On Tuesday, the sharemarket rebounded, driven by gains in the energy and mining sectors due to a recovery in commodity prices. Investors remained focused on the upcoming release of US inflation data to gain insights into the future trajectory of interest rates, despite a drop in consumer sentiment and declining future confidence in economic conditions as indicated by Westpac-Melbourne Institute and NAB surveys, respectively.
At the closing bell, the S&P/ASX 200 was 0.83 per cent higher at 7,006.70.
Futures
The Dow Jones futures are pointing to a fall of 10 points.
The S&P 500 futures are pointing to a rise/ fall of 1.25 points.
The Nasdaq futures are pointing to a rise of 20.5 points.
The SPI futures are up 62 points.
Best and worst performers
The best-performing sector was Energy, up 2.54 per cent. The worst-performing sector was Utilities, down 1.11 per cent.
The best-performing large cap was ALS (ASX:ALQ), closing 8.52 per cent higher at $11.59. It was followed by shares in Worley (ASX:WOR) and South32 (ASX:S32).
The worst-performing large cap was Mercury NZ (ASX:MCY), closing 3.88 per cent lower at $5.45. It was followed by shares in National Australia Bank (ASX:NAB) and Origin Energy (ASX:ORG).
Asian markets
Japan’s Nikkei has gained 0.52 per cent.
Hong Kong’s Hang Seng has lost 0.26 per cent.
China’s Shanghai Composite has lost 0.22 per cent.
Company news
Altech Batteries (ASX: ATC and FRA: A3Y) announced that their Definitive Feasibility Study (DFS) has managed to expand the project’s output by eightfold, increasing the capacity from 15 gigawatt-hours (GWh) to 120 GWh, with no change to plant and equipment. The plant will now focus on solely producing alumina-coated metallurgical silicon product at a rate of 8,000tpa. Shares closed 8.97 per cent higher at 7.9 cents.
Si6 Metals (ASX:Si6) announced assay results from the first two holes drilled at the high-grade Cu-Ag Dibete Project in Botswana. In response, Managing Director, Jim Malone commented, “these results expand the high-grade Dibete Cu-Ag discovery and have confirmed the potentially economic tenor of Cu sulphides related to geophysical anomalies.” Shares closed 14.3 per cent lower at 0.6 cents.
True North Copper (ASX:TNC) announced further phenomenal copper assay results from the Mt Oxide project in Queensland. Results continue to confirm the project hosts a large-scale, copper-cobalt-silver system with multiple, wide highgrade Cu-Co steeply dipping shoots and lenses. Shares closed 3.33 per cent higher at 15.5 cents.
Commodities and the dollar
Gold is trading at US$1,947.80 an ounce.
Light crude is trading $0.27 higher at US$78.53 a barrel.
One Australian dollar is buying 63.64 US cents.