by Peter Milios
A large number of Australian mining companies are near all-time highs as China’s reopening boosts demand within the energy and materials sector.
Energy closed 1.25 per cent higher, whilst materials finished 1.42 per cent higher. In particular, a range of metals exposed to the Chinese property sector, such as copper, steel and aluminium, have benefited.
BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG), closed 1.79 per cent, 1.46 per cent and 2.78 per cent higher respectively.
At the closing bell, the S&P/ASX 200 was 1.18 per cent higher at 7,280.40.
Futures
The Dow Jones futures are pointing to a rise of 10 points.
The S&P 500 futures are pointing to a rise of 2.75 points.
The Nasdaq futures are pointing to a rise of 7.75 points.
The SPI futures are pointing to a rise of 88 points when the market next opens.
Best and worst performers
All sectors finished in the black. The best-performing sector was Financials, up 1.46 per cent. The sector with the fewest gains was Utilities, up 0.2 per cent.
The best-performing large cap was Pilbara Minerals (ASX:PLS), closing 4.52 per cent higher at $4.16. It was followed by shares in Fortescue Metals Group (ASX:FMG) and ASX (ASX:ASX).
The worst-performing large cap was Meridian Energy (ASX:MEZ), closing 4.09 per cent lower at $4.69. It was followed by shares in New Hope Corporation (ASX:NHC) and Yancoal Australia (ASX:YAL).
Asian markets
Japan’s Nikkei has gained 0.01 per cent.
Hong Kong’s Hang Seng has lost 0.31 per cent.
China’s Shanghai Composite has gained 1.76 per cent.
Company news
Euro Manganese (ASX:EMN) has announced an offtake term sheet with Verkor, a low-carbon battery manufacturer based in France, for the sale of high-purity manganese sulphate monohydrate. The term sheet is non-binding. In response, Dr. Matthew James, President & CEO of Euro Manganese, commented, “I am immensely proud of the team and their hard work in negotiating the first long-term offtake term sheet, with a pricing structure, from a Western supplier in the high-purity manganese market.” Shares last traded 13.4 per cent higher at 38 cents.
Golden Deeps (ASX:GED) has announced that exceptionally high grade metal concentrates at their project in Namibia. In response, Golden Deeps CEO Jon Dugdale said: “The testwork results open the door to replicating the process for the Nosib discovery and then completing downstream testwork to produce high-value battery metals products.” Shares last traded 10 per cent higher at 1.1 cents.
Bastion Minerals (ASX:BMO) has announced that further high grade gold intercepts have been found at their project in Chile. In response, Bastion’s Executive Chairman, Mr. Ross Landles, commented: “Drilling at Capote confirms the vein system has high-grades, including near surface intervals. Now that we have received all the results from our maiden drilling campaign we will assess the future resource potential and sites for further drilling.” Shares closed unchanged at 3.2 cents.
Commodities and the dollar
Gold is trading at US$1,887.50 an ounce.
Iron ore is 1.5 per cent higher at US$124.00 a tonne.
Iron ore futures are pointing to a 0.94 per cent rise.
Light crude is trading $0.05 higher at US$77.46 a barrel.
One Australian dollar is buying 69.24 US cents.
