ASX Market Close: Index finishes the week lower | 19 July 2024

In market close this afternoon we are discussing Droneshield, Universal Store Holdings, Flynn Gold, Lifestyle Communities, Vital Metals and BHP.

But first, the ASX200 closed down 0.81% to 7971.60 points. The market hit a record high on Wednesday, but surrendered gains and finished the week lower.

All sectors were red with Materials losing the most, down 1.67% amidst the recalibration of commodity prices. Real Estate’s decline of 1.3% exacerbated yesterday’s losses.

In the Green

Droneshield (ASX:DRO) closed up 11.56%, bouncing back from a tumultuous week which saw hundreds of millions wiped from its market cap.

The company is one of the best performers on the ASX this year despite the recent correction in share price.

Droneshield closed at $1.93.

Universal Store Holdings (ASX:UNI) is up 5.31% on the release of FY24 results. Group sales are up 9.7% year over year to $288 million. The company says the strength of sales achieved in the second half was driven by enhanced execution rather than favourable macro-economic factors.

Universal Store Holdings closed at $5.75.

Flynn Gold (ASX:FG1) are up 23% after announcing a New High-Grade Gold Discovery at Golden Ridge in Tasmania. Grades of up to 99.4 grams per tonne of gold were discovered.  

Flynn Gold closed at 3.2 cents.

In the Red

Lifestyle Communities (ASX:LIC) had an atrocious week, down another 14% today.

The market punished the stock after the release of FY24 results and the withdrawal of all forward looking guidance.

Lifestyle Communities closed at $9.51.

Vital Metals (ASX:VML) closed down 14.3% after announcing it received $3.3 million for a Rare Earth Stockpile. The deal disappointed investors who heavily sold down the stock.

Vital Metals closed at point three of one cent.

Big Australian BHP (ASX:BHP) fell 2.1%, as the share price hit an 18 month low. The demise in the share price has been driven by weak iron ore prices, dwindling Chinese sentiment, and the decision to mothball Nickel operations.

BHP closed at $41.76.