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ASX closes 0.09% higher: Energy stocks outperform

At the closing bell, the S&P/ASX 200 was 0.09 per cent higher at 7,410.40.

Silver Lake Resources (ASX:SLR) experienced a significant drop of 20.2% to 89¢ after flagging it will sell less gold in FY24.

On the positive side, Lynas Rare Earths (ASX:LYC) jumped 2.6% to $6.73 after reporting record quarterly production of neodymium-praseodymium oxide.

Woolworths (ASX:WOW) tumbled 1.3% to $38.62, and Coles (ASX:COL) dropped 0.9% to $18.19 ahead of the Reserve Bank’s cash rate decision on Tuesday.

Despite posting record quarterly earnings and underlying free cash flow in the June quarter, lithium explorer IGO (ASX:IGO) led other lithium stocks lower, declining 4.6% to $13.80.

Energy stocks were among the best performers, tracking the higher oil price, with Ampol (ASX:ALD) adding 1.2% to $32.85, and Karoon Energy (ASX:KAR) climbing 0.9% to $2.23.


The Dow Jones futures are pointing to a fall of 46 points.

The S&P 500 futures are pointing to a fall of 5.25 points.

The Nasdaq futures are pointing to a fall of 27 points.

The SPI futures are down 1 point.

Best and worst performers

The best-performing sector was Health Care, up 0.63 per cent. The worst-performing sector was Consumer Staples, down 0.75 per cent.

The best-performing large cap was Meridian Energy (ASX:MEZ), closing 4.41 per cent higher at $5.21. It was followed by shares in Lynas Rare Earths (ASX:LYC) and Infratil (ASX:IFT).

The worst-performing large cap was IGO (ASX:IGO), closing 4.63 per cent lower at $13.80. It was followed by shares in Allkem (ASX:AKE) and Pilbara Minerals (ASX:PLS).

Asian markets

Japan’s Nikkei has gained 1.41 per cent.

Hong Kong’s Hang Seng has gained 1.19 per cent.

China’s Shanghai Composite has gained 1.90 per cent.

Company news

AD1 Holdings (ASX:AD1) announced that they have renewed their contract with the Victorian Government for one of their software businesses, ApplyDirect, for an additional three years. In response, AD1 CEO, Brendan Kavenagh, commented, “We continue to invest time and resources in improving our platform offerings, tailoring solutions to better support our customers into the future.” Shares closed 14.29 per cent higher at 0.8 cents.

New World Resources (ASX:NWC) announced that exceptional drill have been identified at the Company’s Javelin VMS Project in northern Arizona, USA. In response, New World’s Managing Director, Mike Haynes, commented: “We have defined a very strong, distinct, shallow IP anomaly that lies in the exact position in the geological sequence where we would expect to find VMS mineralisation.” Shares closed 10 per cent higher at 3.3 cents.

Matsa Resources (ASX:MAT) has executed an agreement with AngloGold Ashanti Australia, which provides AGAA an exclusive three month period to conduct due diligence and to negotiate a potential transaction with Matsa in respect of Matsa’s Lake Carey Gold Project. Shares closed 8.82 per cent higher at 3.7 cents.

Commodities and the dollar

Gold is trading at US$1,992.20 an ounce.

Iron ore is 3.3 per cent lower at US$109.40 a tonne.

Iron ore futures are pointing to a 0.4 per cent fall.

Light crude is trading $0.29 lower at US$80.29 a barrel.

One Australian dollar is buying 66.93 US cents.