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The ASX200 closed up half a percent at 7,971 points, as the market followed Wall Street’s strong lead.
The IT sector lead the charge, up 1.62%, followed closely by Health Care 1.37% and Industrials 1.33%. The Energy sector lost 2% as the market adjusts profit expectations in the wake of falling commodity prices.
Iron ore continues its decline and is trading at US$101.30 per tonne at Singapore.
In the Green
iTech Minerals (ASX:ITM) is up nearly 7% after unveiling high grade rock chip samples at the Reynolds Range, Northern Territory. Samples boasted over 18% copper and 1,490g/t gold.
The company described copper mineralisation as widespread, with prospects also boasting gold, silver, and lead.
iTech Minerals closed at 8 cents.
Pilot Energy (ASX:PGY) closed the day flat after paring off intra day gains. The company was awarded $6.5 million to develop its Mid West Clean Energy Project, and deliver carbon capture services to WA’s mid-west region. The funding was provided by the federal government.
Pilot Energy closed at 1.9 cents.
Macro Metals (ASX:M4M) is up almost 7%, after launching a mining services division. The diversification increases revenue opportunities, and the market has endorsed the decision, pushing the stock higher.
Macro Metals closed at 3.2 cents.
In the Red
Woodside Energy (ASX:WDS) is down another 3.7% after revealing a $753 million cost hike at its Scarborough LNG project in WA. Further budget pressure is predicted as the company brings on first gas by 2026.
The cost of developing Scarborough has lifted 4 per cent, with Woodside’s share now at $US8.2bn.
Woodside Energy closed at $27.53.
Ora Banda Mining (ASX:OBM) was down nearly 6% after a weak quarterly update disappointed the market.
Ora Banda Mining closed at 40.5 cents
Biopharmaceutical company Dimerix (ASX:DXB) closed down more than 7% after releasing its FY24 results. The stock was sold off despite the company opening several new clinical sites globally.
Dimerix closed at 51 cents.
