ASX Daily Market Close: Index notches strong end to the week | 7 June, 2024

The ASX200 closed the day up, about half a per cent, leading up to the King’s birthday public holiday long weekend.

The Consumer Discretionary sector was the strongest, up nearly 1.2% on news global central banks are dropping interest rates, with Europe and Canada having made the first moves.

IT at the other end, closed slightly in the red.

In the Green

Battery technology company, Novonix (ASX:NVX) climbed 8.5% after it confirmed it will not pursue an equity capital raising, and maintains a strong capital position.

The announcement follows a report suggesting the company would engage in a capital raising.

NVX closed the day at 70 cents.

LTR Pharma (ASX:LTP) surged 28% on positive results from its clinical study of SPONTAN, a nasal spray for treating erectile dysfunction.

Initial data showed that SPONTAN achieved the same maximum concentration level as oral administration, despite being administered at a lower dose.

It also demonstrated an improved safety and tolerance profile.

LTP closed the day at 82 cents.

Biotechnology company, PYC Therapeutics (ASX:PYC) is up 5% on news its drug candidate for treating the genetic Phelan McDermid Syndrome is ‘effective in human brain cells’.

The biotech reported it’s been able to restore the deficient protein that causes the syndrome in brain cells, paving the way for human studies.

PYC closed at 10.5 cents.

In the Red

Despite hype around the launch of its Nasdaq IPO this morning, family tracker app Life360 (ASX:360) shares fell 6.1% on the ASX today.

360 closed the day at $13.76.

Walkabout Resources (ASX:WKT) slipped 4% after the company announced its first shipment of graphite concentrate from its Lindi Jumbo Graphite Mine in Tanzania.

WKT closed the day at 11.5 cents.

And, Helium explorer, Greenvale Energy (ASX:GRV) fell 40% as the market responded negatively to its trading update.

The company had been writing a Pre-Feasibility Study (PFS), but downgraded to a scoping study due to uncertainty.

GRV closed the day at 5.1 cents.