by Peter Milios
After a significant increase in the US market, Australia’s stock market managed to break a five-day losing streak. The S&P/ASX 200 index closed with a 0.23 per cent gain at 7309.2 points, with light trading volume. Although six out of eleven sectors saw gains, the overall increase was not as substantial as the initial broad-based rise at the beginning of the day. Major banks experienced early gains of 0.3-1 per cent, they gave up much of their gains later in the day.
Futures
The Dow Jones futures are pointing to a fall of 37 points.
The S&P 500 futures are pointing to a fall of 4.25 points.
The Nasdaq futures are pointing to a fall of 16 points.
Best and worst performers
The best-performing sector is REITs, up 1.14 per cent. The worst-performing sector is Health Care, down 0.97 per cent.
The best-performing large cap is Meridian Energy (ASX:MEZ), closing 7.61 per cent higher at $5.09. It is followed by shares in Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE).
The worst-performing large cap is Ampol (ASX:ALD), closing 3.54 per cent lower at $29.93. It is followed by shares in Northern Star Resources (ASX:NST) and Cleanaway Waste Management (ASX:CWY).
Asian markets
Japan’s Nikkei has gained 1.40 per cent.
Hong Kong’s Hang Seng has gained 0.38 per cent.
China’s Shanghai Composite has gained 0.91 per cent.
Company news
Sunstone Metals (ASX:STM) has announced that their drilling has intersected a porphyry copper system in a large magnetic complex in their El Palmar deposit in Ecuador. Managing Director Malcolm Norris said: ““It is in this third environment on the margin of the T3 magnetic complex that an extensive porphyry system is now being intersected.” Shares closed 2.9 per cent higher at 3.5 cents.
iTech Minerals (ASX:ITM) has announced graphite mineralisation intersected at their Sugarloaf Graphite Prospect in South Australia. In response, MD Mike Schwarz commented “A strike rate of 15 out of 17 drill holes hitting significant mineralisation, over 2.3 km, is a significant indicator for the scale potential of the project and will allow metallurgical test work to get underway.” Shares closed 8 per cent higher at 27 cents.
Platina Resources (ASX:PGM) has announced that they will sell their Platina Scandium Project for up to US$14 million with a wholly owned subsidiary of Rio Tinto. Platina Managing Director, Mr Corey Nolan, “The transaction with Rio Tinto is congruent with Platina’s strategy of advancing projects along the value chain and monetising when a new combination of technical, market or financial capability is required.” Shares closed flat at 2.6 cents.
Commodities and the dollar
Gold is trading at US$1994.40 an ounce.
Iron ore is 1.5 per cent lower at US$106.05 a tonne.
Iron ore futures are pointing to a 1.1 per cent fall.
Light crude is trading $0.39 higher at US$75.15 a barrel.
One Australian dollar is buying 66.11 US cents.
