by Peter Milios
At the closing bell, the S&P/ASX 200 was 0.39 per cent higher at 7,283.60, supported by gains in mining and energy stocks, which were boosted by hopes of increased demand from China’s economic recovery. However, the index closed the week 0.3 per cent lower, marking the fourth consecutive weekly loss. Rio Tinto (ASX:RIO), BHP Group (ASX:BHP), and OZ Minerals (ASX:OZL) saw gains, while Fortescue (ASX:FMG) dropped. Downer EDI experienced an early decline due to the sudden resignation of its chairman, but ended the session unchanged. Qantas (ASX:QAN) initially rose but closed 0.3 per cent lower. NAB (ASX:NAB) and other major banks rallied, with NAB leading the pack.
Futures
The Dow Jones futures are pointing to a fall of 30 points.
The S&P 500 futures are pointing to a fall of 6 points.
The Nasdaq futures are pointing to a fall of 25 points.
The SPI futures are pointing to a rise of 37 points when the market next opens.
Best and worst performers
The best-performing sector was Communication Services, up 0.86 per cent. The worst-performing sector was REITs, down 0.27 per cent.
The best-performing large cap was EBOS Group (ASX:EBO), closing 4.88 per cent higher at $41.45. It was followed by shares in Pilbara Minerals (ASX:PLS) and Allkem (ASX:AKE).
The worst-performing large cap was Ampol (ASX:ALD), closing 5.77 per cent lower at $31.05. It was followed by shares in Evolution Mining (ASX:EVN) and Reece (ASX:REH).
Asian markets
Japan’s Nikkei has gained 1.53 per cent.
Hong Kong’s Hang Seng has gained 0.69 per cent.
China’s Shanghai Composite has gained 0.73 per cent.
Company news
Antilles Gold (ASX:AAU) has confirmed high grade copper at their El Pilar Oxide Deposit. Mr Brian Johnson, Executive Chairman of Antilles Gold, said that activities in Cuba were transitioning into two distinct arms – one will focus on developing a series of relatively small gold mines within the Minera La Victoria joint venture, and the other on exploring major copper targets. Shares closed 2.8 per cent lower at 3.5 cents.
Incannex (ASX:IHL) has announced that it has engaged Catalent to develop and manufacture a psilocybin drug product for clinical trials and potential commercial use.This aims to treat anxiety disorders. Incannex CEO and Managing Director Mr Joel Latham said; “Having our own source of pharmaceutical grade psilocybin not only allows our company to freely undertake clinical trials, it also creates and assists with a number of commercial opportunities.” Shares closed 7.7 per cent higher at 14 cents.
Australian Gold and Copper (ASX:AGC) has announced that high grade historic gold mines have been discovered at their South Cobar Project. AGC Managing Director, Glen Diemar said “We originally found these mine workings from satellite data and their proximity relative to the eastern Cobar Fault seemed incredibly important as many of the Cobar mines have similar positions. When we went there, we simply couldn’t believe the extent of the workings and the large amount of material excavated from these old mines. Shares closed 3.9 per cent higher at 5.4 cents.
Commodities and the dollar
Gold is trading at US$1,844.40 an ounce.
Light crude is trading $0.20 lower at US$77.96 a barrel.
One Australian dollar is buying 67.44 US cents.
