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ASX Market Close: Miners drag bourse lower as Chinese stimulus disappoints | November 11, 2024

ASX News, Market Summary
11 November 2024 16:56 (AEDT)

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The ASX200 closed down 0.35% at 8266 points.

Investors reacted with disappointment to underwhelming Chinese stimulus measures released over the weekend.

Subsequent declines in iron ore and oil prices have affected commodity stocks, as the recent Golden week Chinese rally fades.

IT was the best performing sector, up 1.4%, followed by Real Estate, up 1.25% and Health Care, up 0.7%.

Materials was the poorest performer and was heavily sold off, down 2.8%, followed by Staples, down 1.8% and Utilities, down 0.7%.

In the Green

Synthetic graphite producer Novonix (ASX:NVX) closed up 12.5% after inking a supply deal with automotive company Stellantis, one of the world’s leading automakers. Brands in the stable include, Maserati, Jeep and Fiat.

Novonix closed at 81 cents.

Nagambie Resources (ASX:NAG) closed up 33.33% on an updated inferred mineral resource estimate (MRE) for its high-grade gold-antimony deposit at its mine in Victoria. The company reported a 110% increase in gold equivalent (AuEq) and used a computer block model to generate the update.

Nagambie Resources closed at 2 cents.

Incitec Pivot (ASX:IPL) closed up 0.32% despite recording a $311m net loss in the 12 months to September. Most of the loss was attributed to a $791m impairment to its fertiliser arm, which it has been trying to sell. The company intends to become a pureplay explosives and chemicals company.

Incitec Pivot closed at $3.11.

In the Red

Infomedia (ASX:IFM) closed down 11.3% after a guidance downgrade. The company now expects revenue in the range of $142 million to $149 million. This compares to previous guidance of $144 million to $154 million.

Infomedia closed at $1.29.

Endeavour Group (ASX:EDV) closed down 4.86% after its trading update fell short of expectations. The BWS and Dan Murphy’s owner reported a modest 0.5% increase in group sales to $3.1 billion for the three months.

Endeavour Group closed at $4.50.

Champion Iron (ASX:CIA) closed down 9.76% after the stock went ex-dividend and eligible shareholders will receive a dividend of 11 cents per share. But the company’s share price was also adversely affected today by the decline in the iron ore price.

Champion Iron closed at $5.64.

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