Join our daily newsletter At The Bell to receive exclusive market insights
The ASX200 closed down 0.64% at 8,420 points.
Investors have taken the opportunity to bank some profits today after a series of record days for the market in recent weeks.
Big miners lead the Aussie index lower through Friday trade, with Rio Tinto and Fortescue both giving up ground despite a jump in the iron ore price to US$104.60 in Singapore.
Nearly all sectors retreated to end the week; Energy was the biggest loser, down 1.2%, followed by Discretionary and Industrials, both down 0.9%.
Utilities was sole positive sector, closing up 0.4%
In the Green
Tivan (ASX:TVN) closed up 11.43% after winning a $7.4 million grant from the Australian Government’s International Partnerships in Critical Minerals Program. The funding is earmarked for feasibility and definitive feasibility studies at the Speewah Fluorite Project in Western Australia.
Tivan closed at 7.8 cents.
New Frontier Minerals Ltd (ASX:NFM) discovered a pegmatite measuring 500 metres long at its Big Jay Prospect – part of the wider Harts Range Project in the Northern Territory.
New Frontier Minerals closed at 1.1 cents.
APA Group (ASX:APA) closed up 1.4% after the regulator decided against imposing full price regulation on the company.
APA Group closed at $7.27.
In the Red
Zip Co (ASX:ZIP) closed down 7.38% as investors took profits after the stock’s recent stellar run. Broker UBS doesn’t believe the gains are over and put a “buy” rating and $3.65 price target on the company.
Zip Co closed at $3.14.
Iluka Resources (ASX:ILU) closed down 10.04% after concluding its funding discussions with the Australian Government for additional finance for the Eneabba rare earths refinery. The government will contribute $400 million.
Iluka Resources closed $4.93.
James Bay Minerals (ASX:JBY) closed down 19.77% after completing a $6 million placement at 65 cents per share. The injection of funds will be used to accelerate exploration of the Independence Gold project at Nevada.
James Bay Minerals closed at 69 cents.
