After spending most of the day trading sideways, the ASX 200 closed slightly lower, down 0.12%, with the Healthcare and Tech sectors suffering.
Real Estate, Financial and Consumer Discretionary stocks held up, as did Mexican-inspired food chain Guzman y Gomez (GYG).
GYG has been embraced by investors with its shares soaring to more than $30 on its ASX debut today, up from its $22 per share listing price. The success of the IPO has stoked hopes across the market that the $2.2 billion company’s float will bring life back to the largely dormant domestic IPO market.
Guzman y Gomez is the largest company to list on the ASX since late 2021. Previously that spot was held by mining and infrastructure services company Tasmea, which raised just $59 million in its IPO earlier this year.
Data out of New Zealand reveals the country’s economy grew by 0.2% in the first quarter -pulling itself out of its second recession in just over a year. But that wasn’t much of a great result, said ANZ New Zealand senior economist Miles Workman, as the economy continues to shrink in per capita terms, as is the case in Australia.
“Today's release doesn't change the fact that economic momentum is anaemic, particularly from domestic demand and per capita perspectives," he said.
Locally, business insolvencies hit record high last month as the industry warns worse is yet to come.
Insolvency experts expect a continued high level of company failures until the Reserve Bank announces interest rate relief.
Behind the failures are deteriorating economic conditions combined with poor consumer spending and stubborn inflationary pressures, including higher operating expenses, felt by many companies.
Five at Five
Andromeda Metals progresses development of HPA product from The Great White Project
Andromeda Metals Ltd (ASX:ADN, OTC:ANDMF) has progressed plans to produce the high-value critical mineral, high-purity alumina (HPA) from kaolin sourced at The Great White Project (TGWP) in South Australia.
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Anteris Technologies releases promising first-in-human data for DurAVR™ heart valve
Anteris Technologies Ltd (ASX:AVR, OTC:AMEUF) has unveiled promising new data from the first-in-human (FIH) study of its DurAVR™ transcatheter heart valve (THV), which is designed to mimic the native human aortic valve.
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Race Oncology teams up with George Clinical to support Phase 1a/1b trial of RC220 bisantrene in solid tumour patients
Race Oncology Ltd (ASX:RAC, OTC:RAONF) has appointed leading global contract research organisation (CRO) George Clinical International to support the clinical development of RC220 bisantrene as a cardioprotective and anticancer treatment in solid tumour patients.
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Aldoro Resources fields Kameelburg rock chip sample of 10.38% niobium and 9.89% TREO
Aldoro Resources Ltd (ASX:ARN) has fielded results from 74 rock chip samples collected from various carbonatite (beforsite) and mafic dykes at the Kameelburg Carbonatite Project in Namibia with a best result of 10.38% niobium pentoxide and 9.89% total rare earth oxides (TREO).
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Elixir Energy expands Taroom Trough gas-prospective acreage adjacent to Grandis
Elixir Energy Ltd (ASX:EXR, OTC:ELXPF) has added new Taroom Trough acreage to its southeast Queensland gas strategy after being appointed by the Queensland Government as preferred tenderer for a new exploration area adjacent to its Grandis Gas Project.
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On your six
Sovereign Metals’ port access railway upgrade in train in Malawi
Sovereign Metals Ltd (ASX:SVM, OTC:SVMLF, AIM:SVML) has welcomed the start of upgrades to the 399-kilometre section of railway that traverses its Kasiya Rutile-Graphite tenements from Mchinji at the Malawi-Zambia border to Nkaya Junction.
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One to watch
Magnetite Mines announces $5 million rights issue; outlines progress at Razorback project
Magnetite Mines Ltd (ASX:MGT) CEO Tim Dobson talked with Proactive about the company’s recent announcement of a $5 million rights issue. The funds will be used for working capital and advancing the Razorback project to the next stage.
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