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Resources and REITs deliver strong gains: ASX closes 0.09% higher

At the closing bell, the S&P/ASX 200 was 0.09 per cent or 6.1997 points higher at 7,262.90. The rise was primarily driven by the performance of the real estate and resources sectors. However, a couple of companies experienced notable declines. Elders (ASX:ELD) witnessed a sharp drop of 13.2 per cent to $7.20 after reporting a fall in its half-year profit and announcing a dividend cut. Pact Group (ASX:PGH) also faced a significant decline, falling 14.1 per cent to 82.5¢, as it downgraded its earnings guidance. On the other hand, InvoCare (ASX:IVC) saw a remarkable surge of 12.1 per cent to $12.43. This increase followed news that TPG Capital had returned with a slightly higher bid of $1.9 billion for Australia’s largest funerals group. Additionally, Newcrest (ASX:NCM) recorded a modest gain of 1.5 per cent to $28.68 after accepting Newmont’s takeover offer. Lastly, ANZ (ASX:ANZ) encountered a decline of 4 per cent to $23.53 as it traded ex-dividend on that day.


The Dow Jones futures are pointing to a rise of 50 points.
The S&P 500 futures are pointing to a rise of 7 points.
The Nasdaq futures are pointing to a rise of 19.5 points.
The SPI futures are pointing to a rise of 23 points when the market next opens.

Best and worst performers

The best-performing sector was REITs, up 0.89 per cent. The worst-performing sector was Financials, down 0.85 per cent.

The best-performing large cap was Evolution Mining (ASX:EVN), closing 4.23 per cent higher at $3.94. It was followed by shares in Northern Star Resources (ASX:NST) and BlueScope Steel (ASX:BSL).

The worst-performing large cap was Allkem (ASX:AKE), closing 1.92 per cent lower at $14.85. It was followed by shares in Orica (ASX:ORI) and REA Group (ASX:REA).

Asian markets

Japan’s Nikkei has gained 0.75 per cent.
Hong Kong’s Hang Seng has gained 1.93 per cent.
China’s Shanghai Composite has lost 0.35 per cent.

Company news

Vintage Energy (ASX:VEN) announces the securing of the first gas supply contract for the Odin gas field located in the Cooper Basin. Vintage Managing Director, Neil Gibbins, said “This agreement expands our production and revenue generating footprint and provides an attractive commercial footing.” Shares closed 10.9 per cent higher at 7.1 cents.

Wia Gold (ASX:WIA) has announced a maiden mineral resource estimate at Kokoseb of 1.3 million ounces of gold, with significant scope for expansion. Wia’s Chairman, Andrew Pardey, commented, “This resource estimate was delivered only 11 months after the discovery holes and at an outstanding discovery cost of US$2 per ounce.” Shares closed 38.5 per cent higher at 3.6 cents.

Westar Resources (ASX:WSR) announced that their maiden RC program intersects multiple thick pegmatites at Olga Rocks lithium-gold project in WA. Executive Director Lindsay Franker commented: “Following from the success of the maiden RC drilling program, Westar is planning the next phase of drilling, targeting along strike and down dip extensions.” Shares closed 50 per cent higher at 5.1 cents.

Commodities and the dollar

Gold is trading at US$2,020.20 an ounce.
Iron ore is 0.2 per cent higher at US$103.05 a tonne.
Iron ore futures are pointing to a 3.08 per cent rise.
Light crude is trading $0.12 lower at US$69.92 a barrel.
One Australian dollar is buying 66.84 US cents.