Last Orders: ASX back in the green as 'risk on' sentiment returns

Risk on sentiment has returned to the ASX.

The ASX finished 0.78 per cent higher at 6,791 points although it peaked at 6,861 earlier today, which was nearly 2 per cent higher than the day before.

The ASX Emerging Companies Index however lost 0.39 per cent, closing at 1,982 points.

All sectors were in the green with the biggest gainers being industrials, with a 2.17 per cent gain, and property trusts, which were up 1.34 per cent.

The best performing stock with news was microcap oil and gas stock Fremont Petroleum (ASX:FPL) which told investors that it had completed the acquisition of the package of gas wells in the US.

ANNOUNCEMENTS

Biotech Pharmaxis (ASX:PXS) has announced its latest foray, in conducting a clinical trial of its compound against trauma scarring – especially with burn injuries.

The trial will be led by burns surgeon Fiona Wood who was behind the technology of Avita Medical (ASX:AVH) and rehabilitated victims of the Bali bombings.

Pure Foods (ASX:PFT) announced it was buying plant-based ice cream business The Cashew Creamery for $420,000. The acquisition is the company’s second in the plant-based food sector this year.

Fintech lender Plenti (ASX:PLT) today announced it has increased its funding capacity by upsizing the limit of its automotive warehouse from $275 million to $350 million.

The additional $75 million of capacity will allow Plenti to continue to support its loan book growth in line with increased customer demand.

“The automotive lending market is undergoing favourable structural changes, with banks departing from direct participation and the car purchasing and financing process moving online,” CEO Daniel Foggo said.

“We are moving quickly to build scale in this growing market by further leveraging our market- leading technology and customer proposition.”

Copper and gold company GBM Resources (ASX:GBZ) announced that three district-scale gold systems at Yandan Mine Corridor, Illamahta and North East (NE) Ridge will be the priority targets for the 2021 exploration and drilling program at its Yandan project.

Integrated analysis and drill targeting is already well advanced with drilling to start next week while further details will be released over the coming weeks.

“Our work continues to focus on known epithermal alteration systems hosting gold that we believe hold potential to establish a plus 1-million-ounce resource base and ‘processing halo’ at the Mt Coolon/Yandan Gold Projects,” GBM managing director Peter Rohner said.

“This aggressive exploration program planned for 2021 will be a substantial step for GBM in moving towards becoming a significant gold producer in the Drummond Basin.”

Metals X (ASX:MLX) has completed the sale of its copper assets to Cyprium Metals (ASX:CYM). Metals X will net $24 million from the sale and intends to deploy it to its tin assets.

Recently listed mineral drilling contractor DDH1 Limited (ASX:DDH) has acquired another 4 mineral drilling rigs. It told shareholders it will reach 103 rigs by the first half of FY22 and currently has the largest surface fleet of operating mineral drilling rigs in Australia.