by Lauren Hayes
It was choppy trading on the ASX today with the S&P/ASX 200 commencing the session in positive territory, before slipping into the red for afternoon trading but clawing back to narrowly close above June’s 6,407.00 low.
At the closing bell, the S&P/ASX 200 was 0.53 per cent or 34.20 points lower at 6462.00.
Futures
The Dow Jones futures are pointing to a fall of 101 points.
The S&P 500 futures are pointing to a fall of 16.25 points.
The Nasdaq futures are pointing to a fall of 81.50 points.
The SPI futures are pointing to a fall of 46 points when the market next opens.
Best and worst performers
The best-performing sector was Utilities, up 1.90 per cent. The worst-performing sector was Information Technology, down 1.61 per cent.
The best-performing stock in the S&P/ASX 200 was Coronado Global Resources (ASX:CRN), closing 5.92 per cent higher at $1.61. It was followed by shares in Ramelius Resources (ASX:RMS) and Whitehaven Coal (ASX:WHC).
The worst-performing stock in the S&P/ASX 200 was Telix Pharmaceuticals (ASX:TLX), closing 15.40 per cent lower at $4.56. It was followed by shares in Core Lithium (ASX:CXO) and Imugene (ASX:IMU).
Asian markets
Japan’s Nikkei has lost 1.82 per cent. Hong Kong’s Hang Seng has lost 2.57 per cent. China’s Shanghai Composite has lost 1.08 per cent.
Australia retail sales firmer than expected
Retail sales rose 0.6 per cent month-on-month in August, compared to consensus of 0.4 per cent, following 1.3 per cent in July. This extends a run of gains to eight straight months. The growth was led by department stores, household goods, and dining, partly offset by declines in apparel and other retailing. The ABS highlighted strength in food related industries, while non-food segments were mixed with contributions small. The early takeaways maintained that the household sector’s strength helps to bolster expectations of another 50 basis point RBA rate hike next week to take the cash rate to 2.85 per cent and markets pricing in further increases to 3.4 per cent by year-end (Bloomberg).
Company news
Critical Resources (ASX:CRR) has announced assay results from the current diamond drilling campaign at the company’s 100 per cent-owned Mavis Lake Lithium Project. The assay results illustrate the continuity of high-grade lithium mineralisation within the main zone of Mavis Lake and present continued intercepts of extremely high-grade lithium oxide. Non-Executive Director Mr Alex Cheeseman said: “To follow our last results with another set of such high-grade assays is an excellent outcome for the Company, and further builds our confidence in delineating a JORC compliant resource in the near term. We believe the last few rounds of assay results have been some of the highest grades released by an ASX listed lithium company so far in 2022, this sets us up well to continue advancing the project and transition Critical Resources into a potential lithium project developer”. Shares closed 2.9 per cent lower at 7 cents.
QX Resources (ASX:QXR) has announced the appointment of former Lake Resources (ASX:LKE) CEO Steve Promnitz to the new role of MD to facilitate the growth and development of the company’s lithium assets and gold projects. Executive Chairman Maurice Feilich said: “QXR’s board decided now is the right time to appoint a MD to fast track the development of these assets while also assessing new battery minerals projects that complement the portfolio”. Promnitz added: “I plan to advance the current assets and expand the focus on battery minerals by drawing on my extensive networks and skills from the past 6 years in the battery minerals sector”. Shares closed 60.6 per cent higher at 5 cents.
Sabre Resources (ASX:SBR) today announced that the second diamond drill hole in the current program at Sherlock Bay has intersected a 15m sulphide zone including massive sulphide lenses and matrix sulphide breccia that correlates with the southwestern edge of the C3 massive sulphide conductor target. Sabre Resources CEO Jon Dugdale commented: “The intersection of massive sulphide lenses and matrix sulphide breccia at the southwestern end of the C3 Conductor indicates we are on the verge of a massive sulphide discovery at Sherlock Bay”. Shares closed 20 per cent higher at 1 cent.
Asra Minerals (ASX:ASR) today reported early drilling across 93 holes at the company’s flagship Mount Stirling Project in Western Australia has returned significant REEs and critical minerals results at the company’s Wishbone and Yttria prospects. Drilling results confirm the widespread occurrence of REEs, nickel, cobalt and scandium in the regolith profile developed at Stirling by weathering of an underlying source intrusion. Asra Executive Chairman Mr Paul Summers said: “The Company’s REEs and critical minerals endowment is shaping up to be unique on an international scale. It’s becoming clearer that our rare earths and critical minerals at Mt Stirling are actually very rare in their unique occurrence. Our deposit should require minimal blasting and crushing”. Shares closed 8 per cent higher at 3 cents.
American West Metals (ASX:AW1) today reported that initial assay results from drill hole ST22-10 have confirmed a significant discovery at the Storm Copper Project on Somerset Island, Canada. Dave O’Neill, Managing Director of American West Metals, commented: “I am very pleased to be able to report that initial assays from drill hole ST22-10 confirm the presence of sediment hosted type copper and zinc sulphide mineralisation, with huge implications for the potential metal endowment of the project”. Shares closed 6.9 per cent lower at 14 cents.
INOVIQ (ASX:IIQ) has released its Annual Report for the 2022 financial year today. The company reported a total comprehensive loss for the year of $6.260m. The total loss reported increased to $18.225m due to an impairment charge recognised against goodwill and an increased impairment charge for the hTERT intangible asset. The Chairman and CEO noted: “During the period, we advanced our innovative exosome capture tools, precision diagnostic products and pipeline towards a number of key research, development and commercialisation milestones. These achievements were made despite the continuing challenges of the COVID-19 pandemic and volatile financial markets globally, particularly for biotech companies”. Shares closed down 0.9 per cent to 57 cents.
Austco Healthcare (ASX:AHC) released its 2022 Annual Report this morning. Chairman Graeme Billings commented: “Despite another year of supply chain issues and continued, albeit fewer, restrictions on access to hospital and aged care sites, Austco was able to deliver a 15 per cent increase in customer revenues and report another year of profitability.
Higher customer revenues and maintaining our margins allowed Austco Healthcare to report a $2.3 million net profit after tax. Whilst this was lower than the previous year, when we exclude COVID related grant income, the underlying net profit after tax was up 14 per cent to $1.7 million”. Shares closed flat at 12 cents.
Commodities and the dollar
Gold is trading at US$1624.89 an ounce.
Iron ore is 1.6 per cent higher at US$97.60 a tonne.
Iron ore futures are pointing to a rise of 0.06 per cent.
Light crude is trading $1.09 lower at US$77.41 a barrel.
One Australian dollar is buying 63.95 US cents.
