On Tuesday, the sharemarket rebounded, driven by gains in the energy and mining sectors due to a recovery in commodity prices. Investors remained focused on the upcoming release of US inflation data to gain insights into the future trajectory of interest rates, despite a drop in consumer sentiment and declining future confidence in economic conditions as indicated by Westpac-Melbourne Institute and NAB surveys, respectively.
At the closing bell, the S&P/ASX 200 was 0.83 per cent higher at 7,006.70.
The Dow Jones futures are pointing to a fall of 10 points.
The S&P 500 futures are pointing to a rise/ fall of 1.25 points.
The Nasdaq futures are pointing to a rise of 20.5 points.
The SPI futures are up 62 points.
Best and worst performers
The best-performing sector was Energy, up 2.54 per cent. The worst-performing sector was Utilities, down 1.11 per cent.
The best-performing large cap was ALS (ASX:ALQ), closing 8.52 per cent higher at $11.59. It was followed by shares in Worley (ASX:WOR) and South32 (ASX:S32).
The worst-performing large cap was Mercury NZ (ASX:MCY), closing 3.88 per cent lower at $5.45. It was followed by shares in National Australia Bank (ASX:NAB) and Origin Energy (ASX:ORG).
Japan’s Nikkei has gained 0.52 per cent.
Hong Kong’s Hang Seng has lost 0.26 per cent.
China’s Shanghai Composite has lost 0.22 per cent.
Altech Batteries (ASX: ATC and FRA: A3Y) announced that their Definitive Feasibility Study (DFS) has managed to expand the project’s output by eightfold, increasing the capacity from 15 gigawatt-hours (GWh) to 120 GWh, with no change to plant and equipment. The plant will now focus on solely producing alumina-coated metallurgical silicon product at a rate of 8,000tpa. Shares closed 8.97 per cent higher at 7.9 cents.
Si6 Metals (ASX:Si6) announced assay results from the first two holes drilled at the high-grade Cu-Ag Dibete Project in Botswana. In response, Managing Director, Jim Malone commented, “these results expand the high-grade Dibete Cu-Ag discovery and have confirmed the potentially economic tenor of Cu sulphides related to geophysical anomalies.” Shares closed 14.3 per cent lower at 0.6 cents.
True North Copper (ASX:TNC) announced further phenomenal copper assay results from the Mt Oxide project in Queensland. Results continue to confirm the project hosts a large-scale, copper-cobalt-silver system with multiple, wide highgrade Cu-Co steeply dipping shoots and lenses. Shares closed 3.33 per cent higher at 15.5 cents.
Commodities and the dollar
Gold is trading at US$1,947.80 an ounce.
Light crude is trading $0.27 higher at US$78.53 a barrel.
One Australian dollar is buying 63.64 US cents.