The ASX 200 bounced back today, following positive moves on Wall Street overnight.

The local benchmark index climbed 0.58%, and closed at 7,460.

After dragging down the market yesterday, the Energy sector has rebounded strongly with stocks like Woodside Petroleum (ASX:WPL) and Santos (ASX:STO) climbing by around 2%.

The sector was buoyed by a 3% jump in oil prices overnight, as US oil inventory data showed a larger than expected drawdown following shutdowns caused by the Ida hurricane.

Iron ore miners have largely managed to hold ground, even after a further 6% drop in spot iron ore prices overnight.

Wesfarmers (ASX:WES) has tabled an upgraded offer to Australian Pharma Industries (ASX:API) at $1.55 a share, after its $1.38 was rejected by API previously.

The API stock price jumped by 16% to $1.48, while WES rose by 0.7%.

Meanwhile, Australia’s jobless rate surprisingly fallen to 4.5% in August from 4.6% in July, despite the latest lockdowns.

The data beat expectations by a long shot, as economists had been predicting that it would jump to 5%.


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Market darling Chalice Mining (ASX:CHN) was the best performer in the large end of town today, rising by 6%.

Although there was no specific news, the CHN stock price has been rising by 22% in the past month since announcing new Board appointments that included a former senior Wesfarmers executive, Linda Kenyon.

Biotech high flyer Imugene (ASX:IMU) was also up 4% on no news.

The IMU stock price has been rising since it was announced the company would be included as part of the ASX 300 index come September 20th.

The IMU stock price has been on a tear in the past year, rising by 700% and launching the company from an obscure biotech stock into a mid-sized market cap play worth $2.35bn in the space of 12 months.


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Lithium miner Ioneer (ASX:INR) plummetted by 19% today after announcing that it would raise US$70m via sale of its shares to global precious metals miner, Sibanye-Stillwater (NYSE:SBSW).

As part of the deal, the two companies would also form a 50/50 joint venture (JV) to develop Ioneer’s Rhyolite Ridge lithium-boron project in Nevada.

Sibanye-Stillwater will contribute $US490 million to the JV, while Ioneer will relinquish 50% control of the Rhyolite Ridge project.

Fortescue Metals (ASX:FMG) dropped 3.5% on the back of falling iron ore prices overnight.

However the company pleased ESG investors after announcing a groundbreaking co-management framework to drive deeper collaboration with the Eastern Guruma people.

Under the framework, both parties will establish a culturally safe mining joint venture to mine the East and West Queens deposits on Eastern Guruma country.

The 10-year mining services contract to be awarded to the new JV is estimated to be worth over $500 million, making the contract the largest ever awarded to an Aboriginal business by Fortescue.