by Peter Milios
At the closing bell, the S&P/ASX 200 was 0.74 per cent or 53.2002 points higher at 7,273.20.
Australian shares experienced their most significant increase in four weeks following a surge in the US market due to short covering in banks. This occurred despite a rise in bond yields caused by stronger-than-expected US jobs data, which reduced expectations of a rate cut in the US.
After peaking at 7292.4 earlier in the day, the index temporarily declined to 7253.8, but ultimately recorded a solid rise. This was primarily attributed to a 1.9 per cent surge in the S&P 500. Among the sectors, ten out of eleven experienced increases, with energy, materials, technology and financials leading the gains.
Futures
The Dow Jones futures are pointing to a fall of 12 points.
The S&P 500 futures are pointing to a fall of 2 points.
The Nasdaq futures are flat.
The SPI futures are pointing to a rise of 52 points when the market next opens.
Best and worst performers
The best-performing sector was Energy, up 2.48 per cent. The worst-performing sector was Consumer Staples, down 0.87 per cent.
The best-performing large cap was Lynas Rare Earths (ASX:LYC), closing 12.01 per cent higher at $7.37. It was followed by shares in Pilbara Minerals (ASX:PLS) and Whitehaven Coal (ASX:WHC).
The worst-performing large cap was Macquarie Group (ASX:MQG), closing 2.17 per cent lower at $173.50. It was followed by shares in ALS (ASX:ALQ) and Treasury Wine Estates (ASX:TWE).
Asian markets
Japan’s Nikkei has lost 0.71 per cent.
Hong Kong’s Hang Seng has gained 0.82 per cent.
China’s Shanghai Composite has gained 2.25 per cent.
Company news
Adelong Gold (ASX:ADG) announced that drilling at their Gibraltar deposit in NSW confirms wide zones of mineralisation and multiple intersections. MD Peter Mitchell commented: “The Perkin’s West deposit represents a major mineralised system with over 90 per cent of the 660 metres of samples drilled during the March program, carrying gold values.” Shares closed 4.55 per cent higher at 1.2 cents.
After presenting at the Macquarie Australia Conference last week, Lynas Rare Earths (ASX: LYC, OTC:LYSDY) announces that its wholly owned subsidiary Lynas Malaysia has been advised that its licence to import and process lanthanide concentrate is now valid until 1 January 2024. This allows the Lynas Malaysia cracking and leaching plant to continue to operate. Shares closed 12 per cent higher at $7.37.
Siren Gold (ASX:SNG) announces that their First hole at Auld Creek in NZ intersects 20.8 metres of gold at 12 grams per tonne. In response, Executive Chairman Brian Rodan commented, “Drilling is continuing, with updated results to be provided to the market over the coming weeks.” Shares closed 5 per cent higher at 10.5 cents.
Commodities and the dollar
Gold is trading at US$2,028.50 an ounce.
Iron ore is 0.4 per cent lower at US$103.65 a tonne.
Iron ore futures are pointing to a 3.56 per cent fall.
Light crude is trading $0.52 higher at US$71.86 a barrel.
One Australian dollar is buying 67.87 US cents.
