Closing Bell: ASX retreats, led by 2pc drop in energy

Once again the energy sector determined the direction of the market but unlike yesterday where it gained, today it finished in the red.

The ASX 200 retreated 0.27% to close at 7,417 points, although the ASX Emerging Companies Index rose 1.35% to 2,561.

Energy retreated by 2.21% and resources lost 1.42%. Most other sectors retreated too although tech and health were exemptions gaining just over 1%.

This retreat mirrored Wall Street’s performance overnight as well as most other Asian markets today.

Traders had feared that rising inflation could force the Federal Reserve to gradually withdraw stimulus measures, which have helped equities perform so well in the last 18 months even with the disruptions to global economies caused by the pandemic.

But unlike Australia, energy shares inched up as traders revelled in the rise in oil prices even with the International Energy Agency reporting global crude demand had dropped for three straight months.

TODAY’S BIGGEST WINNERS

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Code	Company	Price	%	Volume
OXX	Octanex Ltd	0.04	67	19351982
Z2U	Zoom2Utechnologies	0.65	51	10642366
CCE	Carnegie Cln Energy	0.003	50	9324552
TYX	Tyranna Res Ltd	0.007	40	11015940
CXL	Calix Limited	5.35	40	1826497
MDX	Mindax Limited	0.065	38	4514883
KWR	Kingwest Resources	0.135	35	7000570
RNU	Renascor Res Ltd	0.165	27	55580101
CRL	Comet Resources	0.025	25	18317839
ARE	Argonaut Resources	0.01	25	50982030
ARO	Astro Resources NL	0.005	25	431138
MRD	Mount Ridley Mines	0.005	25	149148374
XAM	Xanadu Mines Ltd	0.036	24	17514394
ESS	Essential Metals Ltd	0.26	24	10257525
RXH	Rewardle Holding Ltd	0.016	23	2844046
BMN	Bannerman Energy Ltd	0.38	23	14755991
DW8	Digital Wine Venture	0.067	22	14738664
PSC	Prospect Res Ltd	0.46	21	8283545
RD1	Registry Direct	0.036	20	467896
HXL	Hexima	0.44	19	153496
CNR	Cannon Resources	0.35	19	795515
EME	Energy Metals Ltd	0.45	18	675319
AUA	Audeara	0.13	18	1048667

Gold stock Octanex (ASX:OXX) said that geochemical sampling was underway at its Sefton project.

Calix (ASX:CXL) announced a $24.5 million deal that would see decarbonisation investor Carbon Direct buy a 7% stake in its lime and cement decarbonisation tech subsidiary.

One winner without news was Zoom2U Technologies (ASX:Z2U), which listed less than a week ago at 20 cents but closed up 51% today.

TODAY’S BIGGEST LOSERS

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Code	Company	Price	%	Volume
OAK	Oakridge	0.001	-50	18408
PNX	PNX Metals Limited	0.006	-25	32685817
NWF	Newfield Resources	0.39	-23	1389994
MYE	Mastermyne Group Ltd	0.905	-18	2162646
RAG	Ragnar Metals Ltd	0.038	-14	4919395
RXM	Rex Minerals Limited	0.285	-14	5898325
AFW	Applyflow Limited	0.007	-13	1797945
GES	Genesis Resources	0.014	-13	46361
GTG	Genetic Technologies	0.007	-13	8555967
OEX	Oilex Ltd	0.0035	-13	4650000
PUA	Peak Minerals Ltd	0.015	-12	3648401
IGN	Ignite Ltd	0.083	-12	5200
OVN	Oventus Medical Ltd	0.1	-11	560304
NCR	Nucoal Resources Ltd	0.008	-11	35000
AKO	Akora Resources	0.215	-10	2775
ESR	Estrella Res Ltd	0.043	-10	8559544
RCR	Rincon	0.26	-10	292737
ENR	Encounter Resources	0.265	-10	393446
ASO	Aston Minerals Ltd	0.135	-10	5011996
CDR	Codrus Minerals Ltd	0.18	-10	5757238
RWD	Reward Minerals Ltd	0.135	-10	96689
DXN	DXN Limited	0.009	-10	2320000
FMS	Flinders Mines Ltd	0.83	-10	25085

Mastermyne (ASX:MYE) fell after reporting a fatal underground incident overnight.

ANNOUNCEMENTS YOU MAY’VE MISSED

IDT Australia (ASX:IDT) updated shareholders on its plans to assist the government with producing COVID-19 vaccines. The company says a site audit has been completed by the TGA and it is waiting for the TGA’s determination for a sterile licence.

Avecho (ASX:AVE), a company trying to develop a CBD-based product, announced it had enrolled its first study volunteers. The study will test the company’s 75mg soft-gel product and will recruit a total of 16 volunteers with results expected next quarter.

BNPL stock Openpay (ASX:OPY) extended its funding facility with Global Credit Investments (GCI). The new facility is worth $65 million and has a new maturity date of January 31 2024.

Australian Potash (ASX:APC) announced its K-Brite Potassium Sulphase SOP was allowed by the USA’s premier organic certification body the Organic Materials Review Institute (OMRI). This means it can be used in certified organic production or food processing in compliance with the USA’s Department of Agriculture National Organic Program.

Battery graphite company Renascor Resources (ASX:RNU) won Major Project Status from the federal government for its Siviour Battery Anode Material operation in South Australia. This award provides Renascor with additional support from the Major Project Facilitation Office Agency including a single entry point for federal approvals and coordination with state approvals.