ASX Market Close: Index rises as earnings season kicks off | August 12, 2024

The ASX200 closed up 0.46% at 7,813 points, as the market continues to recoup last weeks losses.

The Information Technology sector climbed 2% higher in the wake of a solid Friday session on Wall Street, followed closely by Discretionary 1.9% and Telecommunication 1.1%.. 

Materials, meanwhile, was the worst performer, as low iron ore, copper and battery metal prices affect sentiment. 

Elsewhere, the ACCC has reportedly delayed the Chemist Warehouse reverse listing, amidst ongoing competition concerns.

In the Green

Minbos Resources (ASX:MNB) closed up 6% after confirming an Angolan Sovereign Wealth Fund will invest US$10 million as a strategic investment in the company. The funds will be used to support construction of a phosphate fertiliser project and is subject to regulatory approvals.

Minbos Resources finished the day at 7 cents.

Bass Oil (ASX:BAS) finished the day up 10% after announcing its Kiwi-1 extended production test is slated for October 18.

Kiwi-1 was originally drilled in 2003 and the company is hoping to replicate the positive results in the upcoming drill.

Bass Oil closed at 7.7 cents.

Everest Metals Corporation (ASX:EMC) closed up 19% after sharing a high grade gold reef system has been confirmed by bulk sampling at its Revere project in WA.

Geological interpretation confirms strong structural and mineralised system similarities to the world class Bendigo Gold Province of Victoria.

Everest Metals Corporation closed at 12 cents.

In the Red

PYC Therapeutics (ASX:PYC) closed down around 4.5% after releasing its latest clinical trial results. The company is developing a drug to treat patients with the blinding eye disease Retinitis Pigmentosa. Today the company announced an improvement in vision in two additional patients after they received the candidate drug

The market responded unfavourably to the news.

PYC Therapeutics finished the session at 10.5 cents.

Aurizon Holdings (ASX:AZJ) closed down around 9% on the back of the release of its full year results. The company increased earnings by 14%, profit 11% and full year dividend 13%. Investors were not impressed and promptly sold off the stock.

Aurizon Holdings closed at $3.30.

Seven West Media (ASX:SWM) finished the day flat on the eve of the ABC’s Four Corners program ventilating the grievances of multiple former staffers at the embattled network.

Seven West Media closed at 17 cents.