by Peter Milios
At the closing bell, the S&P/ASX 200 was 0.35 per cent higher at 7,334.60, as investors await the Reserve Bank’s decision on the official cash rate.
On Wall Street, attention is on the possible seizure and sale of First Republic Bank, with JPMorgan and PNC among the bidders, which is causing concern for banking health.
Futures
The Dow Jones futures are pointing to a fall of 9 points.
The S&P 500 futures are pointing to a rise of 1.5 points.
The Nasdaq futures are pointing to a rise of 9.25 points.
The SPI futures are pointing to a rise of 23 points when the market next opens.
Best and worst performers
The best-performing sector was Utilities, up 1.26 per cent. The worst-performing sector was Information Technology, down 1.36 per cent.
The best-performing large cap was ResMed (ASX:RMD), closing 6.59 per cent higher at $35.93. It was followed by shares in AGL Energy (ASX:AGL) and Whitehaven Coal (ASX:WHC).
The worst-performing large cap was Pilbara Minerals (ASX:PLS), closing 3.3 per cent lower at $4.10. It was followed by shares in WiseTech Global (ASX:WTC) and Allkem (ASX:AKE).
Asian markets
Japan’s Nikkei has gained 0.97 per cent.
Hong Kong’s Hang Seng has gained 0.27 per cent.
China’s Shanghai Composite has gained 0.69 per cent.
Company news
Evolution Energy (ASX:EV1) has announced that drilling has confirmed a new discovery of high-grade graphite mineralisation at their Chilalo project in Tanzania. Evolution’s Managing Director, Phil Hoskins, commented: “These results clearly demonstrate the scope to materially grow the Chilalo mineral resource and thereby potentially enable a production expansion, extension to mine life and reduction in mining costs.” Shares closed 3.85 per cent lower 25 cents.
Meteoric Resources (ASX:MEI) has announced that their Maiden Mineral Resource revealed their Caldeira REE Project in Brazil as the world’s highest grade ionic adsorption clay REE deposit. Chief Executive Officer, Nick Holthouse added: “the work rate now will start to build and the focus will be assembling the right team to take the Caldeira REE Project forward.” Shares closed 11.4 per cent lower at 15.5 cents.
Alliance Nickel (ASX:AXN) executes Binding Offtake Agreement and Cornerstone Equity Investment with Stellantis N.V. Alliance Managing Director and CEO, Mr. Paul Kopejtka said, “It validates our development strategy for the NiWest Nickel-Cobalt Project and opens critical new funding options by securing a premier Tier 1 cornerstone customer and investor.” Shares closed 26.3 per cent higher at 12 cents.
Commodities and the dollar
Gold is trading at US$1,989.20 an ounce.
Iron ore is 0.4 per cent higher at US$106.50 a tonne.
Iron ore futures are pointing to a 0.9 per cent fall.
Light crude is trading $0.74 lower at US$76.03 a barrel.
One Australian dollar is buying 66.39 US cents.
