ASX Market Close: Index ends week 1.3% higher | August 16, 2024

The ASX200 cruised up 1.3% to close above 7970 points (7971.1).

That’s thanks to Wall Street’s rally overnight – the sixth in a row for the S&P500 as it continued to recover from last week’s recession-fear-triggered sell-off.

All sectors performed well today – and at close Energy & Materials were the best performing – both gaining 2%.

Woodside (ASX:WDS) was a key player, up 2.3% thanks to its half year results yesterday.

In the Green

Pilbara Minerals (ASX:PLS) saw shares rise 5% the day after announcing it’ll acquire Latin Resources (ASX:LRS) in a scrip deal valued at 20 cents a share.

PLS is looking to tap into Latin Resources’ hard rock lithium project in Brazil.

Pilbara Minerals closed the week at $2.88.

Latin Resources also gained 2.7% to close at 19 cents – it’s been a good few days for shareholders – with Latin Resources at just 11 cents earlier in the week.

James Hardie Industries (ASX:JHX) was up more than 6% after announcing another on-market buy back of 95,000 shares. It had already amassed more than 6.6 million securities.

The building products company released earnings for the first quarter of FY25 earlier this week, showing adjust EBITDA up 2% on the same time last year – to $420 million.

Trade closed at $51.99.

And Zip Co (ASX:ZIP) gained about 13.5% reaching a new yearly high, thanks to strength in US consumer data.  

Today it scheduled an investor conference call for later this month where it will hand down its annual results.

Zip Co closed at $2.19.

In the Red

Victory Metals (ASX:VTM) shares sunk more than 8.5% on announcing it raised $1.5 million in a placement priced at 33 cents.

The funds will support a 5000 metre aircore drilling program at its rare earths project near Cue in WA.

Victory closed at 37 cents. 

Silver Mines (ASX:SVL) fell more than 40% after an Appeals Court upheld an environmental group’s challenge against its proposed NSW Bowdens silver zinc and lead project, now putting project consent in doubt.

The Bingman Catchment Landcare Group took issue with the state planning commission’s failure to consider the impacts of a power line 30km from Mudgee.

 Silver Mines closed at 9 cents

And Golden Mile Resoruces (ASX:G88) fell close to 5% on news it’ll surrender licenses for its multi-element Marble Bar and Murchison tenements, saving about $137,000 a year.

Fieldwork turned up no compelling rock chip or soil samples, leaving geotechs unenthusiastic about their prospectivity. The company will focus on its copper project in Arizona.

G88 closed the week at 1 cent.