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ASX Market Close: Index falls as investors crystallise profits | December 11, 2024

ASX News, Market Summary
11 December 2024 17:17 (AEDT)

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The ASX200 closed down 0.47% at 8,353.6 points.

The Aussie index traded at its lowest level in two weeks as investors locked-in profits for the second consecutive day.

The Australian dollar has fallen to $0.638 as traders price in a sooner than expected RBA rate cut – it may now be as early as February.

The Information Technology sector has been the worst performer, down 1.35%, followed by Industrials and Energy, both down 1%, and Utilities, down 0.7%.

Real Estate is the best performing sector, up 0.8%, followed by Discretionary, up 0.1%.

In the Green

WA1 Resources (ASX:WA1) closed up 10.88% despite no news out of the niobium explorer. But the company recently reported excellent drilling results from initial variability testing at its Luni deposit.

WA1 Resources closed at $16.10.

Island Pharmaceuticals (ASX:ILA) closed up 13.33% after being granted a U.S. patent. Designed to inhibit viral activity, the patent targets the dengue virus.

Island Pharmaceuticals closed at 17 cents.

Titomic (ASX:TTT) closed up 5.56% on news it has now successfully co-developed and sponsored a new cold spray standard for aerospace with SAE International. The company says the spray positions the company to capitalise on a range of U.S. Government opportunities.

Titomic closed 19 cents.

In the Red

South32 (ASX:S32) closed down 4.35% on release of an update on its Mozal Aluminium operation in Mozambique. The company says due to escalating civil unrest, the transport of raw materials been impacted.

South32 closed at $3.52.

Domino’s Pizza (ASX:DMP) closed down 2.34% after broker Citi released a note downgrading the stock to a neutral rating with a reduced-price target of $33.25. Citi revised the rating after lowering its estimated value of the company’s European operations.

Domino’s closed at $30.52.

Pilot Energy (ASX:PGY) closed down 16.67% after securing commitments for $2M in convertible notes from sophisticated investors. The funding arrangement was arranged by Powerhouse Advisory Australia.

Pilot Energy closed at 1 cent.

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