Closing Bell: ASX retreats for the third day in a row

While today was a better day for the ASX than the past two days, the bourse still finished slightly in the red

After dropping by nearly 1% yesterday, the ASX 200 traded slightly higher for most of the day but closed 7,502 points, which was 0.12% lower than yesterday.

The ASX emerging Companies Index fared worse again, losing another 0.68% although the ASX Small Ords gained 0.68%.

8 of the ASX’s 12 sectors finished in the green with telcos, utilities and property trusts gaining over 1% but four sectors finished in the red with the resources shedding the most at -2.97%.

Stocks in Asia for the most part rose, including New Zealand, which saw its Reserve Bank keep interest rates on hold despite speculation prior to the lockdown that it could be the first advanced economy in the Asia-Pacific region to raise interest rates.

TODAY’S BIGGEST WINNERS

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Astro Resources (ASX:ARO) rose after telling shareholders it had secured a diamond drill rig to commence exploration at its Needles Gold project.

Redcape Hotel Group (ASX:RDC) rose after announcing plans to delist from the ASX in a deal which would give shareholders the option to sell their shares back to the company.

Stocks rising from financial results included investment bank MA Financial (ASX:MAF), camera tech stock Atomos (ASX:AMS) and radiology software company Pro Medicus (ASX:PME).

TODAY’S BIGGEST LOSERS

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Electrical services firm Locality Planning Energy (ASX:LPE) fell after a capital raising.

ANNOUNCEMENTS YOU MAY’VE MISSED

Enero Group (ASX:EGG), a company which owns PR and creative technology firms, grew its net profit after tax by 77% to $22.8 million. The company paid a dividend of 4.4 cents a share and said the first six weeks of FY22 had been strong.

Telix Pharmaceuticals (ASX:TLX) entered into a pan-cancer clinical collaboration with major pharmaceutical company Merck. The pair will conduct combination studies using one of Merck’s molecules with Telix’s TLX591 and TLX250 therapeutics.

Thomson Resources (ASX:TMZ) completed the purchase of the Texas Silver project in the New England Ford Belt. The company paid $2.5 million for the asset, which includes the mine infrastructure, mine and exploration leases, connection to the state power grid and existing rehabilitation bonds for the mine leases replaced.

Star Entertainment Group (ASX:SGR) begun formal negotiations with the NSW government to increase the number of gaming machines it can operate at its Sydney casino. It is permitted to operate 1,500, which is below the numbers permitted at Queen’s Wharf Brisbane as well as Crown at Melbourne and Perth.

US focused uranium explorer Laramide Resources (ASX:LAM) commenced trading on its third exchange, the OTCQX Best market. This is in addition to its ASX and TSX listings and the company says it will expand its exposure and profile with US investors.

WA property developer Finbar (ASX:FRI) announced its Dianella apartment project had reached practical completion on time and on budget. The company also reported seeing 32 sales in the first 17 days of August, which puts the company on track for a record sales month.

TRADING HALTS

Thursday

Pancontinental Oil & Gas (ASX:PCL)  – capital raising
Paterson Resources (ASX:PSL) – capital raising
Jadar Resources (ASX:JDR)  – capital raising
Tempus Resources (ASX:TMR) – capital raising
Globe Metals & Mining (ASX:GBE) – mining lease grant
Wellnex Life (ASX:WNX) – licensing agreement

Friday

Zimi (ASX:ZMM) – capital raising
Pental (ASX:PTL) – acquisition and capital raising