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Dexus cuts valuations: ASX 0.22% lower at noon

Office and industrial property group, Dexus (ASX:DXS), has reduced the book value of its office and industrial properties by approximately $1 billion (6 per cent reduction) due to higher capitalization rates and discount rates as indicated by an independent expert’s report. Despite rental growth offsetting some impact, the office portfolio decreased by about 7.7 per cent, while the industrial portfolio decreased by about 0.2 per cent on prior book values.

At noon, the S&P/ASX 200 is 0.22 per cent lower at 7,341.30.

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

Best and worst performers

The best-performing sector is REITs, up 0.71 per cent. The worst-performing sector is Energy, down 1.12 per cent.

The best-performing large cap is Meridian Energy (ASX:MEZ), trading 4.79 per cent higher at $5.03. It is followed by shares in Whitehaven Coal (ASX:WHC) and SEEK (ASX:SEK).

The worst-performing large cap is TPG Telecom (ASX:TPG), trading 7.73 per cent lower at $5.13. It is followed by shares in Cleanaway Waste Management (ASX:CWY) and Northern Star Resources (ASX:NST).

Asian news

Asia-Pacific markets largely fell on Wednesday, mirroring moves on Wall Street as stocks came back from the Juneteenth holiday to trade lower on Tuesday.

In Japan, the Nikkei 225 was the only major index in the green as it reversed earlier losses and gained 0.15 per cent along with the Topix, which rose 0.24 per cent.

Japan’s central bank will release its minutes for its April 27-28 meeting, which was the first chaired by new BOJ Governor Kazuo Ueda.

South Korea’s Kospi slipped 0.57 per cent and the Kosdaq dropped 0.45 per cent.

Hong Kong’s Hang Seng index led losses in the region, tumbling 1.36 per cent on its open. Mainland Chinese markets were also lower, with the Shanghai Composite down 0.26 per cent and the Shenzhen Component seeing a larger loss of 0.75 per cent

Company news

Sayona Mining (ASX:SYA) announced that their preliminary technical study at their NAL lithium carbonate plant study produces an NPV of A$3.2bn. Sayona’s Managing Director, Brett Lynch commented: “Significantly, NAL is set to become the only lithium operation with a concentrator and carbonate plant all on the same site in North America. Shares are trading 1.39 per cent higher at 18.3 cents.

Tamboran Resources (ASX:TBN) has entered into a Framework Agreement with the Clean Energy Fuels Australia (CEFA) to obtain exclusivity over gas compression and liquefaction facilities from the Beetaloo Basin. MD and CEO, Joel Riddle, said: “This is the first step in fulfilling our promise to provide these remote communities with alternative affordable and cleaner fuel.” Shares are trading flat at 21 cents.

Imagion (ASX:IBX) is set to complete the MagSense® HER2 Phase 1 Study. Bob Proulx, Imagion’s CEO, commented, “this now provides strong footing for us to move ahead with our HER2 breast cancer program.” Shares are trading 29.2 per cent higher at 1.6 cents.

Commodities and the dollar

Gold is trading at US$1948.20 an ounce.
Iron ore is 0.3 per cent lower at US$114.75 a tonne.
Iron ore futures are pointing to a 0.24 per cent rise.
One Australian dollar is buying 67.86 US cents.