by Peter Milios
The Australian sharemarket ended its three-week losing streak with a small gain on Friday. The S&P/ASX 200 index closed at 7256.70 points, up by nearly 0.1 per cent. Health and tech stocks offset losses in the materials sector, contributing to the market’s positive performance.
Gold miners, including Regis Resources (ASX:RRL), Evolution Mining (ASX:EVN), and De Grey (ASX:DEG), were the biggest losers as bullion prices eased due to concerns about banking issues and weaker US economic data. Newcrest Mining (ASX:NCM) dropped 2.2 per cent as it extended the timeline for Newmont to complete its due diligence before submitting a binding offer.
QBE Insurance Group (ASX:QBE) reported a 3.6 per cent decrease in its share price, closing at $14.61, as it highlighted elevated catastrophe activity and a double-digit increase in gross written premium. The materials sector experienced a 1 per cent loss, mainly influenced by iron ore’s relief rally. BHP (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue Metals Group (ASX:FMG) saw declines of 1.2 per cent, 1 per cent, and 0.6 per cent respectively.
Lake Resources (ASX:LKE) witnessed a significant surge of 13 per cent to 65c, benefiting from positive sentiment in the lithium sector following Allkem’s planned $US10bn merger with Livent and increasing prices in the battery-making material. GrainCorp (ASX:GNC) rallied by 5.9 per cent after upgrading its earnings expectations for the financial year.
Futures
The Dow Jones futures are pointing to a rise of 40 points.
The S&P 500 futures are pointing to a rise of 8 points.
The Nasdaq futures are pointing to a rise of 30.25 points.
The SPI futures are pointing to a rise of 5 points when the market next opens.
Best and worst performers
The best-performing sector was Health Care, up 1.23 per cent. The worst-performing sector was Materials, down 0.97 per cent.
The best-performing large cap was IDP Education (ASX:IEL), closing 2.33 per cent higher at $27.64. It was followed by shares in Pro Medicus (ASX:PME) and carsales.com (ASX:CAR).
The worst-performing large cap was QBE Insurance Group (ASX:QBE), closing 3.63 per cent lower at $14.61. It was followed by shares in Mercury NZ (ASX:MCY) and Evolution Mining (ASX:EVN).
Asian markets
Japan’s Nikkei has gained 0.90 per cent.
Hong Kong’s Hang Seng has lost 0.71 per cent.
China’s Shanghai Composite has gained 0.18 per cent.
Company news
Encounter Resources (ASX:ENR) announced that their West Arunta gravity survey reveals extraordinary new targets for copper, gold and rare earths. MD Will Robinson said: “the survey provided important geological context, key structural information and high-quality new targets.” Shares closed 19.1 per cent higher at 25 cents.
Bowen Coking Coal (ASX:BCB) announced that the Department of Climate Change, Energy, the Environment and Water intends to approve a Proposed Action, which will enable a Mining Lease to be granted upon finalisation of land access agreements for the Isaac River project. Nick Jorss, BCB Executive Chairman said, “As the Bowen Basin’s newest independent coal producer, we’re here to meet the growing demand for energy and steelmaking coal.” Shares closed 8.54 per cent higher at 22 cents.
Lithium Energy (ASX:LEL) announced massive intersections of lithium brine continue at their Solaroz project in the famous ‘lithium triangle’ region of South America. William Johnson, Executive Chairman: “Further assay results [show] potential for the intersections to therefore increase even further in each hole.” Shares are trading 10.3 per cent higher at 96 cents.
Commodities and the dollar
Gold is trading at US$2,014.40 an ounce.
Iron ore IS 4.3 per cent lower at US$102.85 a tonne.
Iron ore futures are pointing to a 1.3 per cent fall.
Light crude is trading $0.33 lower at US$70.54 a barrel.
One Australian dollar is buying 66.93 US cents.
