TMH Market Update: ASX200 slides as US Fed hints at further rate rise

We’re coming to you from Day Two of the Critical Minerals and Energy Investment Conference in Perth. 

The ASX200 has dipped further than expected so far today to be down close to 1.5 per cent every sector has fallen into the red.

The financial sector has dropped the most – nearly two per cent – after the US Federal Reserve hinted at another interest rate rise later this year. 

In line with that, Australia’s “big four” banks are all down around two per cent.

Transurban Group (TCL) is down more than three per cent after the ACCC blocked plans for the acquisition of a majority stake in Melbourne’s East Link Toll Road operator Horizon Roads.  

The ACCC deemed it would reduce competition as Transurban already operates the CityLink and is building the West Gate Tunnel toll road, also in Melbourne. Transurban has been trading around $12.70.

Vulcan Energy Resources (VUL) has a new operating license for expansion into Frankfurt (CoF) in Germany.

The company’s been granted a geothermal and lithium brine exploration licence in a region where there are potential industrial customers, including Frankfurt airport, needing energy and heating solutions. 

The company is already working towards commissioning of its Central Lithium Electrolysis Optimisation Plant in the Hochst Chemical Plant. VUL has been trading at $3.

Assay results for Dreadnought Resources (DRE) confirmed high-grade nickel-copper-cobalt-PGE sulphide mineralisation within the Mangaroon project in Western Australia. 

The company completed a reverse circulation (RC) drilling campaign at its Bookathanna North and Money Intrusion targets, with visual sulphides along a 400-metre strike. D

Dreadnought is now embarking on a comprehensive reassessment of its understanding of the Money Intrusion target. Further assay and downhole electromagnetic results are expected next month. DRE has been trading at 5.4 cents.

And gold explorer Torque Metals (TOR) has start diamond drilling at the New Dawn lithium project in the eastern goldfields of Western Australia. 

The campaign will include 22 diamond drill holes – each drilled to about 100 meters depth –in the hunt for lithium and tantalum. Previous rock chip samples revealed lithium grades as high as six per cent lithium oxides. TOR has been trading at 33 cents.