Market Update: ASX miners raise their glasses to toast copper

The ASX200 has been trading up 0.65 per cent, performing a little better than futures predicted.

The materials sector is up nearly 2 per cent, and energy hasn’t been far behind. Rio Tinto (ASX:RIO), Fortescue (ASX:FMG), and BHP Group (ASX:BHP) have all been up around 2 per cent as copper prices soared above US$5 a pound overnight, and as iron ore prices also recovered in Singapore. 

The poorest performer on market has been real estate – down .80%.

Meanwhile, in other news, Iranian President Ebrahim Raisi is presumed dead in the wake of a helicopter crash in mountainous terrain in East Azerbaijan.

The helicopter, also carrying Iran’s foreign minister, was travelling through thick fog when the accident happened.

The 63 year-old had been President since 2021.

In company news

The Star Entertainment Group (ASX:SGR) has been up 20 per cent on news it’s received interest from a number of external parties interested in making a takeover bid.

The Star confirmed the Pacific arm of Hard Rock Hotels and Resorts is among one consortium of investors looking at the opportunity. However the Star says there are no formal discussions underway.

SGR has been trading at 54 cents.

Telix Pharmaceuticals (ASX:TLX) is up more than 1.5% after announcing its intentions to list on the Nasdaq.

Morgan Stanley and Jefferies are among the firms acting as managers for the IPO process, signifying a high level of confidence from Telix it intends to go forward with the plan.

TLX has been trading at $15.

Agribusiness icon Elders (ASX:ELD) has gained 2 and a half per cent despite posting weaker than expected half year results for the 6 months to the end of March.

Earnings before interest and tax were down 54% on the previous corresponding period, and its underlying profit after tax dropped 72%.

The company cites challenging conditions, cautious client sentiment, lower livestock prices as well as crop input costs. It’s paying a 50% franked, 18-cent dividend.

ELD has been trading at $8.42.

And Raiden Resources (ASX:RDN) has added nearly 2 per cent as it finalises drilling plans across all its Andover permits in the Pilbara.

It’s confirmed it has imminent plans for aircore drilling after receiving its final heritage survey report for Andover North prospects.

Raiden will appoint a drilling contractor in the weeks ahead – it’s been trading at 5.3 cents.

RDN has been trading at 5.3 cents.