploration strategy at Lady Colleen, which is to explore for a high-grade core within the large Mineral Resource to exploit through open pit mining. Results continue to confirm and define the continuity and extent of a high-grade core at Lady Colleen.” Shares closed 9.1 per cent lower at 20 cents.
Critical metals exploration and development company MetalsGrove Mining (ASX: MGA) today announced that a pre-drilling detailed surface mapping program has been completed at the company’s Upper Coondina Lithium Project located 85 km south-west of Marble Bar in the East Pilbara district of WA. Commenting on the confirmation of Upper Coondina’s lithium potential, MetalsGrove’s Managing Director Sean Sivasamy said: “We are delighted with the initial outcomes from our detailed surface mapping program at Upper Coondina which has confirmed several outcropping pegmatite dykes. Given this project has never been systematically explored for lithium, we continue to be highly encouraged by these early works.” Shares closed up 119.1 per cent to 23 cents.
Commodities and the dollar
Gold is trading at US$1633.96 an ounce.
Iron ore is 3.6 per cent lower at US$96.05 a tonne.
Iron ore futures are pointing to a rise of 0.14 per cent.
Light crude is trading $0.77 higher at US$77.48 a barrel.
One Australian dollar is buying 64.93 US cents.
