The ASX 200 edged higher at the opening bell on Monday, despite a weak lead from the S&P500 which posted five straight falls last week.

It managed to hold there all day to finish with a gain of 0.25%, despite the lack of a major catalyst in Asian trade.

Energy stocks led the way at the big end of town, as the uranium frenzy remains in full swing while oil prices hold steady above US$70/barrel.

The ASX 200 Materials index also moved higher, partly offsetting a poor session for the major banks which all finished in the red.


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Local uranium producer Energy Resources (ASX:ERA) led the large cap pack today with a huge 27.3% gain, leaving it with a market cap of around $1.2bn.

Among the large caps to climb in the wake of new announcements was lithium play Ioneer (ASX:INR), which is now a $1nb-plus company after climbing by around 7x over the last 12 months.

Shares in INR rose by another 8% today although the stock didn’t have much news, only announcing that it’s issued four executives with around 5.53m performance shares.

And $21bn Sydney Airport (ASX:SYD) was another notable mover, after a consortium led by IFM Investors sweetened its offer for the infrastructure asset.

Also posting solid gains on Monday was ~$7bn gold play Evolution Mining (ASX:EVN), which released its presentation to the Denver Gold Forum, outlining plans to increase production to between 940k-1m ozpa in FY24.


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