by Peter Milios
Led by energy and materials, at the closing bell, the S&P/ASX 200 was 0.50 per cent or 34.20 points higher at 6845.10.
More banks have given further interest rate rises. Today, Barrenjoey predicts a 50 basis point rise on Tuesday, whilst Westpac thinks that the RBA will increase the official interest rate from 2.6 to 3.1 per cent.
As a result that rising rates will cloud the outlook of the market, ANZ shares dived 4.8 per cent in the worst intraday decline in two years.
In other news, JB Hi-Fi increased by 2.7 per cent after sales in the first quarter posted double-digit growth across both brands — JB Hi-Fi and The Good Guys — whilst Super Retail soared by 1.4 per cent after recording a 20 per cent jump in sales in the previous three months.
Futures
The Dow Jones futures are pointing to a rise of 187 points.
The S&P 500 futures are pointing to a rise of 21.25 points.
The Nasdaq futures are pointing to a rise of 53 points.
The SPI futures are pointing to a rise of 42 points when the market next opens.
Best and worst performers
The best-performing sector was Energy, up 2.37 per cent. The worst-performing sector was Communication Services, down 0.69 per cent.
The best-performing stock in the S&P/ASX 200 was Ramelius Resources (ASX:RMS), closing 8.40 per cent higher at $0.71. It was followed by shares in Sandfire Resources (ASX:SFR) and Regis Resources (ASX:RRL).
The worst-performing stock in the S&P/ASX 200 was Iluka Resources (ASX:ILU), closing 6.31 per cent lower at $8.76. It was followed by shares in Core Lithium (ASX:CXO) and Bank of Queensland (ASX:BOQ).
Asian news
Asian equities are edging mostly higher on Thursday.
The Hang Seng has been extending recent outperformance with tech stocks again leading the advance.
Korean and Taiwanese markets are among the other notable gainers.
Major banks are weighing on the Nikkei.
So far, Japan’s Nikkei has lost 0.15 per cent, Hong Kong’s Hang Seng has gained 1.80 per cent and China’s Shanghai Composite has lost 0.19 per cent.
Company news
Weebit Nano (ASX:WBT), a developer of next-generation memory technologies for the global semiconductor industry, announced today that it has successfully completed full technology qualification of its Resistive Random-Access Memory (ReRAM) module manufactured by its R&D partner CEA-Leti. This is the first full qualification of Weebit ReRAM technology, a key step that must be completed for every semiconductor product on each new target process. Coby Hanoch, CEO of Weebit Nano, stated, “Successfully completing full qualification of our technology is a major milestone. As is customary for NVM qualification and semiconductors devices in general, tests are based on industry standards, providing confidence in the quality, repeatability and reliability of Weebit’s ReRAM.” Shares closed 25.53 per cent higher at $2.95.
Koba Resources (ASX:KOB) has staked mining claims covering approximately 145 square kilometres at its new “Whitlock Lithium Project” in southern Manitoba. The Whitlock Project is located immediately along strike from the Tanco Mine — Canada’s only operating lithium mine. In response to the news, Koba Managing Director and CEO, Mr Ben Vallerine, said: “The addition of a lithium project to our portfolio of high-grade cobalt assets is a logical progression as we continue to focus on battery metals to support the EV revolution and the electrification of the global economy. Shares closed 136.36 per cent higher at 26 cents.
Horseshoe Metals (ASX:HOR) provided an update today on further encouraging results received from a recently completed review of historic Reverse Circulation and diamond drilling targeting the Main Zone within the company’s Horseshoe Lights Copper-Gold Project in WA. Commenting on these latest results, Director and CFO Kate Stoney said: “We continue to redefine the potential scale and grade of the Horseshoe Lights mineralised system with more high-grade zones of broad copper mineralisation confirmed. These latest results highlight broad zones of copper mineralisation at Main Zone which are in addition to the significant widths recently confirmed at Motters.” Shares closed 12.5 per cent lower at 2 cents.
Trek Metals (ASX:TKM) announced a following expanded field exploration program at its 100 per cent-owned Tambourah Lithium Project (E45/5839 & E45/5484) in the Pilbara region of Western Australia, Trek confirmed the presence of spodumene within an extensive pegmatite system which has never been drill tested. Trek CEO Derek Marshall said: “The Tambourah Project is an exceptional greenfields lithium exploration opportunity, located in the heart of one of the world’s premier mining districts. Despite its Tier-1 location, the Project has never had a single drill hole into it – a remarkable opportunity for Trek!” Shares closed 18.64 per cent higher at 7 cents.
Emerging lithium producer Sayona Mining (ASX:SYA; OTCQB:SYAXF) has further advanced the restart of production at its North American Lithium (NAL) operation in Québec, with construction, procurement, recruitment and other activities progressing amid growing demand for lithium. NAL’s restart is on track for Q1 2023, with permitting applications and procurement both 96 per cent complete as at the end of September. Sayona’s Managing Director, Brett Lynch comments, “Lithium demand from North America and globally continues to increase and Québec is well placed to deliver, with NAL set to become the first North American local producer next year and with further value adding planned as we move into downstream processing.” Shares closed 1.96 per cent higher at 26 cents.
The Board of Ionic Rare Earths (ASX:IXR) advised this morning that Uganda’s National Environmental Management Authority has approved the Environmental and Social Impact Assessment for the Makuutu Rare Earth Project. This paves the way for development of the mine which will unlock significant stakeholder value. IonicRE Managing Director Mr Tim Harrison stated: “This Project will set its sights on becoming Uganda’s flagship sustainable mine. Our vision is that Makuutu will provide global customers with an alternative supply of magnet and heavy rare earth elements needed for a Net-Zero Carbon world for 50 years and beyond.” Shares closed 6.98 per cent higher at 5 cents
Graphite producer and battery material developer Volt Resources (ASX:VRC) announced that it has entered into a Memorandum of Understanding with 24M Technologies, Inc. to collaborate on qualifying Volt’s battery anode material and cathode conductive additive products for use in 24M’s SemiSolid manufacturing platform. Volt Managing Director Trevor Matthews says: “We are very pleased with the progress made by our battery material business – Volt Energy Materials. We have the right entrepreneurial team in place for VEM and with the recent implementation of the Inflation Reduction Act, the US is already witnessing a dramatic growth of LIB and associated component manufacturing.” Shares closed 7.69 per cent lower at 2 cents.
Elmore (ASX:ELE) has provided an update on the development of the Peko magnetite, copper, cobalt, gold and bismuth project in the Northern Territory. Some key points from the update include: Elmore has achieved the major milestone of loading first ore from 100 per cent owned Peko operations, and the ship is currently being loaded with magnetite in the Port of Darwin and is anticipated to depart early next week. The shipment will hold around 25,000t of product, which will provide both revenue and vital learnings to enable future shipments to carry the target of 30,000t of product. Elmore’s Managing Director, Mr David Mendelawitz, comments: “Loading the first shipment of magnetite from Peko is another significant milestone for both Elmore and the Peko project. It represents the end of the first chapter of the Peko story for Elmore and the beginning of the company’s path as business focussed on cash generation.” Shares closed 9.52 per cent higher at 2 cents.
Commodities and the dollar
Gold is trading at US$1666.70 an ounce.
Iron ore is 1.9 per cent lower at US$87.80 a tonne.
Iron ore futures are pointing to a fall of 2.3 per cent.
Light crude is trading $0.18 higher at US$88.09 a barrel.
One Australian dollar is buying 65.14 US cents.
