The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

The ASX200 closed the day down nearly 1 and a half per cent.

All sectors finished in the red, aside from energy and utilities with the latter showing only a marginal gain of .2 of a per cent.

IT had a particularly rough day and sunk nearly 4 per cent.

Today we’ve put Boss Energy, Ramelius Resources, Energy Resources of Australia, Wisetech Global and Westgold Resources under the microscope.

In the green

Ramelius Resources (ASX:RMS) shot up around 6 per cent, after the company reported gold production had exceeded expectations in the March 2024 quarter. 

The company produced just below 86’928 ounces of gold from its Mt Magnet and Edna May mines in Western Australia. 

Cash flow was up with $407.1 million in net cash and gold added to the record free cash flow of $125.3 million for the quarter.

RMS closed at $1.92.

Rio Tinto gained .47 of a per cent after being appointed to oversee the Ranger Rehabilitation project in the Northern Territory for Energy Resources of Australia (ASX:ERA) through a new Management Services Agreement (MSA).

Rio holds 86.3% of ERA’s shares and the collaboration is expected to enhance the efficient delivery of the project.

The MSA is expected to commence in the second quarter of 2024. Rio closed the day at $123 and ERA at 5.5c.

In the red

Tech giants struggled today, the sector lost nearly 4 per cent – with Wisetech Global (ASX:WTC) and Xero (ASX:XRO) shedding more than 5 per cent, whilst NEXTDC (ASX:NXT) dropped more than 3 per cent.

Boss Energy (ASX:BOE) was down .2 of a per cent despite revealing it’s on track to have its first drum of uranium produced at its Honeymoon project in South Australia.

Management is expecting this to occur within the next two weeks.

BOE closed at $4.95.

Novonix (ASX:NVX) shrunk nearly 3 per cent despite news it had settled an agreement to merge its graphite production in Queensland with Lithium Energy’s – forming a new company to be named ‘Axon Graphite’.

Axon Graphite is hoping to raise a $20 million IPO at a price of 20 cents a share and the combination of the two adjoining high grade graphite deposits is hoped to create the potential for significant operational synergies and economies of scale in the development of a vertically integrated battery anode material manufacturing facility in Queensland.

NVX closed at 90.5c.

Westgold Resources (ASX:WGX) shed around 14 per cent after revising its full FY24 gold production guidance down to 220,000-230,000 ounces of gold.

The company says it remains focused on recovering lost ounces but is unremorseful about pausing mines that cannot deliver the returns expected by shareholders.

WGX closed at $2.36.

More From The Market Online
The Market Online Video

Market Close: ASX flatlines as Financials flourish and Utilities flounder

The ASX200 closed trading relatively flat. The financials sector gained the most, up 0.35 of a…

Aus inflation read of 3.6% spooks ASX – before quickly returning to green

Australian inflation has come in mixed with an increase of 1% in the March quarter, but…