Market Close: ASX closes flattish as traders shrug off new NASDAQ record

The ASX200 closed just 12 points down (0.15%) as the local markets shrugged off another record close for the NASDAQ on Monday night.

The IT and industrials sectors were strongest, both gaining just shy of 0.75%.

Telecommunications fell the hardest, to close the session down more than 1%.

In this bulletin, we’ll look at news from ALS, Sonic Healthcare, Telix Pharmaceuticals, Alara Resources, Infratil and James Hardie Industries.

In the Green

Assay laboratory firm ALS (ASX:ALQ) jumped 5% after releasing its FY24 results and posting a 19.6c partly-franked dividend.

The company’s underlying revenue was up 6.8% on the previous year, while underlying NPAT was down 1.3%. The dividend payout was slightly lower vs pcp.

ALS reported it was well placed to meet revenue growth targets for FY25.

ALQ closed at $14.48.

Meanwhile, Telix Pharmaceuticals (ASX:TLX) hung onto the day’s gains, closing just 0.13% higher after announcing its Phase I dose escalation study of drug candidate TLX592 was concluded.

The study called ‘CUPID’ was looking into the antibody drug’s ability to treat prostate cancer. A total of 11 patients were enrolled and no adverse events were observed.

Telix is now seeking approvals to advance to a therapeutic phase 1 and 2 study later this year.

TLX closed at $15.39.

Finally, Alara Resources (ASX:AUQ) gained 12% on news it’ll ship its first copper and gold concentrate from its joint-venture Al Wahishi Majazza plant in Oman.

The shipment is due to leave by Monday, marking the first revenue generation for Alara.

The mining JV also had an exploration license granted – a big deal because Alara had been waiting for the renewal since 2013. It means the company can conduct exploration over 1900km² of ground.

Alara – ASX code AUQ – closed at 7.4 cents.

In the Red

Now let’s look at what closed red.

Medical diagnostics group Sonic Healthcare (ASX:SHL) shed more than 6% after confirming its profit growth will be lower than expected for FY24.

It’s predicting EBITDA of about $1.6 billion for the year to the end of June – the company blames inflationary pressures, exacerbated by currency exchange headwinds. 

SHL closed at $25.01. 

New Zealand based infrastructure company Infratil (ASX:IFT), meanwhile, was down 5.8% despite exceeding guidance with its financial results for the year ending March 31.

Earnings growth after adjustments was 15.5%. It’ll pay a 13-cent dividend – but its expenditure guidance for FY25 is up 70%.

IFT closed at 9.75.

Finally, cement products giant James Hardie Industries (ASX:JHX) shed nearly 15% as its earnings predictions for the year ahead were below expectations.

While net income for the full 2024 fiscal year was up 17% – and adjusted EBITDA margin was up 28.6% – the outlook for the housing markets remains uncertain.

That’s particularly evident for the company’s largest market, which is North America.

JHX closed at $46.67.