Last Orders: After last week's 2 per cent gain, ASX begins this week lower

The ASX begun the week down after last week’s surge.

Australia’s bourse gained 2 per cent last week and closed at a new record high but dropped today as investors digested the latest COVID-19 numbers in Melbourne and anticipated tomorrow’s RBA meeting as well as GDP figures due on Wednesday.

The ASX 200 retreated 0.25 per cent, closing at 7,162 while the ASX Emerging Companies Index lost 0.87 per cent and closed at 2,171.

The retreat on the ASX was led by energy stocks, which lost 1.59 per cent and tech which lost 0.91 per cent. Health care was the best sector gaining 0.47 per cent.

The top winner with news was energy company Prominence Energy (ASX:PRM), which completed a $3.2 million capital raising that would advance its hydrogen ambitions – giving it a 20 per cent stake in a private hydrogen company.

While Wall Street closed slightly higher on Friday, markets across Asia have been trading lower, particularly Japan and China which reported weak growth in factory output.

ANNOUNCEMENTS YOU MAY’VE MISSED

Link Administration Holdings (ASX:LNK) has pencilled in late June as when it expects PEXA to list on the ASX. It anticipates an enterprise value of $3.3 billion and it will receive at least $50 million from the IPO not counting proceeds received through a scale-back.

The ASX’s only “smart homes” stock Zimi (ASX:ZMM) received a $200,000 order for 3,250 of its garage doors. This takes its total sales to $2.2 million.

Mining services firm Mastermyne (ASX:MYE) was awarded a contract to operate the Gregory Crinum Underground mine. The contract will run for 7 years and has a total value of $600-660 million.

Aotearoa’s flag carrier Air New Zealand (ASX:AIZ) released its monthly traffic statistics and its passengers carried in April 2021 was 5,603 per cent higher than in April 2021 from 15,000 to 866,000 with the nation in lockdown for much of the prior corresponding period. But virtually all growth came from domestic operations – long haul passenger numbers were even lower than April 2020 – by 29 per cent.

Another Kiwi stock, cervical cancer screening company TruScreen (ASX:TRU), released financial results and it reported a 12 per cent decline in revenues. The company blamed health resources in its key markets being re-deployed to COVID-19 management.

Classic Minerals (ASX:CLZ) secured $1.78 million in financing through innovative specialist funder Radium Capital. The company says the proceeds would greatly assist in the development of its Kat Gap gold project.