ASX Market Close: Energy and miners drag index lower | November 12, 2024

The ASX200 closed down 0.13% at 8255 points.

Mining, gold and energy stocks dragged the market lower leading into the close.

The iron ore price has slipped to US$100.30 per tonne in Singapore and BHP (ASX:BHP) shed 1.75% to $40.90. The gold price slipped to US$2620 per ounce and precious metal stocks took a battering as investors continue their move back into equities. Bellevue Gold (ASX:BGL) closed down 6.71% at $1.32.

To the sectors. IT was the best performer, up 1.4%, followed by Telecommunication, up 0.7% and Discretionary, up 0.64%. Energy was the worst performer, down 1.65%, followed by Materials, down 1.4% and Staples, down 0.35%.

In the Green

Afterpay-owner Block (ASX:SQ2) closed up 10.7% after a bullish analyst note by Piper Sandler. The analyst initiated coverage with an overweight rating following last week’s Q3 results.

Block closed at $126.40

AusQuest (ASX:AQD) closed up 5.88% on confirmation of multiple priority drill targets at its Balladonia project in the Fraser Range region of WA. The targets were identified through ground electromagnetic surveys marking a step forward for exploration in the region.

AusQuest closed at nine tenths of a cent ($0.009).

Liontown Resources (ASX:LTR) closed up 4.17% despite the lithium developer being downgraded to a “sell” rating by Citi analysts. This follows an update to its production plans and guidance for its Kathleen Valley project.

Liontown Resources closed at 87.5 cents.

In the Red

Uranium miner Paladin Energy (ASX:PDN) closed down 28.93% after cutting its production guidance. The company says issues at its Langer Heinrich mine in Namibia were the source of the revision.

Paladin Energy closed at $6.88.

OFX Group (ASX:OFX) closed down 15.36% on release of its half year results. The foreign exchange service provider reported a 4% decline in turnover to $18.4 billion and a 20.6% decline in underlying net profit after tax to $13.5 million.

OFX closed at $1.24.

EQ Resources (ASX:EQR) closed down 2.04% on execution of a definitive supply agreement with Elmet Technologies, a US-owned tungsten manufacturer. The five-year offtake arrangement is valued at approximately $30 million.

EQ Resources closed at 4.8 cents.