ASX closes down 0.32% to its lowest point in two weeks

By Finance News Network | More Articles by Finance News Network

by Peter Milios

 

At the closing bell, the S&P/ASX 200 was 0.32 per cent lower at 7,292.70.

The market experienced broad losses due to concerns over a possible recession and issues with US lender First Republic Bank.

The major banks were down less than 1 per cent, while regional lenders, such as Bank of Queensland (ASX:BOQ) and Suncorp (ASX:SUN), suffered more significant losses. This was the fifth consecutive session of losses for the market.

Gold mining companies saw a positive day as the price of gold reached $US2,000. Evolution Mining (ASX:EVN) experienced a 1.1 per cent increase, St Barbara (ASX:SBM) saw a jump of 2.5 per cent, and Regis Resources (ASX:RRL) rallied by 1.9 per cent.

Futures

The Dow Jones futures are pointing to a rise of 49 points.
The S&P 500 futures are pointing to a rise of 15.25 points.
The Nasdaq futures are pointing to a rise of 100.50 points.

Best and worst performers

The best-performing sector was Utilities, up 0.24 per cent. The worst-performing sector was Consumer Discretionary, down 0.84 per cent.

The best-performing large cap was Mercury NZ (ASX:MCY), closing 5.00 per cent higher at $5.88. It was followed by shares in Allkem (ASX:AKE) and Whitehaven Coal (ASX:WHC).

The worst-performing large cap was Lynas Rare Earths (ASX:LYC), closing 2.55 per cent lower at $6.49. It was followed by shares in ALS (ASX:ALQ) and Steadfast Group (ASX:SDF).

Asian markets

Japan’s Nikkei has gained 0.15 per cent.
Hong Kong’s Hang Seng has gained 0.33 per cent.
China’s Shanghai Composite has gained 0.47 per cent.

Company news

Blackmores (ASX: BKL) announced that it has entered into a Scheme Implementation Deed with Kirin Holdings Company for 100 per cent of Blackmores for $95.00 per Blackmores share. Blackmores Board Unanimously Recommends, whilst the Largest Shareholder is in favour. CEO and Managing Director, Alastair Symington, said: The Kirin proposal recognises the strong leadership position that Blackmores, through its brands and people, has established in the natural health sector across the Asia Pacific region over our long history.” Shares closed 22.8 per cent higher at $94.30.

Omega Oil & Gas (ASX:OMA) has confirmed a gas discovery at their Canyon-2 well in Queensland. In response, Managing Director Lauren Bennett commented: ”The Omega team has executed its plan for the Canyon-2 well effectively and safely, ahead of schedule and under the pre-drill budget.” Shares closed 17.8 per cent higher at 26.5 cents.

Linius Technologies (ASX:LNU) announced a new agreement to provide its sports solution, Whizzard, to IMG’s digital archive platform, IMG Replay. Chief Executive Officer (CEO), James Brennan, said “This is a significant validation of the power of our Linius Video Services (LVS) platform and the value unlocked by our Whizzard product for one of the world’s largest sports and media companies.” Shares closed flat at 0.3 cents.

Commodities and the dollar

Gold is trading at US$2,008.80 an ounce.
Iron ore is 3.2 per cent higher at US$107.65 a tonne.
Iron ore futures are pointing to a 1.47 per cent rise.
Light crude is trading $0.30 higher at US$74.60 a barrel.
One Australian dollar is buying 66.30 US cents.

About Finance News Network

Established in 2006, the Finance News Network is one of Australia's largest providers of online business and finance news. Our news is distributed across some of Australia’s most prominent investment platforms. The network connects investors with investment opportunities, the latest ASX news, CEO and fund manager interviews and investor webinars. Keep your finger on the pulse and stay abreast of markets. Tune in to FNN. FNN is a subsidary of Sequoia Financial Group

View more articles by Finance News Network →