ASX Market Close: Index hits new closing record as switch back to miners continues | September 27, 2024

The ASX200 closed up 0.1% at 8,212 points.

The flow away from banks continues to drive eye-catching gains for the big miners as the market closed for the week, reacting to a higher iron ore price following China’s latest stimulus announcement.

The Materials sector had the biggest gains, up 2.78%, followed by Staples, up 0.91%. Health Care was the biggest loser, down 1.32%, followed by Utilities down 0.73% and Financials 0.63%.

In the Green

Whitehaven Coal (ASX:WHC) rose another 2.16% finishing a stellar week. The coal miner has gained around 19% over the last week and investors reacted positively to its Annual report posted on Wednesday.

Whitehaven Coal closed at $7.09.

Company 2

Chris Ellison’s Mineral Resources (ASX:MIN) shot up 13.94% as the lithium and iron ore miner rode the wave of rising commodity prices. This brings the stocks gain to around 25% for the week, but with the stock being heavily shorted earlier this week, the news is likely unwelcome to institutional bears.

Mineral Resources closed at $49.14.

4DMedical (ASX:4DX) has closed up more than 41.57% after inking a reseller deal to distribute Philips’ products in the United States. The company is targeting its next-gen lung imaging tech at the USA’s Veteran Affairs’ department.

4D Medical closed at 63 cents.

In the Red

Westgold Resources (ASX:WGX) closed down 3.2% after State Street Corporation became a substantial holder, taking 5.20% of the stock.

Westgold Resources closed at $2.72.

Telstra Group Ltd (ASX:TLS) finished down around 0.8%, (0.76%) despite the company having no news out today. The telco giant’s decline followed a rally yesterday, in which shares were up around 0.8%.

Telstra closed at $3.92.

Company 3

Coles (ASX:COL) closed down 0.49% after the ACCC’s interim report into the grocery sector found the two major supermarkets had increased their earnings and operating margins over the past five years.

Coles wrapped up at $18.12.