Closing Bell: Market remains moored as banking losses drag

• ASX closes down 17 points or 0.19%
• Banks, info tech weigh heavily
• Broad market gains with 130 of 200 stocks moving higher

Numbers don’t always tell the tale

The ASX 200 fell 17 points or 0.19% today but performed much better than first appears.

Of the 200 stocks within the index, 130 gained ground, while just 57 fell.

Eight of our 11 sectors ended the day higher than they started, and the small caps index jumped 0.76%.

With gold marking a small price uplift and the lithium market still humming along in the background, there was good movement in resource stocks in particular.

Elevra Lithium (ASX:ELV) gained 10.35%, Liontown (ASX:LTR) 7.83%, Pilbara Minerals (ASX:PLS) 7.81% and Mineral Resources (ASX:MIN) 6.08%.

As for goldies, Barton (ASX:BGD) jumped 8.04%, Beacon Minerals (ASX:BCN) 7.29%, Focus Minerals (ASX:FML) 6.55% and New Murchison Gold (ASX:NMG) added 6.06%.

CBA losses smash market gains

So why is the broader market in the red today?

Commonwealth Bank (ASX:CBA) is the culprit. The oversized banking giant fell 6.59% today, and took the rest of us with it.

Trading at a 30x earnings-to-price ratio and a market cap of about $274.48 billion, CBA alone represents a whopping 11.2% of the total ASX 200 index.

Like it or not, that means when CBA cops it, so do the rest of us.

Dragging the banking index even lower, National Australia Bank (ASX:NAB) also dipped 1.32% while Bendigo and Adelaide Bank (ASX:BEN) shed 8.49%.

Westpac (ASX:WBC) made a valiant effort in the other direction, adding 1.48%.

Info tech also got a hammering, mostly from losses in heavyweight Life360 (ASX:360). Life360 fell 5.22% despite knocking its earnings report out of the park.

Revenue beat estimates by 3.9%, EBITDA by 37.6% and the company upgraded its EBITDA guidance by 11.7%.

None of that made any difference to investors, who are wringing their hands over 360’s acquisition of adtech company Nativo.

360 is acquiring the advertising publisher’s network and programming tools for $120 million, and shareholders aren’t convinced it will benefit the bottom line.

ASX Leaders

Today’s best performing stocks (including small caps):

In the news…

Control Bionics (ASX:CBL) is taking a huge step into the human interface technology space, implementing Apple’s new Brain-Computer Interface (BCI) Human Interface Device (HID) protocol.

The accessibility-focused medical device company is integrating Apple’s HID protocol into its NeuroNode devices, designed to support people living with severe speech and physical impairments.

Management says the integration will enable faster setup, greater reliability and more intuitive control.

Eagle Mountain Mining (ASX:EM2) has secured binding commitments to raise $1.66 million in a placement, with plans to raise a further $1.9m in an entitlement issue.

EM2 is offering the new shares at an 11% discount to its 30-day VWAP at 0.9c each, with funds to go to exploration at the Silver Mountain project and the development of new exploration opportunities.

Cosmo Metals (ASX:CMO) has identified an 8-km-long antimony target at the Bingara project in NSW with rock chips grading up to 5.75% stibium (antimony).

The company says the project area – home to historical antimony workings – holds several prospective areas in clusters along the trend. CMO will be investigating further with another round of soil sampling and geological mapping before zeroing-in on drilling targets.

Mayfield Group (ASX:MYG) has launched a private placement to institutional investors, looking to raise $30.5m at $1.9 a share.

MYG is considering several potential acquisitions within the electrical infrastructure solution space, with stated goals of expanding its geographic presence, enhancing product capabilities, and/or broadening its customer base.

ASX Laggards

Today’s worst performing stocks (including small caps):

In the news…

In Case You Missed It

iTech Minerals (ASX:ITM) has started gold-antimony focused drilling targeting multiple prospects at Reynolds Range in the NT.

Mammoth Minerals (ASX:M79) has expanded its footprint at the Excelsior gold-silver project in Nevada by a whopping 340%.

Verity Resources (ASX:VRL) has uncovered a new gold target at the Perseverance prospect, within its Monument project in Western Australia.

Australian Critical Minerals (ASX:ACM) has appointed Allister Caird a non-executive director bringing his more than 15 years’ experience to the board.

OzAurum (ASX:OZM) continues to hit gold at Mulgabbie North with RC results extending shallow mineralisation at the James, Ben and Cross Fault prospects.

Energy Transition Minerals (ASX:ETM) prepares to progress Kvanefjeld licence claims against Greenland after Copenhagen City Court blasts apart key procedural obstacles.

Mines in the Vines heads to Red Hill, bringing gold, gas and good wine to one of the ASX’s most anticipated investor events.

Control Bionics (ASX:CBL) will integrate Apple’s Brain-Computer Interface Human Interface Device protocol across its products.

Trading halts

ADX Energy (ASX:ADX) – cap raise
Conrad Asia Energy (ASX:CRD) – farm-down of 75% of Duyung PSC
ECS Botanics (ASX:ECS) – cap raise
Fortuna Metals (ASX:FMTT) – cap raise
Megaport (ASX:MP1) – material acquisition and equity raising
MotorCycle Holdings (ASX:MTO) – review of vehicle registration duty underpayments
Skylark Minerals (ASX:SKR) – project acquisition
Tasman Resources (ASX:TAS) – exploration update at Lake Torrens project
Waratah Minerals (ASX:WTM) – response to ASX price and volume query and exploration results

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.