ASX Market Close: Index hits new intra-day high in flat days trade | September 18, 2024

The ASX200 closed up 0.02% at 8,142 points in a flat days trade.

Australian shares broke an intra-day record during a volatile day, as investors await the US Fed rate decision due tomorrow Australian time.

The big iron ore miners pared early gains and tracked lower iron ore prices after a two-day holiday in China. It’s the first day of trading since China released underwhelming economic data last weekend and Iron ore futures fell 1.5 per cent to $US90.80 per barrel in Singapore.

Utilities was the leading sector up 1.2%, followed by Energy, up 0.7%. The biggest losers today were Materials down 0.55% and Health Care, down 0.43%.

In the Green

88 Energy (ASX:88E) closed up 33% after revealing a “significant contingent resource update” for Project Phoenix. The estimate has been verified by ERCE Australia, a globally respected authority in petroleum reserve and resource auditing.

88 Energy closed at $0.002.

Metalcity Ltd (ASX:MCT) closed up more than 11% after sharing a 77-hole maiden drilling program at its Yundamindra gold project in Western Australia shows high-grade mineralisation.

Metalcity closed at 1.9 cents.

Origin Energy (ASX:ORG) closed up 2.2% after Macquarie released a broker note this morning. The investment bank has upgraded Origin’s stock to an outperform rating and a $10.43 price target, whilst noting the coal price is falling back to FY24 levels.

Origin Energy closed at $9.76

In the Red

Aurelia Metals (ASX: AMI) closed down around 5.8% after firing the first stope at its Federation Mine in New South Wales yesterday. Bogging of the ore is expected to kick off shortly.

Aurelia closed at 16 cents.

Paradigm Biopharmaceuticals (ASX:PAR) closed down around 5.7% after the US Federal Drug Administration (FDA) cleared a pathway for the company’s phase three clinical program for knee osteoarthritis.

Paradigm Pharmaceutical closed at 24.5 cents.

The big Australian BHP (ASX:BHP) closed down 0.9% as the trajectory of the iron ore price continues to drag on its stock price.

BHP closed at $39.19.