by Peter Milios
Big gains from Industrials, Financials and Information Technology caused the ASX to close 0.31 per cent higher in today’s trading.
Materials was on the opposite end of the results, with BHP (ASX:BHP) falling by 1.52 per cent, Fortescue Metals (ASX:FMG) falling by 4.21 per cent and Rio Tinto (ASX:RIO) dropping by 1.93 per cent.
The gains could be short lived, however, as the US inflation numbers are to be announced tomorrow.
Following the peak CPI figures reaching a high of 8.3 per cent in August, annual inflation fell to 8.2 per cent in September and 7.7 per cent in October. After November’s inflation figures, it will be interesting to see if the Fed revs up or keeps its foot off the brake on the US economy.
At the closing bell, the S&P/ASX 200 was 0.31 per cent or 22.50 points higher at 7,203.30.
Futures
The Dow Jones futures are pointing to a fall of 5 points.
The S&P 500 futures are pointing to a fall of 3 points.
The Nasdaq futures are pointing to a fall of 16 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 S&P/ASX 200 Information Technology, up 1.70 per cent. The worst-performing sector was S&P/ASX 200 Materials, down 1.40 per cent.
The best-performing large cap was Bendigo and Adelaide Bank (ASX:BEN), closing 6.86 per cent higher at $9.66. It was followed by shares in Challenger (ASX:CGF) and Yancoal Australia (ASX:YAL).
The worst-performing large cap was Fortescue Metals Group (ASX:FMG), closing 4.21 per cent lower at $20.23. It was followed by shares in Mineral Resources (ASX:MIN) and Endeavour Group (ASX:EDV).
Asian news
Asian equities are mixed today.
It’s a lacklustre session with markets in waiting mode ahead of US CPI. Mainland China markets extending losses as Hang Seng gives earlier gains. Japan, Korea and Australia markets fluctuate while US futures steady after hours.
So far, Japan’s Nikkei has gained 0.41 per cent, Hong Kong’s Hang Seng has gained 0.50 per cent and China’s Shanghai Composite has gained 1.26 per cent.
Company news
Next Science (ASX:NXS) announced that it has entered into a conditional A$10,000,000 Secured Convertible Note Deed with major shareholder, Walker Group Holdings Pty. Shareholder approval is required under ASX Listing Rule 10.1, and section 611, item 7 of the Corporations Act 2001 and receipt of all regulatory and shareholder approvals is a condition precedent to the Secured Convertible Note Deed. Next Science’s Managing Director, Judith Mitchell said: “If approved, this transaction will provide the necessary capital to allow Next Science to pursue the commercial success of all aspects of Next Science’s business as well as support our ongoing R&D program. That will be a great outcome for Next Science and its shareholders and the patients whose lives we are committed to improving.” Shares closed 1.45 per cent lower at $0.68.
Kingwest Resources (ASX:KWR) has announced high grade drilling results and high grade resource estimation from the Menzies Goldfield in WA. In response, Kingwest Executive Chairman Greg Bittar commented: “The results will be used to further define the areas of high grade gold mineralisation and will support economic studies.” Shares closed 16.13 per cent higher at $0.036.
Doctor Care Anywhere (ASX:DOC), has entered into a four-year secured and guaranteed loan agreement with AXA Health to borrow up to £10,000,000 in 3 tranches. The Loan will be used by the Company for general working capital purposes in accordance with the terms of the Loan. Chairman Richard Dammery said: “AXA is Doctor Care Anywhere’s major partner and its primary source of revenue, and has provided DCA with strong support over time. The agreements announced today obviously increase DCA’s dependence on AXA, and enhance AXA’s rights in relation to the Company, but they also ensure that the Company can continue to develop innovative healthcare pathways into 2023 and beyond.” Shares closed 37.25 per cent higher at $0.07.
INOVIQ (ASX:IIQ) has confirmed positive results in the testing development for ovarian cancer. The testing confirmed the utility of EXO-NET for EV biomarker discovery with over 90 per cent accuracy for the detection of early-stage ovarian cancer. CEO Dr Leearne Hinch said: “The multivariate index assay (MIA) showed over 90 per cent accuracy for detection of early stage ovarian cancers, when the cancer can be more effectively treated and help save women’s lives.” Shares closed 21.31 per cent higher at $0.74.
Piedmont Lithium (ASX:PLL), a leading global developer of lithium resources critical to the U.S. electric vehicle supply chain, today announced that North American Lithium (“NAL”), an open pit mining and spodumene concentrate operation owned 75 per cent by Sayona Mining (ASX:SYA) and 25 per cent by Piedmont, was issued the last remaining permit required to restart operations at the Quebec site. Receipt of the key permit from Canada’s Department of Fisheries and Oceans paves the way for an expected restart of spodumene concentrate production in H1 2023. Executive Vice President and Chief Operating Officer of Piedmont Patrick Brindle applauded the NAL management team for reaching this important milestone. “The diligent work of NAL management over the past year has resulted in the successful issuance of all the permits required to operate the Quebec mine and concentrator. With this final permit in place, we will continue to work with our partners at Sayona toward restart of commercial operations at NAL in 2023.” Shares closed 1.81 per cent higher at $0.845.
Galan Lithium (ASX:GLN) announced that it has executed a Binding Term Sheet with Lithium Australia (ASX:LIT) to acquire its remaining 20 per cent interest in the Greenbushes South tenements and its 20 per cent participating interest in the Greenbushes South Joint Venture. At completion, Galan will hold a 100 per cent interest in the Greenbushes South Lithium Project which comprises four granted exploration licences, one pending exploration licence and seven prospecting licences. Galan’s Managing Director, JP Vargas de la Vega, said: “We are delighted to acquire full ownership of this highly prospective project in one of the world’s most renowned lithium districts. We have the necessary personnel in place to undertake the pending exploration programmes and workload at Greenbushes South.” Shares closed 0.83 per cent lower at $1.19.
Careteq (ASX:CTQ) announced that its cash position has been bolstered by the receipt of $947,123 from the Australian Taxation Office under the federal government’s Research and Development (R&D) Tax Incentive program for FY2022. The tax refund relates to the R&D activities undertaken by Careteq in FY2022 expanding and scaling up its Assistive Living Technology and Medication Management solutions, which are gaining good traction with channel partners and customers in the United States, Australia and New Zealand. Shares closed flat at $0.07.
Commodities and the dollar
Gold is trading at US$1,794.00 an ounce.
Iron ore is 1.9 per cent lower at US$110.25 a tonne.
Iron ore futures are pointing to a 1.1 per cent fall.
Light crude is trading $1.06 higher/lower at US$74.23 a barrel.
One Australian dollar is buying 67.63 US cents.
