Lending Association

Information the only sector lagging: ASX closes 1.26% higher

At the closing bell, the S&P/ASX 200 was 1.26 per cent higher at 7,309.9. This growth was largely driven by gains in the materials sector. Several individual companies, including Newcrest (ASX:NCM), Evolution Mining (ASX:EVN), BHP (ASX:BHP), Arafura (ASX:ARU), and GQG Partners (ASX:AGQ), saw their stock prices rise due to positive news such as takeover offers, updated guidance, and successful acquisitions.


The Dow Jones futures are pointing to a rise of 53 points.
The S&P 500 futures are pointing to a rise of 6.25 points.
The Nasdaq futures are pointing to a rise of 8 points.
The SPI futures are pointing to a rise of 81 points when the market next opens.

Best and worst performers

The best-performing sector was Materials, up 2.24 per cent. The worst-performing sector was Information Technology, down 0.07 per cent.

The best-performing large cap was Newcrest Mining (ASX:NCM), closing 5.16 per cent higher at $29.74. It was followed by shares in Treasury Wine Estates (ASX:TWE) and Evolution Mining (ASX:EVN).

The worst-performing large cap was Infratil (ASX:IFT), closing 5.57 per cent lower at $8.30. It was followed by shares in Meridian Energy (ASX:MEZ) and Yancoal Australia (ASX:YAL).

Asian markets

Japan’s Nikkei has gained 1.05 per cent.
Hong Kong’s Hang Seng has gained 0.15 per cent.
China’s Shanghai Composite has lost 0.03 per cent.

Company news

Ionic Rare Earths (ASX:IXR) has received approval from the Ugandan Ministry of Energy and Mineral Development to commence activity at the Makuutu Rare Earths Project. In response, MD Tim Harrison commented, “The process of de-risking the operation and providing MREC samples is essential to the next stage of attracting supply chain partners and moving towards a Final Investment Decision.” Shares closed 4.4 per cent higher at 2.4 cents.

Continuing on the rare earth thematic, Arafura Rare Earths (ASX:ARU) has signed an offtake agreement with Siemens Gamesa Renewable Energy A/S over a five year term. In response, MD Gavin Lockyer said, “Siemens Gamesa is the world’s leading manufacturer of offshore wind turbines, and this agreement compliments our strategy to create supply diversification into the renewable & E-mobility sectors”. Shares closed 2.08 per cent higher at 49 cents.

Labyrinth Resources (ASX:LRL) announced the completion of the first stage of its growth strategy, in which they have updated their indicated and inferred mineral resource at their Comet Vale Gold Project in WA. In response, Chief Executive Matt Nixon said, “The underground resource grade of 7 grams per tonne shows the high-grade nature and genuine potential of this deposit in a world class gold belt.” Shares closed 36.4 per cent higher at 1.5 cents.

Commodities and the dollar

Gold is trading at US$2,015.40 an ounce.
Light crude is trading $0.84 higher at US$80.58 a barrel.
One Australian dollar is buying 66.80 US cents.