At the closing bell, the S&P/ASX 200 was 0.04 per cent lower at 7,362.20, as the materials sector suffered a decline of over 2 per cent. Despite reporting record iron ore production, Rio Tinto (ASX:RIO) shares fell 2.3 per cent, and BHP (ASX:BHP) shares dropped 2.6 per cent.
However, the Financials sector rose 1.3 per cent, and all the big four banks, including Commonwealth Bank (ASX:CBA), National Bank of Australia (ASX:NAB), Westpac (ASX:WBC), and Australia and New Zealand Bank (ASX:ANZ), saw an increase in their shares. Bank of Queensland’s (ASX:BOQ) shares also rose 1.1 per cent despite reporting a profit collapse in half-year results.
Futures
The Dow Jones futures are pointing to a fall of 27 points.
The S&P 500 futures are pointing to a fall of 13 points.
The Nasdaq futures are pointing to a fall of 75 points.
The SPI futures are pointing to a rise of 3 points when the market next opens.
Best and worst performers
The best-performing sector was Financials, up 1.25 per cent. The worst-performing sector was Materials, down 2.03 per cent.
The best-performing large cap was IDP Education (ASX:IEL), closing 3.53 per cent higher at $28.19. It was followed by shares in Meridian Energy (ASX:MEZ) and Aristocrat Leisure (ASX:ALL).
The worst-performing large cap was Mineral Resources (ASX:MIN), closing 5.46 per cent lower at $79.71. It was followed by shares in Allkem (ASX:AKE) and Pilbara Minerals (ASX:PLS).
Asian markets
Japan’s Nikkei has gained 0.18 per cent.
Hong Kong’s Hang Seng has gained 0.03 per cent.
China’s Shanghai Composite has lost 0.35 per cent.
Company news
BluGlass (ASX:BLG) announced their March quarter activities report, in which the company launched their first suite of (GaN) lasers, received multiple initial customer orders and secured $10.7 million to speed and scale product delivery. CEO Jim Haden commented, “Our first customers are established industry players, reflecting the growing need for alternative GaN laser suppliers, the quality of our first products, and BluGlass’ reputation.” Shares closed 3.57 per cent lower.
Aurelia Metals (ASX:AMI) have also released their quarterly activities report, in which their gold, zinc and lead metal production increased by more than 20 per cent above the December quarter, benefiting from higher grades in the ore feed. Cash flow from operations and cash balance increased by $11 million and $15.6 million, respectively. Shares closed 14.3 per cent higher.
Moho Resources (ASX:MOH) announced that significant clay-hosted rare earths intersected at their Peak Charles project in WA. In response, Ralph Winter, Managing Director commented, “Moho believes the identified target zone of 15 x 12km thus far, with further room for growth across the tenement package, puts the company in a positive position in the REE market in Australia.” Shares closed 50 per cent higher at 2.7 cents.
Commodities and the dollar
Gold is trading at US$2,008.30 an ounce.
Light crude is trading $0.95 lower at US$78.21 a barrel.
One Australian dollar is buying 67.21 US cents.