by Peter Milios
The S&P/ASX 200 fell 0.12 per cent to 7255.7 on Wednesday, weighed down by losses across the financials sector. National Australia Bank (ASX:NAB) dropped 4 per cent to $26.26 and Bank of Queensland (ASX:BOQ) fell 4.2 per cent to $5.66. Both stocks traded ex-dividend today. Appen (ASX:APX) plunged 28.2 per cent to $2.29 after warning that it expects revenue to decline materially in FY23 compared to FY22. CSR (ASX:CSR) dropped 2.6 per cent to $5.33 following its full-year result. Mayne Pharma (ASX:MYX) fell 9 per cent to $3.74 after announcing a share buyback. Redbubble (ASX:RBL) closed flat at 41.5¢ after announcing further cost-reduction measures to accelerate its return to cash flow positive.
Futures
The Dow Jones futures are pointing to a rise of 26 points.
The S&P 500 futures are pointing to a rise of 5 points.
The Nasdaq futures are pointing to a rise of 10 points.
The SPI futures are pointing to a rise of 2 points when the market next opens.
Best and worst performers
The best-performing sector was Health Care, up 0.96 per cent. The worst-performing sector was Financials, down 0.54 per cent.
The best-performing large cap was Meridian Energy (ASX:MEZ), closing 3.38 per cent higher at $5.20. It was followed by shares in Lynas Rare Earths (ASX:LYC) and Infratil (ASX:IFT).
The worst-performing large cap was BlueScope Steel (ASX:BSL), closing 3.31 per cent lower at $19.55. It was followed by shares in Pilbara Minerals (ASX:PLS) and Treasury Wine Estates (ASX:TWE).
Asian markets
Japan’s Nikkei has lost 0.41 per cent.
Hong Kong’s Hang Seng has lost 0.50 per cent.
China’s Shanghai Composite has lost 0.63 per cent.
Company news
Ioneer (ASX:INR) has entered an offtake agreement to supply lithium carbonate to Dragonfly Energy. Bernard Rowe, MD and CEO at Ioneer, commented, “As the world’s demand for lithium in electric vehicle and energy storage increases, the need to secure a reliable, sustainable, and domestic source of lithium is critical.” Shares closed 9.86 per cent higher at 39 cents.
In similar news, Magnum Mining & Exploration (ASX:MGU) announced that it has entered into a MOU with Mitsubishi Corporation to supply ore and iron concentrates. Mr Neil Goodman, CEO of Magnum stated, “This MOU gives the Buena Vista Green Iron Project a sound basis for moving forward to a Feasibility Study.” Shares closed 41.2 per cent higher at 2.4 cents.
Asra Minerals (ASX:ASR) has entered into an option agreement to triple its exploration portfolio in the Leonora region of Western Australia. Asra’s Executive Chairman, Paul Summers commented: “[The area is in a] tenement located adjacent to where Genesis Minerals (ASX:GMD) is leading a resurgence in gold projects to our east, and Delta Lithium (ASX: DLI) and Marquee Resources (ASX: MQR) are finding Rare Earths, to our west.” Shares closed flat at 1.1 cents.
Evergreen Lithium (ASX:EG1) announced that lithium pegmatite targets have been identified at their Kenny Project in WA. Chairman, Simon Lill commented: “After a successful IPO listing based primarily on the company’s flagship Bynoe Project, it is extremely pleasing to remind the market that we have other quality projects.” Shares closed 1.3 per cent higher at 39 cents.
Commodities and the dollar
Gold is trading at US$2,036.50 an ounce.
Iron ore is 3.6 per cent lower at US$106.00 a tonne.
Iron ore futures are pointing to a 0.4 per cent fall.
Light crude is trading $0.50 lower at US$73.21 a barrel.
One Australian dollar is buying 67.64 US cents.
