by Peter Milios
At the closing bell, the S&P/ASX 200 was 0.29 per cent lower at 7,360.20, primarily due to a 1.9 per cent decline in the energy sector, with Woodside (ASX:WDS) and Santos (ASX:STO) both down. Macquarie (ASX:MQG) had warned of potential negative effects from proposed tax changes by the Labor government.
However, the utilities sector rose 0.7 per cent, led by APA Group (ASX:APA), which gained 1.6 per cent.
In small caps, Telix Pharmaceuticals (ASX:TLX) surged 12.7 per cent on a trading update, while Neuren (ASX:NEU) climbed 5.6 per cent to a record high of $14.20 on a sales update. Core Lithium (ASX:CXO) also increased by 6.5 per cent to 98.5 cents on a production update.
Futures
The Dow Jones futures are pointing to a rise of 11 points.
The S&P 500 futures are pointing to a rise of 0.5 points.
The Nasdaq futures are pointing to a fall of 6.25 points.
The SPI futures are pointing to a fall of 23 points when the market next opens.
Best and worst performers
The best-performing sector was Utilities, up 0.67 per cent. The worst-performing sector was Energy, down 1.87 per cent.
The best-performing large cap was Pilbara Minerals (ASX:PLS), closing 4.21 per cent higher at $3.96. It was followed by shares in Allkem (ASX:AKE) and IGO (ASX:IGO).
The worst-performing large cap was ASX (ASX:ASX), closing 2.49 per cent lower at $68.54. It was followed by shares in Woodside Energy Group (ASX:WDS) and Ampol (ASX:ALD).
Asian markets
Japan’s Nikkei has gained 0.51 per cent.
Hong Kong’s Hang Seng has lost 0.72 per cent.
China’s Shanghai Composite has gained 0.28 per cent.
Company news
Larvotto Resources (ASX:LRV) announced bonanza grade results of total rare earth element oxide (TREO) results from recent aircore drilling at the company’s Merivale South Prospect in Western Australia. Managing Director, Mr Ron Heeks commented: “Today’s results are exceptionally high-grade intervals for ionic clay mineralisation and come from shallow depth.” Shares closed 81.5 per cent higher at 24.5 cents.
OD6 metals (ASX:OD6) announced bumper rare earth grades and extensive thicknesses at its Splinter Rock project in WA. Brett Hazelden, Managing Director, commented: “These exceptional drill results represent some of the highest rare earth grades, over some of the thickest intersections seen in an Australian clay hosted rare earth project.” Shares closed 40.7 per cent higher at 41.5 cents.
Magnetite Mines (ASX:MGT) has announced that they have signed a land access agreement enabling access to rail-side concentrate transfer location, supporting the stage 1 development and expansion case. MGT CEO Tim Dobson commented, “The planned infrastructure at the existing Hillgrange rail siding will be Razorbacks connection to global markets, enabling access to the national rail network for the delivery of our high-grade iron ore products to customers.” Shares closed 1.7 per cent higher at 59.5 cents.
Commodities and the dollar
Gold is trading at US$2,012.60 an ounce.
Light crude is trading $0.28 higher at US$81.11 a barrel.
One Australian dollar is buying 67.29 US cents.
