ASX Market Close: Bourse finishes strong to continue winning streak | August 21, 2024

The ASX200 shook off negative futures predictions to finish up 0.16% despite a subdued Wall Street performance.

The local tech sector jumped 5.3%, largely driven by sector giant Wisetech.

Materials followed, up 1.72%. 

Industrials followed at 1.2% gains; Energy was worst off, losing just under 2% as brent crude prices continue to sit around US$77 per barrel.

Goldman Sachs analysis released today suggested EV sales in China are hurting the country’s oil production. The note sees brent crude priced at under US$70 per barrel by the end of 2025 should the Red Dragon fail to return to pre-COVID growth.

In the Green

Raiden Resources (ASX:RDN) surged 7.7% today after the company released an update on drilling plans at its Andover South Project. Drills are expected to go live in mid-October after delays.

Raiden Resources closed at 2.9 cents.

Hansen Technologies (ASX:HSN) closed up 7.83% after reporting a 13% increase in revenue to $353 million. However, the software and services firm booked a 51% decline in net profit at $21.1 million.

Hansen Technologies closed at $4.68

Larvotto Resources (ASX:LRV) has rocketed up more than 24% on the eve of a highly-anticipated drilling campaign at its wholly-owned Hillgrove gold project in New South Wales.

This follows a successful $6 million equity raising in June from existing and new investors.

Larvotto Resources closed at 33 cents

In the Red

Engineering play Lycopodium (ASX:LYL) closed down 12% on the release of FY24 results.

Revenue and profits posted modest gains, but the company’s cash balance collapsed by 18% and investors reacted unfavourably.

Lycopodium finished the day at $12.34.

Helia Group (ASX:HLI) finished the session down around 4% after posting disappointing half year results. Underlying net profit fell 22% and total revenue fell 11%.

Helia Group closed at $3.90.

Corporate Travel Management (ASX:CTD) closed down around 2% after missing its ambitious guidance for FY24. To make matters worse, the company downgraded its guidance for FY25.

Corporate Travel Management closed at $12.27.