TMH Market Close: ASX200 closes lower amid recession fears

The ASX closed lower today, as worries of a recession continue to grow.

Relief from yesterday’s interest rate announcement may be short-lived after the Reserve Bank of Australia warned an increase could be on the cards. It comes amid growing pressure on the Federal Government to do more to fight inflation.

Turning to the sectors, and the majority closed lower – dragged by healthcare and financial stocks.

In the green

Krakatoa Resources (KTA) rose 78.2 per cent after returning high-grade rock chip results from its King Tamba critical metals project in Western Australia.

Peak assays from its sampling program included 4.3 per cent lithium oxide, 1.7 per cent rubidium oxide and 0.5 per cent caesium oxide. The company has now begun planning for a reverse circulation program in the area.

Dreadnought Resources (DRE) was also on the rise after announcing a mineral resource boost of 40 per cent at its Yin-Mangaroon rare earths project in Western Australia.

And Melbana Energy (MAY) gained 5.75 per cent after confirming flowing oil at its Alameda-2 well in Cuba.

In the red

AMP (AMP) took a 5 per cent dive today after a Federal Court judgement ruling in favour of class action claimants, Equity Financial Planners and Wealthstone, accepting they incurred losses of well over $920,000.

The proceedings were in relation to AMP’s Buyer of Last Resort policy and the impact on other class action group members is still to be determined.

Red 5’s (RED) share price toppled, despite delivering a fourth consecutive month of record gold production from its King of the Hills gold mine in Western Australia.

The most recent quarter pushed the company towards realising the top end of its second-half FY23 production guidance.

And Future First Technologies (FFT) shed 40 per cent. The fall comes after the appointment of Luke Donnellan as a Non-Executive Director. The company closed at 0.7 cents.