Last Orders: ASX rebounds after yesterday’s sharp drop
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The ASX has gained nearly 1.5 per cent per cent today, rebounding from a big Monday selloff.
Once again the local bourse followed Wall Street – which has seemingly put concerns over interest rates to the side for now.
The ASX 200 closed 1.48 per cent higher at 7,342 points, while the ASX Emerging Companies Index gained 0.82 per cent and closed at 2,110 points.
The key sectors behind today’s gains were energy and financials, which both gained over 2 per cent while resources fell just short of that figure. Healthcare was the only laggard, retreating 0.63 per cent.
Today’s biggest winner with news was Ragnar Metals (ASX:RAG) which reported promising drilling results from its nickel project in Sweden.
Sports Entertainment Group (ASX:SEG) has confirmed to shareholders it was interested in buying basketball franchise the Perth Wildcats, but there was no certainty a deal would eventuate. The company also gave guidance for FY21, revealing it expects earnings between $8.5 million and $9.5 million.
Investment firms Milton (ASX:MLT) and Washington H. Soul Pattinson (ASX:WSP) announced a merger that will result in a combined company worth $11 billion. The merger marks the end of an era, with the companies having been individually listed on the ASX and its predecessor exchanges since 1958 and 1903 respectively.
Perpetual Resources (ASX:PEC) was granted a mining lease for its Beharra silica sand project. The lease covers 1,035 hectares and a probable ore reserve of 48 million tonnes at 99.6 per cent silica.
NSW copper-gold explorer Australian Gold and Copper (ASX:AGC) received assay results from first pass drilling at its Cargellino projects. The company said despite grades being modest, widths were encouragingly wide and shallow and that the potential for a significant discovery were strong.
Race Oncology (ASX:RAC) signed a deal to start a Phase 1b/2 clinical trial of its Bisantrene drug against Acute Myeloid Leukaemia. The study will take place at the Chaim Sheba Medical Centre in Israel. It will commence by this year’s end and operate parallel with a separate Phase 2 trial in Australia.
Share registry service provider Advanced Share Registry (ASX:ASW) estimates its operating profit before tax will be $3.4 million, ahead of the $2.14 million made in the year before. The company credited the increase to cost containment measures as well as increased ASX trading activity.
M8 Sustainable (ASX:M8S) – capital raising
Sayona Mining (ASX:SYA) – NAL bid update
Auctus (ASX:AVC) – capital raising
Little Green Pharma (ASX:LGP) – capital raising
Vanadium Resources (ASX:VR8) – preliminary feasibility study results