by Peter Milios
The Westpac Melbourne Institute Consumer Sentiment Index has jumped from 80.3 in December, to 84.3 in January, the largest gain in more than two years. And the good news is looking to continue, as February is on track to be the third monthly improvement.
In commodity-related news, the price of iron ore has lifted slightly following yesterday’s gains. The losses came from news that Chinese authorities will tighten supervision of pricing, after iron ore surged in the wake of the elimination of lockdowns.
US futures are looking to open lower as Wall Street’s traders return to work after the Martin Luther King holiday on Monday.
Investment banks Goldman Sachs and Morgan Stanley will show their earnings reports overnight.
At the closing bell, the S&P/ASX 200 was 0.10 per cent or 7 points lower at 7,381.10.
Futures
The Dow Jones futures are pointing to a fall of 50 points.
The S&P 500 futures are pointing to a fall of 12.75 points.
The Nasdaq futures are pointing to a fall of 61.75 points.
The SPI futures are pointing to a fall of 10 points when the market next opens.
Best and worst performers
The best-performing sector was Consumer Staples, up 1.81 per cent. The worst-performing sector was Utilities, down 1.25 per cent.
The best-performing large cap was Mercury NZ (ASX:MCY), closing 3.03 per cent higher at $5.44. It was followed by shares in Woolworths Group (ASX:WOW) and Endeavour Group (ASX:EDV).
The worst-performing large cap was Yancoal Australia (ASX:YAL), closing 3.34 per cent lower at $6.07. It was followed by shares in South32 (ASX:S32) and Whitehaven Coal (ASX:WHC).
Asian news
Japan’s Nikkei has gained 1.29 per cent.
Hong Kong’s Hang Seng has lost 1.17 per cent.
China’s Shanghai Composite has lost 0.3 per cent.
Company news
Latin Resources (ASX:LRS) announced that field teams and drilling rigs have arrived on site for the scheduled commencement of the 2023 drilling program at the Company’s 100 per cent owned Salinas Lithium Project. A total of six, small environmental footprint, man portable/ modular diamond drilling rigs capable of drilling to depth of circa 400-450m below surface have arrived on site and have commenced drilling. Latin Resources’ Geology Manager, Tony Greenaway, commented: “2022 was a standout year for our exploration team, culminating in the delivery of the Company’s Maiden JORC Mineral Resource Estimate for the Colina Lithium Deposit in just ten months from starting our first drillhole.” Shares last traded unchanged at 12 cents.
Impact Minerals (ASX:IPT) has been selected to participate in the BHP Xplor program to help accelerate exploration needed for the energy transition. Impact will receive up to US$500,000 in cash payments from BHP over the next six months and gain access to a network of internal and external experts. Sonia Scarselli, Vice President at BHP Xplor stated, “We are confident that the BHP Xplor program will support the companies chosen to accelerate their concepts and ideas, to help take them to the next level.” Shares last traded 25 per cent higher at 1 cent.
Many Peaks Gold (ASX:MPG) has entered into a binding agreement to secure an exclusive right to acquire a 100 per cent interest in the Odyssey Rare Earth Elements Project in Canada. In response, MPG’s Executive Chairman Mr Travis Schwertfeger stated, “The opportunity identified by MPG to diversify into the critical minerals sector has been secured as part of the Company’s ongoing business development activity, focused on delivering future growth by generating a pipeline of projects.” Shares last traded 13.7 per cent higher at 29 cents.
Corazon Mining (ASX:CZN) has announced high grade lithium at their Miriam project in Western Australia. Laboratory analysis has confirmed the presence of the valued commodity, and found high grade values of between 1.01 per cent and 1.85 per cent lithium oxide. Shares last traded 25 per cent higher at 2.5 cents.
Breaker Resources NL (ASX:BRB) announced the results from an additional 6 deeper diamond drill holes as part of the resource development program beneath the Bombora Discovery at its Lake Roe Gold Project. Five holes targeted the Northern Flats lode structures with every hole delivering substantial (>10 grams x metre) results. Breaker’s CEO, Sam Smith said: “This is exciting stuff for Breaker! These results continue to show how consistent the underground lodes are. Our previous mining studies* have confirmed the Tura lode has what it takes to sustain a meaningful underground production source beneath any future Bombora open pit. The lode continues to expand at depth with the results showing it has further potential to grow.” Shares last traded 4.62 percent higher at 34 cents.
Commodities and the dollar
Gold is trading at US$1,914.60 an ounce.
Iron ore is 4.9 per cent higher at US$120.75 a tonne.
Iron ore futures are pointing to a 1.1 per cent fall.
Light crude is trading $0.60 lower at US$79.26 a barrel.
One Australian dollar is buying 69.75 US cents.
