by Peter Milios
At the closing bell, the S&P/ASX 200 was 0.11 per cent lower at 7,322.00, with losses in the materials and energy sectors. Major mining companies, such as South32 (ASX:S32), BHP Group (ASX:BHP) and Fortescue Metals (ASX:FMG), experienced declines due to lower March quarter production and slumping iron ore prices. Despite REITs performing well, Lendlease (ASX:LLC) shares dropped 2.96 per cent.
Futures
The Dow Jones futures are pointing to a fall of 141 points.
The S&P 500 futures are pointing to a fall of 19.25 points.
The Nasdaq futures are pointing to a fall of 62 points.
The SPI futures are pointing to a fall of 12 points when the market next opens.
Best and worst performers
The best-performing sector was REITs, up 1.33 per cent. The worst-performing sector was Materials, down 1.66 per cent.
The best-performing large cap was Infratil (ASX:IFT), closing 6.66 per cent higher at $8.65. It was followed by shares in Pilbara Minerals (ASX:PLS) and Meridian Energy (ASX:MEZ).
The worst-performing large cap was South32 (ASX:S32), closing 7.42 per cent lower at $4.12. It was followed by shares in Fortescue Metals Group (ASX:FMG) and Rio Tinto Group (ASX:RIO).
Asian markets
Japan’s Nikkei has gained 0.10 per cent.
Hong Kong’s Hang Seng has lost 1.39 per cent.
China’s Shanghai Composite has gained 0.11 per cent.
Company news
Eildon Capital Group (ASX:EDC) has announced that they have received an odd-market takeover offer from Samuel Terry Asset Management as trustee for Samuel Terry Absolute Return Active Fund for $0.93 cash per stapled security. The board is currently considering the offer. Shares closed 19 per cent higher at 94 cents.
Meteoric Resources (ASX:MEI) has entered into a binding agreement to acquire significant and strategic Ionic Clay Rare Earth Element licences in Brazil. Executive Chairman, Andrew Tunks said, “The large contiguous area created by the acquisition will provide the perfect platform to grow a Tier-1 worldclass rare-earth project within a single area.” Shares closed 3.45 per cent higher at 15 cents.
Continuing on the mining thematic, Los Cerros (ASX:LCL) has announced that their first hole drilled at their Kusi prospect in Papua New Guinea has hit high grade gold. Managing Director Jason Stirbinskis commented, “the first drill hole is considered a strong success and has given us added comfort that the Kusi Upper Limestone skarn mineralisation is a worthy target capable of delivering large tonnage and grade.” Shares closed 3.33 per cent at 3.1 cents.
Commodities and the dollar
Gold is trading at US$1,990.00 an ounce.
Iron ore futures are pointing to a 3 per cent fall.
Light crude is trading $1.05 lower at US$76.82 a barrel.
One Australian dollar is buying 66.75 US cents.
