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The ASX200 closed down 0.23% to 7,999 points in a flat day’s trade.
Leading was Real Estate up 0.76%. followed by Industrials up 0.22%. Materials was the worst performing sector, falling back 0.92% and Utilities were sold off, losing 0.88%.
Gold prices hit a fresh record high of US$2430.80 per ounce, slightly exceeding its previous record set in mid-May.
Looking at the overnight session, US retail sales data is released tonight at 10.30pm Sydney with investors sure to be keenly watching. This could impact Australian market sentiment ahead of tomorrow’s open should the data surprise in either direction.
In the Green
Payments software company Spenda (ASX:SPX) is up 14.3% after announcing it will acquire Limepay.
The $8 million dollar purchase will be paid in four tranches, three of which are performance based.
Spenda closed up at 0.008 (zero point eight of a cent).
Electro Optic Systems (ASX:EOS) is up 6.17% as the market reacted favourably to a 92% increase in first half 24 revenue to $142.6 million.
Growth was achieved across the company including its Remote Weapons Systems and its Space Technologies business.
Electro Optic Systems closed at $1.72.
Stellar Resources (ASX:SRZ) is up nearly 7% after commencing drilling at its Heemskirk Tin Project in Tasmania.
The first of two drill rigs now on site starting a planned 24-hole program for approximately 9,500m. The drilling program will inform an upcoming PFS.
Stellar Resources closed at $0.023.
In the Red
Rio Tinto (ASX:RIO) is down 2.53% after reporting a 2% drop in Pilbara iron ore production in Q2 of 2024.
The company says construction of its Western Range mine is now 70% complete. Rio continues to focus on construction of the greenfield crushing and screening plant, and Paraburdoo plant tie-in, with first ore from that new system on plan for 2025.
Rio Tinto closed at $116.81.
Droneshield (ASX:DRO) is down 22% as the market strong sells down the stock, sending its market cap tumbling to $1.53 billion.
After weeks of climbing based on no announcements or fresh revenues, Droneshield shares finally crashed on Tuesday.
Short sellers have moved in on the stock which was up nearly 800% year on year despite having revenue under $100M in its latest full report.
Droneshield closed at $2.02.
Encounter Resources (ASX:ENR) finished down nearly 20% at close despite hitting niobium pentoxide intercepts.
After flagging multiple drill intercepts positive for niobium; the higher grade niobium hits came in shorter than expected and management commented it would now work to find higher grade zones.
Encounter Resources (ASX:ENR) closed at $0.65.
