by Peter Milios
Australian shares rose 0.3 per cent to close at their highest since April, boosted by real estate and miners.
Coal miners are mixed as UBS reports that thermal coal prices have peaked and will continue to decline due to warmer weather in Europe and increased use of nuclear and renewable energy sources. Whitehaven Coal (ASX:WHC) shares fell 0.7 per cent while Yancoal (ASX:YAL) fell 0.9 per cent, and Coronado Global Resources (ASX:CRN) gained 1.2 per cent. New Hope (ASX:NHC) increased 0.3 per cent after appointing a new independent director.
And Goldman Sachs listed ASX companies that are most likely to surprise with positive or negative results, including earnings beats or misses, guidance surprises, or capital management. Companies with potential for positive surprises include QBE (ASX:QBE), Qantas (ASX:QAN), Temple & Webster (ASX:TPW), and others. Companies with potential for negative surprises include Sonic Healthcare (ASX:SHL), Coles (ASX:COL), A2 Milk (ASX:A2M), and others.
Futures
The Dow Jones futures are pointing to a fall of 77 points.
The S&P 500 futures are pointing to a fall of 11.5 points.
The Nasdaq futures are pointing to a fall of 49 points.
The SPI futures are pointing to a rise of 10 points when the market next opens.
Best and worst performers
The best-performing sector was REITs, up 1.46 per cent. The worst-performing sector was Energy, down 1.16 per cent.
The best-performing large cap was James Hardie Industries (ASX:JHX), closing 4.29 per cent higher at $32.80. It was followed by shares in The Lottery Corporation (ASX:TLC) and Lynas Rare Earths (ASX:LYC).
The worst-performing large cap was REA Group (ASX:REA), closing 3.26 per cent lower at $121.53. It was followed by shares in Infratil (ASX:IFT) and EBOS Group (ASX:EBO).
Asian news
Japan’s Nikkei has gained 0.09 per cent.
Hong Kong’s Hang Seng has gained 0.26 per cent.
China’s Shanghai Composite has gained 1.67 per cent.
Company news
Parabellum Resources (ASX:PBL) has announced that their assay results demonstrate strong rare earth oxide mineralization. In response, Chairman Mark Hohnen commented: “We continued to be very impressed with the progress that has been achieved at Khotgor over the past 12 months with the metallurgical testwork, resource modelling, engineering studies and pilot plant construction.” Shares closed 2.02 per cent at higher 50.5 cents
AML3D (ASX:AL3) enters the US defence industry with large scale sale of their manufacturing metal 3D printing system to support the US Navy. AML3D CEO Ryan Millar said, “This sale is a significant opportunity for AML3D, as it is part of a long-term strategic partnership with the US Navy helping them scale up submarine production with advanced additive manufacturing technology.” Shares closed 27.1 per cent higher at 8.9 cents.
Antisense Therapeutics (ASX:ANP) has announced positive outcomes in DMD combination therapy animal study. In response, Dr George Tachas, Director of Drug Discovery and Patents at Antisense Therapeutics said “The encouraging effects observed in our study of the combination treatment on the EDL muscle function suggest the potential for the combination treatment to show benefit beyond monotherapy is on the right track.” Shares closed 7.3 per cent higher at 8.8 cents.
Trigg Minerals (ASX:TMG) has announced positive results from the 2022 resource definition drilling at Lake Throssell have confirmed the consistency and robustness of the deposit’s Sulphate of Potash (SOP) Resource. The results from brine assays and borehole magnetic resonance geophysical logging showed average potassium grades of 4,549 mg/L and sand zones of the Basal Aquifer measuring specific yield of 0.2 to 0.22, respectively. The results will contribute to an upgraded Mineral Resource Estimate targeted for later this month. Shares closed 2.78 per cent higher at 3.7 cents.
Argent Minerals (ASX:ARD) has completed the first helicopter-borne rock chip reconnaissance survey over the Mt Palgrave Prospect in Western Australia. The exploration program, which started in November 2022, assessed the logistics for upcoming extensive ground exploration-based programs. The Mt Palgrave Copper Prospect has historical rock chip samples with copper assays ranging from 1.12 per cent to 14.2 per cent, and the copper mineralization has been found in the Discovery Formation Siltstone within bedding planes, fractures, and the matrix. Shares closed flat at 1.6 cents.
Lepidico (ASX:LPD) announced that it has entered into a binding sulphuric acid supply agreement with Interacid Trading S.A. (“Interacid”) for the supply of sulphuric acid for the Company’s planned Phase 1 Project. Interacid is a 100 per cent subsidiary of Sumitomo Corporation and has provided marketing, logistics and terminal services for sulphuric acid for nearly 50 years. Under the agreement Interacid will supply the Company’s high specification sulphuric acid for an initial period of three years. Managing Director Joe Walsh said, “Sulphuric acid is the largest single consumable for Phase 1 and a key reagent in the L-Max® process.” Shares closed flat at 1.5 cents.
Commodities and the dollar
Gold is trading at US$1,941.70 an ounce.
Iron ore is 0.7 per cent lower at US$128.95 a tonne.
Iron ore futures are pointing to a 0.4 per cent fall.
Light crude is trading $0.34 higher at US$79.21 a barrel.
One Australian dollar is buying 70.70 US cents.
