by Peter Milios
On Monday, at the closing bell, the S&P/ASX 200 was 1.38 per cent lower at 6,898.50, as investors considered the takeover of Credit Suisse and awaited the Federal Reserve’s policy meeting.
While early reports on UBS’s acquisition of Credit Suisse and central bank moves to boost dollar liquidity were positive, sentiment became more cautious later in the day, causing US and European equity futures to turn negative.
Gold miners rallied due to the recent surge in the price of gold, with St Barbara (ASX:SBM) and Gold Road Resources (ASX:GOR) rising by 15.8 per cent and 11 per cent, respectively. Evolution Mining (ASX:EVN) also saw a 10.1 per cent jump after announcing it had started underground production at its Cowal operation ahead of schedule. Additionally, Australian Clinical Labs (ASX:ACL) firmed 2.2 per cent following its takeover offer for Healius (ASX:HLS), while Healius itself gained 8.3 per cent.
Futures
The Dow Jones futures are pointing to a fall of 36 points.
The S&P 500 futures are pointing to a rise of 1.5 points.
The Nasdaq futures are pointing to a rise of 15.25 points.
The SPI futures are pointing to a fall of 94 points when the market next opens.
Best and worst performers
The best-performing sector was Communication Services, up 0.39 per cent. The worst-performing sector was Energy, down 3.01 per cent.
The best-performing large cap was Northern Star Resources (ASX:NST), closing 8.54 per cent higher at $11.82. It was followed by shares in Newcrest Mining (ASX:NCM) and Cleanaway Waste Management (ASX:CWY).
The worst-performing large cap was Lynas Rare Earths (ASX:LYC), closing 5.47 per cent lower at $6.22. It was followed by shares in Pilbara Minerals (ASX:PLS) and QBE Insurance Group (ASX:QBE).
Asian markets
Japan’s Nikkei has lost 1.28 per cent.
Hong Kong’s Hang Seng has lost 2.81 per cent.
China’s Shanghai Composite has lost 0.74 per cent.
Company news
TMK Energy (ASX:TMK) has announced a milestone cooperation and electricity offtake agreement has been signed with MAK mining operator. MAK will purchase the electricity generated from produced gas from the three well Pilot Production Well Program. In response, TMK’s CEO Mr. Brendan Stats commented: “Close cooperation between MAK and TMK will be mutually beneficial allowing for significant efficiencies and the ability to better utilise the valuable resources of produced water and produced gas.” Shares closed 13.33 per cent higher at 1.7 cents.
ABx Group (ASX:ABX) announced that their Rare Earth Mineral Resource Estimate has more than tripled in their Deep Leads project in Tasmania. In response, ABx Group Managing Director and CEO Mark Cooksey said: “Adding to our excitement are the pending assays from our latest drilling, which in some cases have intersected REE zones greater than 30m thick ending in mineralisation.” Shares closed 4.55 per cent higher at 11.5 cents.
Tietto Minerals (ASX:TIE) has announced they have completed process plant commissioning and ramped up to full production at their Abujar Gold Mine in West Africa. Since 15th February 2023, the mine has operated on grid power, with the process plant performing well on oxide ore, processing more than 11,000 dry tons per day on wet oxide material. Shares are trading 11.6 per cent higher at 62.5 cents.
Breaker Resources (ASX:BRB) announced that Ramelius Resources (ASX:RMS) has made a takeover offer for the Company. Breaker shareholders will receive an implied offer price of $0.40 per share, equating to 1 Ramelius share for every 2.82 Breaker shares held. Shares closed 31 per cent higher at 38 cents.
Evolution Energy Minerals (ASX:EV1) has announced that their updated DFS confirms Chilalo as a standout high margin, low capex and development-ready graphite project. Evolution Managing Director, Phil Hoskins commented, “I couldn’t be more excited by what 2023 holds in store for Evolution’s shareholders as we strategically assess the financing and development options available to us.” Shares closed 1.96 per cent higher at 26 cents.
Commodities and the dollar
Gold is trading at US$1,980.30 an ounce.
Iron ore is 1.2 per cent higher at US$132.00 a tonne.
Iron ore futures are pointing to a 1.2 per cent fall.
Light crude is trading $0.55 lower at US$66.19 a barrel.
One Australian dollar is buying 66.90 US cents.
