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Energy sector tumbles: ASX closes 0.16% lower

At the closing bell, the S&P/ASX 200 was 0.16 per cent lower at 7,118.00.

The energy sector was the worst performing, down 0.7 per cent. Beach Energy (ASX:BPT) shares dropped 8.1 per cent. Viva Energy (ASX:VEA) shed 2.8 per cent. Karoon Energy (ASX:KAR) fell 3.5 per cent. Woodside Energy (ASX:WPL) shed 0.4 per cent.

The major banks fell. Commonwealth Bank (ASX:CBA) shares fell 0.9 per cent. Westpac (ASX:WBC) dropped 1.5 per cent. National Australia Bank (ASX:NAB) shares shed 1.8 per cent. ANZ (ASX:ANZ) lost 0.04 per cent.

Healthcare stocks rallied. PolyNovo (ASX:PNV) shares surged 15.8 per cent after it posted a record monthly sale of $7.2m in May. Cochlear (ASX:COH) rose 1.8 per cent. CSL (ASX:CSL) added 0.4 per cent. Estia Health (ASX:EHE) rallied 13.3 per cent after Bain Capital lobbed a $3.20 a share revised non-binding bid to acquire the aged care operator.


The Dow Jones futures are pointing to a fall of 14 points.
The S&P 500 futures are pointing to a rise of 0.75 points.
The Nasdaq futures are pointing to a fall of 12 points.
The SPI futures are down 13 points.

Best and worst performers

The best-performing sector was Consumer Discretionary, up 0.81 per cent. The worst-performing sector was Energy, down 0.72 per cent.

The best-performing large cap was IDP Education (ASX:IEL), closing 3.57 per cent higher at $22.94. It was followed by shares in Seven Group Holdings (ASX:SVW) and Reece (ASX:REH).

The worst-performing large cap was Incitec Pivot (ASX:IPL), closing 4.75 per cent lower at $2.81. It was followed by shares in Meridian Energy (ASX:MEZ) and EBOS Group (ASX:EBO).

Asian markets

Japan’s Nikkei has lost 1.82 per cent.
Hong Kong’s Hang Seng has gained 0.93 per cent.
China’s Shanghai Composite has gained 0.36 per cent.

Company news

NOVONIX (ASX:NVX) have signed an agreement for the joint research and development of artificial graphite anode material for lithium-ion batteries. Also, in a separate agreement, NOVONIX has agreed to issue an aggregate principal amount of US$30 million unsecured convertible notes to LGES. Shares closed 19.1 per cent higher at $1.16.

Latin Resources (ASX:LRS) announced the completion of a major resource definition drilling program at the Colina Lithium Deposit in Brazil. VP of Operations – Americas, Tony Greenaway commented: “We believe that we will see a significant expansion in the JORC resource for Colina, given the exceptional results we have been seeing in our drilling this year.” Shares closed 10.3 per cent higher at 18.8 cents.

Andromeda Metals (ASX:ADN) signed a Term Sheet for the supply of high quality kaolin from the Great White Project during the first 5 years of production, into China. CEO & MD said, “Sales of our premium refined Great White CRM™ product fits strategic positioning and commercial strategy.” Shares closed 8.57 per cent higher at 3.8 cents.

Jindalee Resources (ASX:JRL) has commenced a PFS on their McDermitt Lithium Project in Oregon, USA. For the PFS, the Company has brought in global engineering and maintenance company Fluor Corporation. Shares are trading 0.98 per cent lower at $2.03.

Commodities and the dollar

Gold is trading at US$1,979.10 an ounce.
Light crude is trading $0.53 lower at US$71.21 a barrel.
One Australian dollar is buying 66.74 US cents.