by Peter Milios
At the closing bell, the S&P/ASX 200 was 0.06 per cent lower at 7,193.10, mainly impacted by bank stocks due to the US regional bank sell-off affecting consumer sentiment. National Australia Bank (ASX:NAB) shares fell 6.4 per cent, Commonwealth Bank (ASX:CBA) stocks dropped 2.6 per cent, Westpac (ASX:WBC) shares fell 4.1 per cent, and ANZ (ASX:ANZ) declined 2.4 per cent. However, the materials sector was up as gold stocks rose, with Evolution Mining (ASX:EVN) surging by 7.2 per cent. Super Retail Group (ASX:SUL) shares fell 7.1 per cent.
Futures
The Dow Jones futures are pointing to a rise of 36 points.
The S&P 500 futures are pointing to a rise of 6.5 points.
The Nasdaq futures are pointing to a rise of 47.5 points.
The SPI futures are pointing to a fall of 11 points when the market next opens.
Best and worst performers
The best-performing sector was REITs, up 1.95 per cent. The worst-performing sector was Financials, down 2.52 per cent.
The best-performing large cap was Evolution Mining (ASX:EVN), closing 7.2 per cent higher at $3.87. It was followed by shares in Atlas Arteria (ASX:ALX) and AGL Energy (ASX:AGL).
The worst-performing large cap was National Australia Bank (ASX:NAB), closing 6.41 per cent lower at $26.72. It was followed by shares in Mineral Resources (ASX:MIN) and Westpac Banking Corporation (ASX:WBC).
Asian markets
Japan’s Nikkei has gained 0.12 per cent.
Hong Kong’s Hang Seng has gained 0.80 per cent.
China’s Shanghai Composite has lost 0.46 per cent.
Company news
Vulcan Energy Resources (ASX:VUL) announced the launch of an underwritten single tranche placement to sophisticated, experienced, professional and institutional investors to raise $109m. Proceeds from the Placement, together with existing cash, will be used to progress Vulcan’s integrated renewable energy and lithium project execution strategy. Shares are in a trading halt, last trading at $6.16.
Caspin Resources (ASX:CPN) announced a groundbreaking rare earth discovery, at their Mount Squires project in WA. CEO Greg Miles, commented “An important aspect of these results is that it highlights the potential for rare earth mineralisation throughout the project. We are barely past the start line on assessing this opportunity.” Shares closed 15.25 per cent higher at 34 cents.
Tyranna Resources (ASX:TYX) has signed an agreement with Sinomine Resource Group to secure funding and offtake for in excess of $31m. Joe Graziano, the Chairman of Tyranna commented, “the transaction will secure funding to complete an extensive exploration program at the Namibe Lithium Project which will assist in defining the scale and size of this project for the future development of potentially significant resources.” Shares closed 4 per cent higher at 2.6 cents.
Commodities and the dollar
Gold is trading at US$2,048.30 an ounce.
Light crude is trading $0.47 higher at US$69.07 a barrel.
One Australian dollar is buying 66.73 US cents.
