by Peter Milios
The ASX 200 index fell by 0.2 per cent to 7417.8 today, due to a decrease in the consumer discretionary sector.
However, Energy closed 1.78 per cent higher as Russia declared it would decrease its daily oil production by 500,000 barrels, due to Western sanctions and restrictions imposed.
Star Entertainment (ASX:SGR) faced a 20.8 per cent drop to $1.48 after announcing a write-down of its Sydney casino of up to $1.6 billion, while JB Hi-Fi fell 5.1 per cent to $44.25 due to slower sales growth in January.
Aurizon (ASX:AZJ) also lowered its EBITDA guidance for FY23 by 4 per cent causing a 6.5 per cent decrease to $3.45 and Appen faced a 15.4 per cent drop to $2.81 after flagging a non-cash, pre-tax impairment charge of $204.3 million.
At the closing bell, the S&P/ASX 200 was 0.21 per cent lower at 7,417.80.
Futures
The Dow Jones futures are pointing to a fall of 99 points.
The S&P 500 futures are pointing to a fall of 15.25 points.
The Nasdaq futures are pointing to a fall of 52.25 points.
The SPI futures are pointing to a fall of 8 points when the market next opens.
Best and worst performers
The best-performing sector was Energy, up 1.78 per cent. The worst-performing sector was Consumer Discretionary, down 1.4 per cent.
The best-performing large cap was Insurance Australia Group (ASX:IAG), closing 4.46 per cent higher at $4.92. It was followed by shares in Endeavour Group (ASX:EDV) and Johns Lyng Group (ASX:JLG).
The worst-performing large cap was The Star Entertainment Group (ASX:SGR), closing 20.8 per cent lower at $1.49. It was followed by shares in Imugene (ASX:IMU) and Aurizon Holdings (ASX:AZJ).
Asian news
Japan’s Nikkei has lost 1.02 per cent.
Hong Kong’s Hang Seng has lost 0.48 per cent.
China’s Shanghai Composite has lost 0.61 per cent.
Company news
PNX Metals (ASX:PNX) announced that multiple high-grade gold targets have been identified in their northern exploration leases. In response, PNX Managing Director James Fox said: “The high-grade gold in rock-chips being reported, and assessment of historic data, highlight the potential for further discovery of economically significant gold mineralisation within our existing exploration leases.” Shares closed 33 per cent higher at 0.4 cents.
Buru Energy (ASX:BRU) has announced that they will acquire Origin Energy’s Canning Basin Joint Venture interests. Commenting on the transaction, Chair of Buru Energy, Mr Eric Streitberg said: “The original farmin agreement with Origin provided the funding and the impetus that resulted in the Rafael discovery that has now assumed even more significance given the current focus on the West Australian and international gas markets.” Shares closed 11.7 per cent higher at 10.5 cents.
Corella Resources (ASX:CR9) announces exceptional sonic drill results at their project. In response, Corella Resources Managing Director, Tony Cormack, commented “The drill hole intercepts achieved by our definitive infill core drilling program at Tampu are nothing short of spectacular. We proudly boast Australia’s largest deposit of bright white kaolin, and we have no equal when it comes to purity.” Shares closed 5.7 per cent higher at 3.7 cents.
Trigg Minerals (ASX:TMG) has released an updated Mineral Resource Estimate (MRE) for its Lake Throssell SOP Project, which has resulted in a 90 per cent increase of the Indicated Mineral Resource to 8 million tons of drainable Sulphate of Potash. The resource upgrade demonstrates the project’s world-class scale and grade, with 80 per cent of the Indicated Resource located in higher-yielding aquifers and the potential for an additional Exploration Target. Trigg Minerals’ Managing Director, Keren Paterson, said: “This is a fantastic result for our shareholders. The almost doubling of the Indicated Mineral Resource to 8Mt @ 10.5kg/m3 SOP, much of which lies within higher-yielding aquifers, bodes well for a substantial Ore Reserve Estimate as part of the ongoing Pre-Feasibility Study work. Shares closed flat at 3.8 cents.
Commodities and the dollar
Gold is trading at US$1,869.60 an ounce.
Iron ore is 0.5 per cent higher at US$126.10 a tonne.
Iron ore futures are pointing to a 0.6 per cent fall.
Light crude is trading $0.89 lower at US$78.83 a barrel.
One Australian dollar is buying 69.13 US cents.
