Last Orders: ASX finishes up again despite resources lagging
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The ASX finished up today and every sector gained…except resources.
The ASX 200 gained 0.44 per cent to close at 7,064 points, which is 74 points short of its pre-pandemic record high. The ASX Emerging Companies Index on the other hand lost 0.41 per cent, closing at 2,103.
Resources stocks fell 0.94 per cent while every other sector finished in the green, led by property trusts, which rose over 1.5 per cent as well as financials, health and energy which all rose over 1 per cent.
The drop came despite economic data showing the iron ore boom continuing. Iron ore exports were up 21 per cent is now 39 per cent of all goods exported. And there did not appear to be any slowdown in demand from China – with iron ore volumes to China alone rising 17 per cent.
Copper ore rose even more by 62 per cent.
Other noteworthy economic data today included inflation figures, which were just 0.6 per cent for the quarter in a move that makes the prospect of interest rate rises prior to 2023-24 even more unlikely despite rising house prices.
The top stock with news was Fin Resources (ASX:FIN), which announced it was buying 80 per cent of a salt exploration project in Onslow in Western Australia – right next door to an existing successful salt mine.
TNT Mines (ASX:TIN) has lodged an exploration application license application in the Earaheedy Basin. It covers an area of 930 square kilometres that is close to Rumble Resources (ASX:RTR) and Zenith Minerals’ (ASX:ZNC) lead-zinc discovery.
On the topic of Rumble and Zenith’s discovery at Earaheedy, it was announced an accelerated exploration program would soon commence – underpinned by a $40 million capital raising by Rumble.
Allegra Orthopaedics (ASX:AMT) won a $2m loan to progress its spinal cage. The deal includes an option for the lenders to convert debt to equity if Allegra decided to raise capital during the loan term which will be 24 months.
Access Innovation Holdings (ASX:AIM), or Ai-Media, has bought US-based captioning tech company EEG Enterprises. It will pay $40 million – funded by a capital raising and rights issue.
Speaking of acquisitions, PR agency Enero Group (ASX:EGG) has bought McDonald Butler Associates.
While the market has gone cold on Greenland focused explorers since the election of an anti-mining party earlier this month Conico (ASX:CNJ) appears to have shrugged off concerns. Today it told shareholders it received full approval for activities and these will begin next month.
McPhersons (ASX:MCP) – trading outlook
Mainstream (ASX:MAI) – takeover update
Danakali (ASX:DNK) – capital raising
Celsius Resources (ASX:CLA) – capital raising
Baliador (ASX:BTI) – capital raising