Daily ASX Market Close: Market ahead on low GDP lift | June 5, 2024

The ASX200 closed up 0.4% – thanks to a very small rise in Australia’s latest Gross Domestic Product data.

Quarterly GDP rose just 0.1%, which is the slowest pace of GDP growth in one-and-a-half-years. 

As far as the sectors went today, Telecommunications led, gaining around 2%. Materials felt some pain, shedding more than 1.1%  

In the Green

In that telecommunications sector, Seek (ASX:SEK) was one of the best performers, up nearly 5% on news it’s selling all of its Latin American assets.

It’s selling OCC Mexico and Brasil Online to Red Arbour Holding in a $127.7 million deal (US$85 million).

The disposals will result in a net loss after tax of up to $35 million dollars, however, the proceeds will reduce Seek’s debt position. 

Seek closed at $23.78.

The Calmer Co (ASX:CCO) jumped 116% on reporting its ecommerce sales are up 45 per cent to $16,000 a day. It reported 10 months of consecutive sales growth, including across its Coles supermarket lines.

The Calmer Co closed at 1.3 cents.

And radio pharmaceutical company, Cyclopharm’s (ASX:CYC) gained 21% on news its FDA-approved nuclear medicine diagnostic ventilation imaging agent Technegas will receive full and direct government reimbursement.

It’s been granted what’s called Pass-Through Status from CMS, the US government authority which sets healthcare rebate rates.

Cyclopharm closed at $1.69.

In the Red

BHP Group (ASX:BHP) shed a further 0.85% today, after both iron ore and copper prices turned down internationally last night. There’s more iron ore coming from South Africa and some analysts tip there could be a further negative price correction.

BHP closed at $43.90. It wasn’t alone amongst the commodity giants: Fortescue (ASX:FMG) also shed .8% and Rio Tinto (ASX:RIO) fell further – dropping about 1.5%.

Immutep (ASX:IMM) was down nearly 9% after announcing it’s raising over $100 million – mostly through an institutional placement raising $89.6 million at 38c a share.

It’ll open a retail entitlement to raise the remaining $10.6 million on Friday. The funds are to progress Phase III clinical trials for its lung cancer and Phase II breast cancer treatment.

Shares were holding up above the raise price though… closing at 41 cents.

And 5E Advanced Materials (ASX:5EA) dropped 2.2% on the resignation of its chief executive officer, Susan Brennan, who was in the position for 13-months.

The boron and lithium company is working in Southern California. Its CFO Paul Whyble (Weibel) will step into the role immediately.

5EA closed at 22 cents.