Tech and Financials drag ASX: Aus shares close 0.5% lower

On Monday, the S&P/ASX 200 decreased by 0.5 per cent, or 35.9 points, to 7108.8 due to losses in the financials and technology sectors.

Gold miners performed well as the precious metal’s price increased, with Ramelius Resources (ASX:RMS) adding 10.2 per cent and St Barbara (ASX:SBM) jumping 9.4 per cent.

Capricorn Metals (ASX:CMM) also rallied 15 per cent after reporting its half-year results.

However, (ASX:CAR) dropped 0.2 per cent after its institutional entitlement offer raised $380 million, and major banks ANZ (ASX:ANZ), NAB (ASX:NAB), Westpac (ASX:WBC), and Commonwealth Bank (ASX:CBA) all posted losses, possibly due to the fallout from the collapsed Silicon Valley Bank.

And the Fed announced a Bank Term Funding Program offering loans to US financial institutions with collateral, and a $25bn backstop.


The Dow Jones futures are pointing to a rise of 384 points.
The S&P 500 futures are pointing to a rise of 64.5 points.
The Nasdaq futures are pointing to a rise of 212 points.
The SPI futures are pointing to a fall of 43 points when the market next opens.

Best and worst performers

The best-performing sector was Materials, up 1.03 per cent. The worst-performing sector was Financials, down 1.37 per cent.

The best-performing large cap was Northern Star Resources (ASX:NST), closing 5.02 per cent higher at $11.08. It was followed by shares in Yancoal Australia (ASX:YAL) and Newcrest Mining (ASX:NCM).

The worst-performing large cap was Computershare (ASX:CPU), closing 2.91 per cent lower at $23.73. It was followed by shares in TPG Telecom (ASX:TPG) and QBE Insurance Group (ASX:QBE).

Asian markets

Japan’s Nikkei has lost 1.52 per cent.
Hong Kong’s Hang Seng has gained 2.10 per cent.
China’s Shanghai Composite has lost 1.76 per cent.

Company news

Neuren Pharmaceuticals (ASX:NEU) has announced that they have received an FDA approval for their DAYBUE product, which is the first approved treatment for Rett syndrome. In response, Neuren CEO — commented: “This is a transforming milestone that places us in a position to make the most of the opportunities ahead of us, as we work with the communities to make a difference in four other neurodevelopmental disorders.” Shares closed 19.2 per cent higher at $9.14.

Metro Mining (ASX:MMI) announced that it has entered into a facility agreement with Nebari Partners for a financing facility of up to US$30 million. In response, Simon Wensley, CEO & Managing Director of Metro, stated: “It is a testament to the strong fundamentals of the Bauxite Hills Mine expansion, positions Metro to deliver greater volumes of bauxite to its customers at a time of rising bauxite prices.” Shares closed flat at 1 cent.

Meteoric Resources (ASX:MEI) announced that the Definitive Agreement with Togni Group for the acquisition of the Rare Earths rights comprising the Caldeira Project has been signed. Dr Andrew Tunks Meteoric’s Director said, “In this process, Togni and Meteoric have developed extremely strong ties which now enables Meteoric to leverage Togni’s remarkable 112-year history of mining in the area to fast track our efforts.” Shares closed 4.4 per cent higher at 12 cents.

Commodities and the dollar

Gold is trading at US$1,885.20 an ounce.
Iron ore is 0.7 per cent higher at US$129.95 a tonne.
Iron ore futures are pointing to a 0.32 per cent rise.
Light crude is trading $0.37 higher at US$77.05 a barrel.
One Australian dollar is buying 66.65 US cents.

Peter Milios

Peter Milios is a recent graduate from the University of Technology – majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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