Daily ASX Market Close: Late run sees market lift 1%, May 31, 2024

The ASX200 took a late uptick to be add almost a per cent at close this afternoon.

Most sectors made ground, with Consumer Staples and Energy today’s biggest winners with gains up towards 2 per cent.

Burritos giant Guzman y Gomez has fast-tracked its move to the ASX – looking to list in June. It has 185 stores and wants to expand its footprint. The company’s IPO shares will be priced at $22, and its ticker code is set to be suitably aligned at GYG.

In the Green

Little Green Pharma (ASX:LGP) is up 4 per cent after reporting revenue of $25.6 million, up $5.7 million – or 29 per cent.

The company sells medicinal cannabis oil and flower products.

It’s finished the year to the end of March, with a smaller loss than in FY23.

Little Green Pharma closed the day at 13 cents.

Contact Energy Limited (CEN) closed up nearly 3.5% after it reaching a long term agreement with New Zealand Aluminium Smelter (NZAS) to supply renewable electricity to its (Teewhy) Tiwai Point operation in Southland.

The deal spans right through to the end of 2044.

CEN closed the day at $8.48

And digital marketing play, I Synergy Group (ASX:IS3) added 40 per cent off a low base after holding its AGM.  

I Synergy closed the week at 1.4 cents.

In the Red

Namoi Cotton (ASX:NAM) fell nearly 1.5% after directing shareholders to accept an off-market takeover offer from Olam Agri Australia.

The Independent Directors recommend shareholders in the Queensland and New South Wales cotton producer, allow Olam to acquire all Namoi shares at  $0.70.

There have been other bidders: Earlier this month the ACCC raised competition concerns about a rival bid by Louis Dreyfus Company.

NAM closed the day close to that value – at 69 cents.

Battery metals play Talga Group (ASX:TLG) dropped more than 6 per cent, despite releasing a study into expansion options for its graphite project in Sweden.

The interim scoping study explores increasing Talga’s underground mining of 19,500 tonnes per annum of low-emission graphite anode products.  The company’s looking to tap into Europe’s lithium-ion battery market.

TLG closed the week at 61 cents.

And Alchemy Resources (ASX:ALY) fell 12.5% following its exploration activities at its Bryah Basin Project in Western Australia.

Although the company cited ‘exceptional high’ iron ore grades from the Valley Bore target, the market didn’t buy today.

In 2008 and 2009, the company discovered high-grade hematite and banded iron outcrops over a 2 km strike, with grades up to 66.3% iron. Recent rock-chip sampling returned similar results.

Alchemy closed the day at point-7 of a cent.