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The ASX200 closed up a 0.27% at 8,121 points, as the market came within a whisker of a record in intra-day trade.
While the US market does not open until tonight Sydney time, US futures have been flat all day since news broke of further political turmoil in the US; markets continue to predict a -25 basis points rate cut from the Fed on Wednesday New York time.
The Gold price continues to traverse record highs and has been US$2,585 per ounce. Commentators describe gold’s ascent as a “natural” rise ahead of expected fed cuts and not Trump.
Chinese property investment data also continues to reflect depressed sentiment in China’s property market. It spells further trouble for iron ore prices, as the data points to slower construction and reduced demand for the commodity.
Back home, Telecommunication was the leading sector, closing up 1%, followed by Financials up point nine of a percent and Real Estate point seven of a percent. Health Care was the worst performing sector, down 1%.
In the Green
Shares in Australian defence-tied shipbuilder Austal (ASX:ASB) jumped more than 20% after the company was awarded US Navy works to the tune $450M.
US defence player General Dynamics has hired Austal to build out a mobile shipyard based in Alabama as part of the United States’ larger defence expansion strategy.
ASB last traded at $2.70 per share.
Firefly Metals (ASX:FFM) closed up more than 3.7% after downhole geophysics pointed to new high-grade copper zones at its Green Bay Copper-Gold Project in Canada.
The surveys have identified new target zones for high-grade copper mineralisation as well as down-plunge mine extensions.
Firefly Metals closed at 97.5 cents.
Tanzanian graphite developer Black Rock Mining (ASX: BKT) finished up around 7.8% after inking a deal to provide US$179m in funding to develop the Mahenge Graphite Project in Tanzania.
Black Rock Mining closed at 5.5 cents.
In the Red
Ramelius Resources (ASX:RMS) closed down around 4.4% after buying a stake in Spartan Resources. The acquisition represented nearly 9% of Spartan’s stock and is a strategic addition to the Ramelius’ gold assets within WA.
Spartan reports it is planning to develop the Dalgaranga Gold Project near Mount Mangnet.
Ramelius Resources closed at $2.18.
Westgold Resources (ASX:WGX) closed down around 4% after boosting its production guidance and mineral resource estimate (MRE) for FY25. The company also revealed it will explore a target within its Fletcher Zone in WA.
Westgold Resources closed at $2.76.
Company 3
Emerald Resources (ASX: EMR) finished down 6% after a minor wall slip at the Company’s Gold Mine in Cambodia. A small pit wall wedge failure occurred in the southwest of the open cut pit.
Whilst remediation takes place, ore will be sourced from existing stockpiles, ensuring that the quarterly production guidance of 25-30koz gold remains unaffected, with the grade maintained at approximately 2.0g/t.
Emerald Resources closed at $3.84
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