It was a rough day on the ASX with the benchmark ASX200 Index losing more than 1% as the market drifted as the day progressed. Nine of the 11 GICS sectors ended in the red with Consumer Discretionary stocks and Financials the worst of the lot, while Energy and Utilities gained.
The losses in retail shares were headlined by a 23.42% drop in Baby Bunting, while Temple and Webster dived 12.20%.
JB Hi-Fi also had a down day, losing 4.7%, after reporting a fall in sales for the quarter with total sales down 0.1% and comparable sales down 0.3%. According to JB, sales remained resilient and in line with expectations, given the challenging and competitive retail market.
JB Hi-Fi Group CEO Terry Smart said, “We are pleased with our Q3 FY24 sales results. Our trusted value-based offerings and high levels of customer service continue to resonate with our customers.”
For Financials, CBA lost 2% on news its cash profits fell last month after reporting that sales fell by 7% in the March quarter.
Gold momentum fades
After strong returns for gold in recent months, the World Gold Council’s Gold Market + ETF commentary report for April 2024, revealed that gains for the precious metal have slowed but still rose 4% over the month, to end at US$2,307 per ounce.
The momentum in the gold price seen in the first quarter had slowed by the end of April due to falling Chinese premia, lower Indian imports and flat-lining COMEX positioning.
For gold-backed ETFs, Asia led global inflows and North American funds registered positive demand; but these were dwarfed by European outflows.
Physically backed gold ETFs saw outflows of US$2 billion during the month, further extending aggregate losses to eleven consecutive months. Australian Gold ETFs ended the month just 1% lower.
Five at five
Solis Minerals expands copper landholding in Peru as it builds compelling portfolio of exploration tenements
Bolstering its copper landholding in Peru, Solis Minerals Ltd (ASX:SLM, TSX-V:SLMN, OTCQB:SLMFF) successfully applied for a 6,400-hectare package comprising seven licences of largely underexplored exploration areas across a coastal belt that lies directly between the company’s Ilo Norte and Ilo Este projects.
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Magnetite Mines secures Azure Capital as Razorback Iron Ore Project financial advisors
Magnetite Mines Ltd (ASX:MGT) has appointed Azure Capital Pty Ltd, a prominent Australian corporate advisory firm, as financial advisor for its advanced Razorback Iron Ore Project in South Australia.
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Aura Energy welcomes update to Curzon uranium offtake agreement
Aura Energy Ltd (ASX:AEE, AIM:AURA) welcomes an update to the recent restructure of the Curzon Uranium Ltd uranium offtake agreement which materially increases the price receivable for planned uranium production from the Tiris Uranium Project in Mauritania and releases significant value.
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Artemis Resources fields promising sample results from Pilbara lithium prospects in WA
Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has been covering a lot of ground at its wholly-owned Mt Marie prospect and partly-owned Osborne East lithium prospect in the Pilbara region of Western Australia.
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Forrestania Resources enhances Bonnie Vale gold potential with rock chips up to 2.7 g/t and historic drill results up to 14 g/t
Forrestania Resources Ltd (ASX:FRS) has enhanced the gold potential of its Eastern Goldfields’ Bonnie Vale project area (E15/1632) with rock chip samples grading up to 2.7 g/t and historic drilling results up to 14 g/t.
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On your six
Labor Government supports new gas projects amid shortage warnings
The Australian Labor Government has committed to enhancing federal support for new gas projects, aiming to ensure the provision of affordable gas to consumers for the foreseeable future.
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One to Watch
Recce Pharmaceuticals completes global patent portfolio
Recce Pharmaceuticals Ltd (ASX:RCE, OTC:RECEF) CEO James Graham joins Proactive’s Jonathan Jackson to talk through the formal granting of a new Patent Family 2 by the China National Intellectual Property Administration.
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