The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

The ASX200 reversed its trend to end the week in the green, up 0.35%

Nearly all sectors made gains, with Utilities up the most, by 1.9%. Discretionary dipped the most, down 0.4%, Materials and Industrials followed, both falling short, but only just.

In the Green

Talga Group (ASX:TLG) is up 15.8% on an signed Earn-in Agreement with world-leading lithium miner and producer SQM, over Talga’s Aero Lithium Project located, in northern Sweden.

The joint venture could see SQM earn up to 70% interest in the project.

TLG closed the day at 66 cents.

Botanix Pharmaceuticals (ASX:BOT) gained 7.5% after it secured a $70 million capital raising through an institutional placement.

Funds will be used to for the marketing, manufacturing and support costs of Sofdra gel, after it received recent US FDA approval.

BOT closed the day at 36 cents.

And, The second largest stock on the ASX, Commonwealth Bank (ASX:CBA) pared off earlier losses to see shares rise above $127.00 in the last hour of trade. 

This means that now the two biggest giants on the bourse only have a $3 billion dollar difference between the market cap for Commonwealth and the market cap for BHP Limited (ASX:BHP).

BHP closed the day up, at $42.78.

CBA closed the day down a quarter of a percent, at $127.68.

In the Red

Pilbara Minerals (ASX:PLS) is down 2.8% on the release of a pre-feasibility study (PFS) which showed production capacity at its Pilgangoora Operation could be expanded to more than 2 million tonnes per annum (Mtpa).

Such an expansion is expected to result in the first ten years of annual production, the project will be named the P2000 Project.

PLS closed the day at $3.11.

Mineral Resources (ASX:MIN), continues to face losses following its announcement on Wednesday about the closure of its Yilgarn iron ore operations in Western Australia’s goldfield region.

1,000 employees will be affected by this decision. Mineral Resources plans to redeploy as many employees as possible to its other operations, including the expansion of the Onslow Iron project.

Chris Ellison, Managing Director, said, that this move is in line with the company’s strategy to shift its iron ore business towards low-cost, long-term operations.

MIN closed the day down 7% at $55.76.

More From The Market Online
The Market Online Video

ASX Market Update: Bourse surrenders gains | 19 July 2024

The ASX is down 1% as the market falls back below 8000 points after record highs…
The Market Online Video

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,…