ASX Market Close: Sentiment getting better with finish over 7,900pts

Good afternoon and welcome to HotCopper’s Market Close for Thursday, I’m Jonathon Davidson.

It was another better-looking day for the bourse as the XJO closed above 7,900 points.

Looking at sectors, IT took the lead up 2.4% while Materials led the laggards down .6%.

Let’s take a look at companies in the green.

Arafura Rare Earths jumped 2.7% on Thursday as it inked a neodymium offtake deal with Luxembourg commodity house Traxys. Starting in 2029 – nearly half a decade away – Arafura is set to start exporting a hundred tonnes per year to the trading house. Arafura closed at 19cps.

Elsewhere, Nanosonics climbed 13.5% as it received FDA approval around its CORIS technology designed to reduce hospital infections by better sterilising endoscopes. The market liked the news with shares closing at $4.96/sh on Thursday. 

Finally, telco giant TPG shot up 5.9% as the competition regulator greenlit TPG’s sale of its fibre network to Vocus Group in a deal worth more than $5 billion dollars. The ACCC didn’t raise an eyebrow, much unlike its handling of DP World’s proposed takeover of Silk last week. TPG ended the day at $4.82 per share.

And as for companies in the red,

Microcap Jatcorp fell 5% as it revealed it has been forced to suspend sales of its product Neurio in China. This followed an adverse outcome at the pointy end of a trade dispute, with Jatcorp vaguely blaming a third party’s “malicious registration of the Neurio trademark.” Shares ended at 38cps.

Elsewhere, nanocap Rare Foods tanked over 37% – albeit on paltry volumes – as the company declared it’s about to de-list off the ASX. And those paltry volumes are part of the problem, the stock has long been choked by illiquidity. Rare Foods also pointed to low demand for abalone as being a factor, handily adding after the fact it also can’t find a supplier for any. Shares closed at 1cps, spare a prayer for Rare Foods.

Finally! Imugene dipped down -10% as positive sentiment around Wednesday’s news the company won a fast-track approval from the FDA wore off. The stock, often a target of swing traders, is no stranger to volatility – and a one-day decline doesn’t mean much when it comes to the company. Shares ended at 3.6cps.

That’s Market Close, I’m Jonathon Davidson, have a great night and we’ll see you on Friday.