ASX Market Open: Still climbing… | September 30, 2024

The ASX200 is tipped to edge higher to end the month, off the back of its record close on Friday.

Futures suggests it’ll rise another 0.18% this morning.

While unloved iron ore miners were back in favour late last week after China’s stimulus announcements, oil is in focus as conflict intensifies in the Middle East.

And there were mixed results on Wall Street on Friday – only the Dow Jones moved up – to the tune of .3 per cent and again to a new record.

Having said that, all US indexes were solidly ahead for the week.

No smiles on PSQ offer

On the ASX today: Two large shareholders in Pacific Smiles (ASX:PSQ) are rejecting a takeover bid by Genesis Capital, meaning the condition of 90% acceptance can’t be met. The cash and scrip offer was equivalent to $1.90 per share. Pacific Smiles last traded on market at $1.84.

Helix on hunt for copper

Helix Resources (ASX:HLX) has launched a reverse circulation drill program to explore a copper anomaly it identified earlier this month near Cobar in New South Wales.

It comes after Helix handed down its annual report after close on Friday revealing that it had about $2.7 million in cash available, after making a $1.18 million loss.

Its half a cent share price remains at five-year lows.

Synlait results ‘disappointing’, but making ‘progress’

And NZ dairy giant Synlait Milk (ASX:SM1) has handed down its annual report, with revenue up 2% to more than AUD$1.5 billion, but it made a net loss after tax of AUD$167 million.

While the company admits that’s disappointing, it claims it has made ‘significant progress’ on business recovery.

Iron ore up on Singapore Exchange

To commodities now in USD: Iron Ore has gained strength on the Singapore exchange to be at $102.85 a tonne, gold’s up above $2660 an ounce – Brent crude lost 4% last week, but has ticked up a little to start to the week to just below $72 a barrel ($71.98) and natural gas is just shy of $2.90 a gigajoule ($2.89).