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Aus sectors mixed as ASX gains 0.3%

Despite weak international cues, Australia’s share market managed to close slightly higher as the US debt ceiling bill was passed in the House. At the closing bell, the S&P/ASX 200 was 0.27 per cent higher at 7,110.80, recovering from a recent low. Although the index remained below its 200-day moving average for the second consecutive day, there were indications of a possible uptrend line from September. However, the market’s initial rebound faded as traders began to “sell the fact” following the US House vote. Out of the 11 sectors, eight experienced gains in the quiet trading session that marked the beginning of the month.


The Dow Jones futures are pointing to a fall of 19 points.
The S&P 500 futures are pointing to a rise of 2.75 points.
The Nasdaq futures are pointing to a fall of 10.25 points.
The SPI futures are pointing to a rise of 17 points when the market next opens.

Best and worst performers

The best-performing sector was Health Care, up 1.16 per cent. The worst-performing sector was Industrials, down 0.22 per cent.

The best-performing large cap was Pro Medicus (ASX:PME), closing 3.88 per cent higher at $61.65. It was followed by shares in Northern Star Resources (ASX:NST) and Altium (ASX:ALU).

The worst-performing large cap was IDP Education (ASX:IEL), closing 6.23 per cent lower at $20.46. It was followed by shares in Allkem (ASX:AKE) and IGO (ASX:IGO).

Asian markets

Japan’s Nikkei has gained 0.77 per cent.
Hong Kong’s Hang Seng has gained 0.60 per cent.
China’s Shanghai Composite has lost 0.63 per cent.

Company news

Redflow (ASX:RFX) announced that their flow batteries have been approved for use in a large-scale solar and storage project in California. CEO and MD Tim Harris said: “This 20 MWh project is one of several large-scale opportunities in our pipeline and represents the start of the next phase of our growth strategy.” Shares closed 40.5 per cent higher at 26 cents.

NRZ (ASX:NRZ) has signed a contract with Meijin Energy Investments to produce Hydrogen in China. NRZ Chairman Justyn Peters said: “The newly formed trading platform will provide NRZ with access to the Chinese hydrogen market, and with a trusted partner with access to a significant revenue stream.” Shares closed 37.3 per cent higher at 7 cents.

Impact Minerals (ASX:IPT) has announced that a large REE soil geochemistry anomaly has been identified at their Arkun Project in WA. MD Dr Mike Jones, said, “The new and exciting Horseshoe Prospect is in a prime location for REE being associated with the contact zone of an intrusion adjacent to a major fault zone.” Shares closed 16.7 per cent higher at 1.4 cents.

Commodities and the dollar

Gold is trading at US$1,979.20 an ounce.
Iron ore is 0.5 per cent higher at US$103.20 a tonne.
Iron ore futures are pointing to a 4.69 per cent rise.
Light crude is trading $0.37 higher at US$68.46 a barrel.
One Australian dollar is buying 65.11 US cents.