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The ASX200 held its ground throughout the session, to close three quarters of a per cent ahead.
A number of sectors fought for top spot – the leaderboard changing regularly throughout the day. In the end Financials came out in front, gaining 1.5%, Utilities and Real Estate weren’t far behind.
In the Green
$1.64 billion market cap uranium explorer, Deep Yellow (ASX:DYL) gained nearly a per cent on news it’ll join the ASX200 tomorrow, replacing Silver Lake Resources (ASX:SLR) which is being acquired by Australian Gold producer, Red 5 (ASX:RED).
Deep Yellow closed around $1.66
Strike Energy (ASX:STX) gained 3.75% on its update to net gas pay, thanks to gas intersections at its Walyering-7 well.
STX closed at 21 cents.
And it was a great day for Vulcan Energy Resources (ASX:VUL) despite raising about $65 million in capital at a discounted $4.08.
The market was excited to learn Gina Rinehart’s Hancock Prospecting had acquired an additional $20.4 million stake of Vulcan – which is developing a lithium brine project in Germany – bringing Hancock’s holding to 7.5% and making it the second-largest shareholder.
Engineering giant CIMIC chipped in $40.8 million to hold 6 per cent of Vulcan Energy, and Victor Smorgon Group pledged about $4 million.
The funds raised will cover early-stage engineering work, some of which will be done by CIMIC.
VUL closed at $5.08 on market.
In the Red
Despite seemingly solid niobium assay results from WA1 Resources’ (ASX:WA1), the stock shed more than 14% today.
The results were from the company’s Luni prospect at the West Arunta Project in Western Australia, covering more than 30 reverse circulation and diamond drill holes.
Niobium is used in solar panels, steel and batteries. WA1 Resources’ shareholders have enjoyed more than 300 per cent growth over just a year.
WA1 intends to release an initial Mineral Resource estimate this month and closed around $18.18.
Betmakers Technology Group (ASX:BET) dropped more than 4.5% despite news it signed two-year access and content agreements with bet365 giving it access to horse racing punters in New Jersey and Colorado. The deals do come at licensing cost to the company.
Betmakers closed at 10 cents.
And, Lovisa Holdings (ASX:LOV) dropped more than 10 per cent after appointing its next CEO and MD Smiggle chief executive John Cheston, on a $2.35 million base salary. Citigroup analysts issued a downgrade call on the stock today, further fuelling the sell-off.
Mr Cheston won’t start for another year, during which time current CEO Victor Herrero will earn $1.3 million – having agreed to lower pay during that time. The uncertainty also follows nearly 33 per cent of shareholders voting against the 2022 remuneration report.
Lovisa closed around $30.40.
