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ASX closes 0.32% higher as Financial sector grows in late afternoon trading

During the late afternoon trading session, the financial sector experienced a notable increase in its gains.

All the major banks demonstrated positive performance, with Commonwealth Bank (ASX:CBA) shares surging by 1 per cent, National Australia Bank (ASX:NAB) rising by 1 per cent, Westpac (ASX:WBC) adding 1.1 per cent, and ANZ Bank (ASX:ANZ) edging up by 0.4 per cent.

Macquarie Group (ASX:MQG), an investment bank, exhibited a rise of 1.4 per cent.

Insurance Australia Group (ASX:IAG) witnessed a strong rally of 2.8 per cent, while QBE Insurance (ASX:QBE) slightly increased by 0.8 per cent.

At the closing bell, the S&P/ASX 200 was 0.32 per cent higher at 7,161.70.


The Dow Jones futures are pointing to a fall of 64 points.
The S&P 500 futures are pointing to a fall of 1.5 points.
The Nasdaq futures are pointing to a fall of 5.5 points.
The SPI futures are up 23 points.

Best and worst performers

The best-performing sector was Materials, up 2.49 per cent. The worst-performing sector was Health Care, down 4.82 per cent.

The best-performing large cap was Mercury NZ (ASX:MCY), closing 5.33 per cent higher at $5.93. It was followed by shares in Mineral Resources (ASX:MIN) and Allkem (ASX:AKE).

The worst-performing large cap was CSL (ASX:CSL), closing 6.89 per cent lower at $287.25. It was followed by shares in Auckland International Airport (ASX:AIA) and EBOS Group (ASX:EBO).

Asian markets

Japan’s Nikkei has gained 1.48 per cent.
Hong Kong’s Hang Seng has lost 0.57 per cent.
China’s Shanghai Composite has gained 0.83 per cent.

Company news

Golden Mile Resources (ASX:G88) announced the highest-ever nickel grades at their Quicksilver project in WA. MD Damon Dormer said, “We have a significantly higher-grade -zone within the overall Resource with the potential of disseminated nickel mineralisation.” Shares closed 138 per cent higher at 5.7 cents.

NickelSearch (ASX:NIS) announced that their Sexton Prospect diamond drillhole intersects massive sulphide mineralisation at depth. MD, Nicole Duncan, commented: “[This] intersection confirms the presence of massive sulphide mineralisation at depth and gives us significant optimism.” Shares closed 20.3 per cent higher at 7.7 cents.

Encounter Resources (ASX:ENR) announced that there diamond drill program has been expanded at their project in WA. MD Will Robinson said: “The survey…has resolved into a suite of structurally complex density anomalies interpreted as potential alkaline intrusions.” Shares closed 7.3 per cent higher at 25.8 cents.

Commodities and the dollar

Gold is trading at US$1,959.60 an ounce.
Iron ore is 0.4 per cent higher at US$112.90 a tonne.
Iron ore futures are pointing to a 0.75 per cent rise.
Light crude is trading $0.22 higher at US$69.64 a barrel.
One Australian dollar is buying 67.66 US cents.