ASX Market Close: Banks and Miners Lead Green Thursday | 4 July 2024

The ASX had a strong Thursday, closing up just short of 1.2%.

The materials sector shot up 2.25% to lead sector gains, with financials, real estate, and energy also having strong days. Utilities and IT fell into the red.

In the Green

While it was a busy day for the materials sector, it wasn’t just stocks taking off this week. Headed by WA billionaire Chris Ellison, Mineral Resources’ (ASX:MIN) own airline made its debut flight from Brisbane early this week, delivering FIFO workers from the east coast to WA.

The company has long been seeking to establish its own logistics solution for its fly-in fly-out workforce.

MIN closed the day up 4.9% at $58.04.

Finnish and Australian-based company Latitude 66 (ASX:LAT) skyrocketed 7150% following an exploration update on its flagship project in Northern Finland.

The project boasts a substantial high-grade gold-cobalt mineral resource and has had previous drilling success from its 2021 and 2022 drilling programs.

LAT closed the day at 14.5 cents.

AIC Mines (ASX:A1M) gained 7% after a positive response to copper grading picked up through a program of follow-up drilling at its Swagman discovery in Queensland.

The company carried out wide-spaced drilling, obtaining intercepts such as 3.9 meters grading at 1.77% copper and 0.32 grams per tonne gold from 453 meters.

A1M closed the day at 45.5 cents.

In the Red

Gold mining company, West African Resources (ASX:WAF) dropped 13.2% after it received commitments from institutional and sophisticated investors for a placement of 109.5 million new fully paid ordinary shares priced at $1.37 per share.

The placement will support development activities at the Kiaka Gold Project, which West African expects to be a long-life, low-cost project.

WAF closed at $1.38.

And, Superior Resources (ASX:SPQ) fell 10% as the company commenced exploration drilling at its Steam Engine Gold Project (SEGP) in Queensland.

The company is accelerating mining study work with the aim of realising early revenue generation.

SPQ closed the day at 9 cents.