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ASX Market Close: Index rises on Trump’s election | November 7, 2024

ASX News, Market Summary
07 November 2024 16:51 (AEDT)

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The ASX200 closed up 0.33% at 8226 points.

Trump’s election is widely expected to be good for the American energy and defence sectors but troubling for elements of the healthcare sector.

It’s likely Trump will revoke or water down Biden’s green-focused Inflation Reduction Act (IRA), which has bankrolled renewable technology development over the last few years.

Back home, Energy was the strongest performing sector, up 2.3%, followed by Industrials, up 1% and Financials, up 0.8%.

Real Estate was the worst performing sector, down 2.1%, followed by Utilities, down 0.65% and Health Care, down 0.25%.

In the Green

Chemist Warehouse’s backdoor listing is set to go ahead after the ACCC approved the merger with Sigma Healthcare (ASX:SIG)

Sigma Healthcare closed up 24.94% at $2.43.

Mineral Resources (ASX:MIN) closed up 3.25% on news ASIC has kicked off a formal investigation into founder Chris Ellison following allegations of a tax avoidance scheme.

Mineral Resources closed at $38.46.

Charger Metals NL (ASX:CHR) closed up 1.49% after gaining total ownership of the Bynoe Lithium Project in the Northern Territory. Charger will buy the outstanding 30% stake from Livium (ASX:LIV) for $50,000.

Charger Metals closed at 6.8 cents.

In the Red

National Australia Bank (ASX:NAB) closed down 0.2% on FY24 results. The company reported a 6.1% fall in net profit to $6.96 billion. Despite the decline, a final fully franked dividend of 85 cents per share was declared.

NAB closed at $39.33.

Spartan Resources (ASX:SPR) has been down 17.33% on news of fresh high-grade gold hits boasting visible gold. The unnamed prospect has a 24m intersection grading at 2.4g/t gold from 503m depth and included a 3m pocket with grades of 11.4g/t gold.

Spartan Resources has been $1.24.

Black Cat Syndicate (ASX:BC8) closed down 4.59% after launching its accelerated gold production and expansion strategy for the Kal East Gold Operation.

The company plans to increase the processing capacity at Kal East from 0.8 million tonnes per annum to between 1.2 and 1.5 Mtpa.

Black Cat Syndicate closed at 52 cents.

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