ASX Market Close: Index finishes flat as investors flock to safe havens | October 11, 2024

The ASX200 has closed down 0.1% at 8,214 points in a flat day’s trade.

The gold price has rallied and is up more than 0.43% to $US2,645 as investors flock to the safe haven of the precious metal amid rejuvenated concerns about a slowing US economy.

In a note on China, Goldman Sachs says it expects iron ore prices to continue falling unless there is a meaningful uptick in demand. Eyes are now peeled on the Chinese Finance minister in anticipation of further stimulus declarations.

To the sectors, Energy was the best performing sector, up 0.44%, followed by Health Care, up 0.4%.

Real Estate was today’s biggest loser, down 0.3%, followed by Telecommunication and Discretionary – both down 0.2%

In the Green

Genesis Minerals (ASX:GMD) closed up 1.48% on the back of a surging gold price. In the wake of growing volatility and uncertainty, investors are seeking refuge in gold stocks.

Genesis Minerals closed at $2.06.

Nagambie Resources (ASX:NAG) closed up 35.71% on news diamond drilling will resume at its Nagambie mine early next month. The drilling of the shallow high-grade gold-antimony sulphide orebody is timely given the current record prices for gold and antimony.

Nagambie Resources closed at 1.9 cents.

NRW Holdings (ASX:NWH) finished up 0.55% after striking a contract for works with BHP for $109M at the Jimblebar project in WA.

NRW Holdings closed at $3.64.

In the Red

Trigg Mining (ASX:TMG) closed down 11.77% after kicking off maiden exploration at its Achilles project at the Wild Cattle Creek antimony deposit. The deposit is Australia’s highest grade undeveloped antimony project.

Trigg Mining closed at 3 cents.

WAM Research (ASX:WAX) closed down 5.51% as the company went ex-dividend. In August, the company declared a partially franked final dividend of 5 cents per share.

WAM Research closed at $1.11.

Golden Deeps (ASX:GED) finished down 5.88% on assay results revealing thick copper and zinc bearing sulphide drilling intersections, with silver and sold, at its Havilah project in New South Wales.

Golden Deeps closed at 3.2 cents.