by Peter Milios
Following the Reserve Bank’s decision to raise the cash rate to 3.85 per cent, the S&P/ASX 200 closed 0.92 per cent lower at 7,267.40, with losses exceeding 1 per cent across most sectors. Specifically, the real estate, energy, and industrial sectors were the hardest hit.
Futures
The Dow Jones futures are pointing to a fall of 13 points.
The S&P 500 futures are pointing to a fall of 0.75 points.
The Nasdaq futures are pointing to a fall of 1.5 points.
The SPI futures are pointing to a fall of 66 points when the market next opens.
Best and worst performers
The best-performing sector was Information Technology, up 0.02 per cent. The worst-performing sector was REITs, down 2.23 per cent.
The best-performing large cap was Cleanaway Waste Management (ASX:CWY), closing 5.79 per cent higher at $2.56. It was followed by shares in Mercury NZ (ASX:MCY) and WiseTech Global (ASX:WTC).
The worst-performing large cap was Computershare (ASX:CPU), closing 4.79 per cent lower at $21.45. It was followed by shares in Infratil (ASX:IFT) and Endeavour Group (ASX:EDV).
Asian markets
Japan’s Nikkei has gained 0.12 per cent.
Hong Kong’s Hang Seng has gained 0.29 per cent.
Company news
MGC Pharmaceuticals (ASX:MXC) announced that their Malta production facility has been granted formal EU-Good Manufacturing Practice (GMP) certification. In response, Roby Zomer, Managing Director and CEO commented, “[this] further enhances the MGC production capabilities for its future expansion, guaranteeing its ability to supply large volumes of its products to its customers and distribution partners.” Shares closed 12.5 per cent higher at 0.9 cents.
Vitura Health (ASX:VIT) and Canadian-based PharmAla Biotech (CSE:MDMA) have established a 50:50 joint venture, called Cortexa, which aims to become the leading supplier of psychedelics for research and therapeutic use in Australia. In announcing the Joint Venture, Vitura CEO, Rodney Cocks, said: “Vitura is proud that one of the world’s leading players in the Psychedelic space has joined forces with us with the objective to establish Cortexa as the leading MDMA and Psilocybin supplier in the Australian market.” Shares closed 4.05 per cent higher at 38.5 cents.
Labyrinth Resources (ASX:LRL) announced very highgrade assays from its first drilling program at its 51 per cent owned Comet Vale gold project in WA. Labyrinth Chief Executive Matt Nixon said: “The mineralisation is open in all directions and we are very eager to test for down dip extensions in the next round of drilling.” Shares closed flat at 1.2 cents.
Commodities and the dollar
Gold is trading at US$1,993.20 an ounce.
Light crude is trading $0.15 lower at US$75.51 a barrel.
One Australian dollar is buying 67.10 US cents.
