Closing Bell: ASX gains in early trade but closes flat
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The ASX clawed back initial gains to start the week, closing virtually flat today.
The ASX 200 closed at 7,394 which was neck and neck with the point it closed at on Friday despite gaining as much as 0.3% in early trade.
Meanwhile, the ASX Emerging Companies Index retreated 0.08% to close at 2,203 points.
Today’s result came despite only materials closing higher, by 1%. The worst sector was energy which shed 1.39% although most other sectors recorded more modest losses.
Australia’s market performed better than much of the Asia-Pacific with Japan the only major market rising today.
Asia’s retreat came despite Wall Street finishing last week at an all time high amidst reporting season over there which has seen 87% of S&P 500 firms reporting so far beating estimates.
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Stocks highlighted in yellow rose (or fell) after making announcements during intraday trade.
Conico (ASX:CNJ) rose with news its first ever drill-hole at the Ryberg project in Greenland intersected significant sulphide mineralisation.
Alligator Energy (ASX:AGE) told shareholders it was being included in a major US-listed American ETF which tracks uranium.
Agtech Terragen (ASX:TGH) rose off the back of its quarterly cash flow and activities report.
Prominence Energy (ASX:PRM) told shareholders the deal to acquire 20% of Patriot Hydrogen was off. The company said it would look for other opportunities in the green hydrogen space but cited unresolved issues for pulling out of the deal with Patriot.
City Chic Collective (ASX:CCX) unveiled its latest acquisition – European plus-size ecommerce retailer Navabi which it will pay $9.6 million to acquire. The company also gave a trading update, reporting unaudited sales revenue for FY21 of $258 million which is over 30 per cent higher than FY20, and that trading in the US and UK to start FY22 has outweighed the impact of lockdown induced store closures in Australia.
Real estate giant GPT (ASX:GPT) however had been affected by lockdowns and today went to the step of withdrawing previous distribution guidance for calendar year 2021. The company said the first six months saw a strong recovery and it expected a recovery once trading conditions resumed but current measures made it prudent to withdraw its guidance.
One of the ASX’s newer uranium plays 92 Energy (ASX:92E) told shareholders drilling is beginning at its Gemini project in Canada’s Athabasca Basin today. The program will test twelve drill targets, which are targeting VTEM conductors coincident with bog and lake sediment uranium anomalies.
Still with uranium and nearly a fortnight since Berkeley Energia’s (ASX:BKY) application to build a uranium mine in Spain was rejected, the company announced it had taken the first steps to overturn the decision. The company submitted an “Improvement Report” to supplement the initial application, requested reassessment and expects the report will demonstrate the project is compliant with legal requirements.
Brewing stock Mighty Craft (ASX:MCL) announced it was teaming up with Torquay Beverage Company and the Inspired Unemployed to launch a zero-carb beer – Better Beer. The pair plan to launch the brand in October 2021 and it will be Mighty Craft’s first national beer launch.
Metal Tiger (ASX:MTR) – capital raising
Jayex (ASX:JTL) – strategic investment
Capricorn Metals (ASX:CMM) – acquisition
Spacetalk (ASX:SPA) – response to AFR report of legal action
Caeneus Minerals (ASX:CAD) – capital raising
Simble Solutions (ASX:SIS) – capital raising
Caprice Resources (ASX:CRS) – acquisition
Theta Gold Mines (ASX:TGM) – financing transaction
Dubber (ASX:DUB) – capital raising