The ASX200 didn’t seem to be able to recover from the CPI inflation data (April) read – showing a rise to 3.6 per cent – which was hotter than many had forecast.
The index lost about 1.3 per cent – all sectors were down with Consumer Staples, Industrials and Financials suffering the most.
In news this afternoon, BHP Group (ASX:BHP) is seeking further time to engage with Anglo American in relation to its all-share offer, that would see Anglo Platinum and Kumba Iron Ore continue to be listed in South Africa on the Johannesburg Stock Exchange (JSE).
BHP has proposed a range of socioeconomic measures intended to address Anglo American’s concerns regarding its proposed transaction structure.
These would be maintained for at least 3 years, and include:
- Establishing a Mining Centre of Excellence to support R&D, training and promotion of South Africa as a premier mining destination;
- Maintaining current employment levels at Anglo American’s Johannesburg office;
- Maintaining funding for Anglo American’s charitable commitments in South Africa at the current level;
- Supporting local South African procurement and engagement across mining industry sectors and regions;
- And, ensuring continued access for South African investors through the listing of BHP on the Johannesburg Stock Exchange;
It’s still not providing certainty as to whether a firm offer will be made.
BHP Group closed at $45.08.
In the Green
Tryptamine Therapeutics (ASX:TYP) launched on the ASX today. Formerly the stock was Exopharm (ASX:EX1), and its reinstatement follows a $6.5 million public offer raise priced at 2c.
Trade peaked as high as 2.7cents today before settling at 2.5 cents.
Tryptamine – which is developing magic mushrooms or psilocybins for medical use – was previously listed on the Canadian Stock Exchange. It’s developing IV dosing, and, clinical trials are also underway in the US for oral dosing for treating fibromyalgia, irritable bowel syndrome and binge eating disorder.
Cleo Diagnostics (ASX:COV) added 41 per cent after announcing its ovarian cancer blood test had out-performed existing clinical benchmarks. It detected 90 per cent of early-stage cancers, while the traditional ultrasound methods identified about 50 per cent. An article on this success was published in the ‘Cancers’ medical journal.
Cleo closed at 24 cents.
And Defence stock Droneshield (ASX:DRO) gained 7.6 per cent to be well above a dollar. No news today, but it presented at the Bell Potter Emerging Leaders conference.
Only last week the counterdrone tech company announced a $5.7 million order from a US Government customer.
Droneshield was at $1.05 at 2pm, but closed even higher after post-market trade – at $1.09 (up more than 10 per cent).
In the Red
Liontown Resources (ASX:LTR) also presented at the Bell Potter conference this afternoon, updating its production plans for its 156 million tonne Kathleen Valley lithium resource.
Despite this, it fell almost a per cent today to close at $1.35.
Neuren Pharmaceuticals (ASX:NEU) will also be presenting at that conference tomorrow morning and released a corporate presentation ahead of time.
The company is developing drugs for treating childhood neurological disorders.
But it shed more than 9.5 per cent on market, a day after hosting its AGM. It’s likely profit taking, given the stock is up some 20 per cent since the start of the month.
Neuren closed at $21.07.
And Qantas (ASX:QAN) landed about 2.7 per cent lower amid that not-so-welcome CPI data. There are no doubt fears that if the Reserve Bank were to raise interest rates, consumers would have less funds for travel. Qantas posted buy-back info this morning, but closed at $5.90.
That’s market news for this Wednesday. Have a good evening. We’ll be back before market open tomorrow.