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ASX breaks seven-day winning streak: Aus shares close 0.58% lower

On Wednesday, the S&P/ASX 200 experienced its first drop in seven days, declining by 0.6 per cent. This was primarily driven by a 1.3 per cent decrease in the energy sector and a 1 per cent retreat in the materials sector.


The Dow Jones futures are pointing to a fall of 44 points.
The S&P 500 futures are pointing to a fall of 6 points.
The Nasdaq futures are pointing to a fall of 26 points.
The SPI futures are down 53 points.

Best and worst performers

The best-performing sector was Consumer Staples, up 0.71 per cent. The worst-performing sector was Energy, down 1.34 per cent.

The best-performing large cap was Mercury NZ (ASX:MCY), closing 3.34 per cent higher at $5.88. It was followed by shares in Pilbara Minerals (ASX:PLS) and Meridian Energy (ASX:MEZ).

The worst-performing large cap was TPG Telecom (ASX:TPG), closing 5.4 per cent lower at $5.26. It was followed by shares in IDP Education (ASX:IEL) and Cleanaway Waste Management (ASX:CWY).

Asian markets

Japan’s Nikkei has gained 0.56 per cent.
Hong Kong’s Hang Seng has lost 2.02 per cent.
China’s Shanghai Composite has lost 0.16 per cent.

Company news

Sayona Mining (ASX:SYA) announced that their preliminary technical study at their NAL lithium carbonate plant study produces an NPV of A$3.2bn. Sayona’s Managing Director, Brett Lynch commented: “Significantly, NAL is set to become the only lithium operation with a concentrator and carbonate plant all on the same site in North America. Shares closed flat at 18 cents.

Tamboran Resources (ASX:TBN) has entered into a Framework Agreement with the Clean Energy Fuels Australia (CEFA) to obtain exclusivity over gas compression and liquefaction facilities from the Beetaloo Basin. MD and CEO, Joel Riddle, said: “This is the first step in fulfilling our promise to provide these remote communities with alternative affordable and cleaner fuel.” Shares closed 2.4 per cent 21 cents.

Imagion (ASX:IBX) is set to complete the MagSense® HER2 Phase 1 Study. Bob Proulx, Imagion’s CEO, commented, “this now provides strong footing for us to move ahead with our HER2 breast cancer program.” Shares closed 16.7 per cent higher at 1.4 cents.

Commodities and the dollar

Gold is trading at US$1,943.70 an ounce.
Iron ore is 0.3 per cent lower at US$114.75 a tonne.
Iron ore futures are pointing to a 0.5 per cent fall.
Light crude is trading $0.44 higher at US$70.94 a barrel.
One Australian dollar is buying 67.76 US cents.