ASX Market Close: Index up again, Min Res gains on job loss plan | August 7, 2024

The ASX200 made a small recovery today after the torrid start to the week, closing up a quarter of a per cent to about 7700 points.

Real Estate made the biggest recovery, adding nearly 1.3%, followed by Utilities and Telecommunications – which were both up around 1%.

In the Green

Mineral Resources (ASX:MIN) gained 2%, after the West Australian reported the company would cut about 100 white collar jobs.

The redundancies come as the company addresses deteriorating commodity prices and if that’s not tough enough for the workforce to hear that, subsidised snacks and beverages at the Perth headquarters will be more expensive moving forward.  

Mineral Resources closed at $52.05.

Medical tech company LBT Innovations Ltd (ASX:LBT) closed up 20% on a $4.1 million sales and services deal forged with AstraZeneca.

LBT will sell five Automated Plate Assessment System (APAS) or APAS instruments to AstraZeneca, units which will automate microbiology work.

LBT Innovations finished the day at 1.8 cents.

And Arizona Lithium (ASX:AZL) closed up more than 6% after announcing production of battery grade lithium carbonate.

The material was produced in Vancouver from Direct Lithium Extraction (DLE) materials leftover from a pilot plant trial at its Prairie lithium brine project late last year.

Arizona Lithium closed at 1.7 cents.

In the Red

The Materials sector was in the red by about a quarter of a per cent today, and St George Mining (ASX:SGQ) was the biggest loser, shedding nearly 40% following yesterday’s presentation around the acquisition of a niobium project in Brazil.

The company’s subsidiary has entered a binding agreement to buy the Araxa project for US$21 million payable in three stages. With the purchase comes a capital raising.

St George closed at 2.5 cents.

Clinical stage drug development company Amplia Therapeutics (ASX:ATX) pulled back 5.5% today after spiking off the back of receiving a key patent for its cancer treatment drug in Japan and Europe.

The drug is being developed for treating pancreatic cancer.

Amplia Therapeutics (ASX:ATX) closed at 12.8 cents.

And Mosaic Brands (ASX:MOZ) closed down more than 13% after announcing it’s receiving refinancing advice after operational issues have adversely affected trade.

The company which owns Noni B stores said its was taking advice on compliance with safe harbour laws to reduce liability for directors.

Mosaic Brands last traded at 4 cents.