ASX Market Close: Banks lead Index to finish the week on a high | September 6, 2024

The ASX200 closed up 0.39% at 8,013 points.

The bank stocks rallied leading the index higher, but Energy and mining stocks slumped in the wake of falling commodity prices.

Financials was the best performing sector, up 1.45%, followed by Discretionary, up 1%.

The Energy sector has been slaughtered, down 3% and Materials lost 0.86%.

In the Green

Orthocell (ASX:OCC) ended the day up 2.5% as the company expands its collagen-based dental bone repair product into Canada.

Next, the company has planned a Brazilian market entry.

Orthocell’s board includes spray on skin inventor Doctor Fiona Wood and former WA Governor and Federal Labor leader Kim Beazley. And the company’s register says Mineral Resources’ Chris Ellison is a substantial shareholder.

Orthocell closed at 40 cents.

Predictive Discovery (ASX:PDI) closed more than 9% higher after Perseus Mining (ASX:PRU) boosted its stake in Predictive to just shy of 20%. The market reacted favourably to the news pushing the stock higher. Perseus reports it does not intend to launch a takeover offer.

Predictive Discovery closed at 24 cents.

Axel Ree (ASX:AXL) jumped more than 5% on Friday trades after it begun an exploration campaign targeting critical mineral niobium.

The company’s geotechs have kicked off fieldwork on-site the in Brazil. In the background, the rigs continue to rumble at the company’s Caladao and Caldas targets.

Shares last traded at 9.5 cents.

In the Red

Wildcat Resources (ASX:WC8) closed down more than 11% today and was the markets biggest loser.

Wildcat Resources closed at 20 cents.

Whitehaven Coal (ASX:WHC) was down 5.6%, three days after the company went to trial at the NSW Supreme Court defending a class action brought by famous mining investor Nathan Tinkler. 

Whitehaven Coal closed at $5.77.

And uranium player Deep Yellow (ASX:DYL) has closed down 5.5% on news Vanguard Australia that the Vanguard Group of Australia – manager of several mutual funds – had become a substantial shareholder in the company, acquiring 48 million shares for a voting right of 5%.

Deep Yellow closed at 94 cents.