by Peter Milios
At midday, the S&P/ASX 200 is 1.04 per cent lower at 7,191.70, due to a drop in energy and financial stocks following a sell-off by US banks and a decrease in crude oil prices, which negatively impacted market sentiment.
In mining news, the Northern Territory’s chief minister, Natasha Fyles, has confirmed that an onshore gas industry in the Beetaloo Basin will proceed under a strengthened regulatory framework that will include traditional owners having a veto power over any project. This decision was made with an emphasis on not impacting Territorians. The move followed concerns raised by scientists in an open letter to end fracking in the region due to the potential impact on the environment.
The SPI futures are pointing to a fall of 92 points.
Best and worst performers
All sectors are in the red. The sector with the fewest losses is Communication Services, down 0.16 per cent. The worst-performing sector is Energy, down 2.21 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 4.6 per cent higher at $3.64. It is followed by shares in Northern Star Resources (ASX:NST) and Infratil (ASX:IFT).
The worst-performing large cap is Amcor (ASX:AMC), trading 9.04 per cent lower at $14.99. It is followed by shares in Ramsay Health Care (ASX:RHC) and IDP Education (ASX:IEL).
Asian news
Asia-Pacific markets largely fell Wednesday as investors look ahead to the US Federal Reserve’s policy decision overnight.
Most economists surveyed by Reuters said said they expect the Fed to hike rates by 25 basis points, with the remainder forecasting a pause.
Hong Kong’s Hang Seng index led losses in the region and tumbled 1.87 per cent, led by energy, industrials and healthcare stocks, while the Hang Seng Tech index slid 2.84 per cent.
South Korea’s Kospi dropped 0.65 per cent and the Kosdaq saw a smaller loss, falling 0.47 per cent. Markets in Japan and mainland China are closed for a holiday Wednesday.
Company news
GreenTech Metals (ASX:GRE) announced that drilling at the Austin prospect revealed a copper-dominant mineralised horizon with significantly increased thickness. In addition, Thomas Reddicliffe, Executive Director, commented: “The project also has the additional bonus of gold, cobalt and zinc which are key metals in high demand. Plans are underway for a wider drilling program to increase the resource”. Shares are trading 179 per cent higher at 19.5 cents.
Breaker Resources (ASX:BRB) announced that Ramelius Resources (ASX:RMS) has acquired a controlling interest in Breaker’s issued share capital. Benefits to Breaker shareholders who accepted Ramelius’ offer include becoming a shareholder of a Top 10 Australian domestic gold producer with two operating gold production hubs. Shares are trading 6.74 per cent higher at 48 cents.
OpenLearning (ASX:OLL) has launched AI-powered learning design tools for education providers. CEO Adam Brimo comments: “Building these tools using Azure OpenAI Service has allowed us to develop a truly innovative solution that will enable education providers to design high-quality courses faster and more efficiently.” Shares are trading 10 per cent higher at 3.3 cents.
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
One Australian dollar is buying 66.77 US cents.
