At around noon, the S&P/ASX 200 is 0.18 per cent lower at 7,165.40.
Energy stocks on the ASX are down over 2% as a result of a 4.1% drop in US oil prices, which fell below $70 per barrel, despite a 4.63 million barrel decrease in US crude stockpiles. Brent also slid more than 3.5% to below $75 per barrel.
The SPI futures are pointing to a fall of 24 points.
Best and worst performers
The best-performing sector is Information Technology, up 0.48 per cent. The worst-performing sector is Energy, down 2.01 per cent.
The best-performing large cap is REA Group (ASX:REA), trading 2.66 per cent higher at $165.10. It is followed by shares in Reece (ASX:REH) and Fortescue (ASX:FMG).
The worst-performing large cap is QBE Insurance Group (ASX:QBE), trading 3.45 per cent lower at $14.54. It is followed by shares in Woodside Energy Group (ASX:WDS) and Santos (ASX:STO).
Asian news
Japan’s Nikkei 225 fell 1% after leading gains in Asia on Wednesday, while the Topix slid 0.77%.
South Korea’s Kospi shed 0.39% and the small-cap Kosdaq dropped 0.36%.
However, Futures for Hong Kong’s Hang Seng index stood at 16,479, pointing to a stronger open compared to the HSI’s close of 16,463.26.
Company news
Tamboran Resources (ASX:TBN) announced the successful completion of SS-1H stimulation program. In response, Tamboran Resources (ASX:TBN) Managing Director and CEO, Joel Riddle, commented, “the team engineered a repeatable stimulation formula, which is a significant milestone for Tamboran that is expected to lead to more efficient and lower cost programs in the future.” Our research business, Corporate Connect has provided a new research report on the Company. You can access the reportvia corporate connect and ShareCafe websites. Shares are trading 3.7 per cent higher at 14 cents.
Invictus Energy (ASX:IVZ) announced a gas discovery in the Mukuyu-2 well at its 80% owned and operated Cabora Bassa Project in Zimbabwe. Comments from Managing Director Scott Macmillan include, “The Company has delivered an exceptional result from the first two wells drilled in Mukuyu, which provides us with significant running room in our large portfolio of prospects and leads for further discoveries in our acreage in the Cabora Bassa basin.” Shares are trading 40.6 per cent higher at 22.5 cents.
Blaze Minerals (ASX:BLZ) has identified multiple high-grade channel samples from all spodumene bearing pegmatites at the North Spirit Lithium Project in Canada. Commenting on the Phase 2 results, Simon Coxhell said, “In the space of six months the project has grown from one historic anomalous rock chip sample to a number of prospective outcrops confirmed by these latest channel sample results.” Shares are trading 12.5 per cent higher at 0.9 cent.
Elixir Energy (ASX:EXR) announced that Daydream-2 appraisal well in its 100% owned Grandis Gas Project located in the Bowen Basin, Queensland, reaches Total Depth of 4,300 metres. Elixir’s Managing Director, Mr Neil Young, said, “although these are still early days, the unexpected intersection of a permeable gas zone this deep in the section may unlock another new Australian deep gas play and will be of interest to many parties. Furthermore, on almost every other front the well has exceeded expectations – in terms of geology, engineering, economics and project management.” Shares are trading 22.22 per cent higher at 11 cents.
Commodities and the dollar
Gold is trading at US$2044.00 an ounce.
Iron ore is 1.7 per cent higher at US$133.65 a tonne.
Iron ore futures are pointing to a 2.62 per cent rise.
One Australian dollar is buying 65.53 US cents.