Daily ASX Market Update: Materials drags market under – May 30, 2024

The ASX200 is trading down as predicted, around half a per cent.

The materials sector has dipped the most, down 1.65%, utilities has lost close to a per cent. On the upper end, industrials gained the most – up nearly half a per cent.

Company news

BHP Group (ASX:BHP) is down more than 1.7% after it confirmed that it does not intend to make any further offers to acquire Anglo American.

BHP made a request for additional time to persuade Anglo, just hours before the deadline to finalise its $US49 billion ($A74 billion) offer, marking the third and now final offer the company would make.

BHP has been trading at $44.31.

Sun Silver (ASX:SS1) has announced its geotechnical team is busy undertaking an assessment of historical samples from the company’s Maverick Springs acreage.

The company is currently re-logging reverse circulation (RC) and diamond drill core samples pulled from storage.

These samples were derived from 200 holes’ worth of material from 60,000 metres of drilling at the project completed to date.

Works will be carried out at a specialised facility the company has organised in Elko, Nevada.

SS1 has been trading at 54 cents.

Infinity Lithium (ASX:INF) has announced that it has received partial approvals from the government of Extremadura, Spain, for its San Jose lithium project.

The Department of Mines has formally advanced the first stage of the company’s exploitation concession application for the project. This progression to stage two, according to the company, represents the government’s recognition of the project as legitimate.

Infinity Lithium is now moving forward to acquire additional licenses.

INF has been trading at 5.7 cents.

Clarity Pharmaceuticals (ASX: CU6) is up 6% after it announced it has entered into a supply agreement with SpectronRx for the production of Copper-64.

The product aims to improve treatment outcomes for children and adults with cancer.

CU6 has been trading at $4.88.