Market Close: High flying ASX cools on the siren

The ASX200 closed the day down just over .1 of a per cent.

Materials and energy were the best performing sectors, followed by utilities – while the rest of the sector slumped into the red.

Novonix, Austal, Paladin Energy, Perenti, Orora and Pantera Minerals all came onto our radar screens today.

In the green

Battery tech company Novonix (ASX:NVX) was up around 8 per cent on news it’s set to receive US$103 million in tax credits from the U.S. Department of Energy.

To qualify Novonix must meet a set of requirements outlined by the department in order to fully claim the credit and has a two-year window to fulfill these obligations.

The incentive aims to enhance the production of critical battery materials at Novonix’s Riverside facility at Chattanooga, Tennessee.

NVX closed at 93c.

Global shipbuilder, Austal (ASX: ASB) was headline news today – and gained more than 10 per cent after revealing it had received a takeover proposal from South Korea’s Hanwha Ocean Co.

The proposal was described as ‘unsolicited, conditional and non-binding’.

The proposal will entail Hanwha to bid for Austal through a scheme of arrangement. Austal shareholders will receive $2.83 for each of their shares.

ASB signed off for the day at $2.41.

And Paladin Energy, (ASX:PDN) shot up 5 per cent after kickstarting commercial uranium production for the first time at its Langer Heinrich mine in Namibia.

The company – which owns 75 percent of Langer Heinrich – will now turn its attention to increasing production and building a finished product inventory before shipments to customers commences.

Paladin has put chief operating officer Paul Hemburrow in charge of all activities at the mine to facilitate this.

PDN closed at $1.44.

In the red

Global mining firm Perenti (ASX:PRN) was down nearly 2 per cent despite revealing its underground mining company ‘Barminco’ has won a three year deal with Regi Resources (ASX:RRL) worth $393 million.

Barminco will develop underground assets at the Regis-led Duketon operations in the WA Goldfields.

Perenti and Regis have a relationship dating back to 2019.

PRN saw out the day on 96c.

Packaging solutions provider Orora (ASX:ORA) shed almost 14 per cent after downgrading its earnings guidance for FY 2024.

Orora expects its EBIT in FY24 to be lower – approximately in the range of US$307-317 million – as opposed to $320.5 million in FY23. The company cites week market demand in North America and a decline in average sales.

ORA saw out a tough day at $2.34.

And diversified mining firm Pantera Minerals (ASX:PFE) was down nearly 17 per cent on raising $3.45 million though a two-tranche placement and was priced at 44 cents a share.

Funds will go towards providing further endorsement of Pantera’s plan to develop a world-class lithium brine project in Arkansas, USA, as well as lease funding requirements and to complete a JORC resource.