Unlock Premium Data: Up to 50% Off InvestingProCLAIM SALE

FIVE at FIVE AU: ASX recovers some losses as Aussies hang in there

Published 22/03/2024, 03:28 pm
© Reuters.  FIVE at FIVE AU: ASX recovers some losses as Aussies hang in there
AUD/USD
-
AXJO
-
WHC
-

After hitting its lows early this afternoon, the ASX 200 has recovered some losses to close down 0.24%, amid sharp falls in the Energy sector offset against a jump in Real Estate and Healthcare stocks. The benchmark index did, however, end the week higher.

Energy stocks fell in response to a drop in the oil price — Woodside Energy lost 1.8% and Ampol fell 1%. Whitehaven Coal (ASX:WHC) also weighed on the sector, falling 2.8%.

Gold stocks performed poorly too after the gold price pulled back from record highs to around US$2,180 per ounce. Bellevue Gold lost 4.7% and Genesis Minerals (ASX:ASX:GMD) fell 6%.

Yet the rare earth sector received some promising news with the US pledging $1.28 billion in support for ASX-listed rare earths companies as it seeks to diversify the global supply chain and reduce dependence on China.

Meteoric Resources and Australian Strategic Materials received preliminary "letters of interest" from the US Export-Import Bank (US EXIM), indicating potential future loans at concessional rates.

Read more: US pledges $1.28 billion to bolster ASX rare earths sector

Also of note is Reddit Inc’s highly successful IPO on the NYSE overnight, hitting the top of its marketed range with a A$1.1 billion (US$748 million) raising.

Read more: Reddit IPO exceeds all expectations with A$1.1 billion valuation; stock jumps 48% on first day of trading

Aussies are hanging in there

The RBA has provided insights into Australia's financial stability, noting that despite the economic strain of high inflation and interest rates, the majority of borrowers have maintained their debt repayments.

According to the RBA's financial stability review, this trend will likely continue, even as household budgets face ongoing pressure.

The report states, "High inflation and interest rates have put pressure on household budgets over the past two years, but nearly all borrowers continue to service their debts on schedule. This is expected to remain the case even if budgets are under pressure for some time.”

The RBA also highlighted the limited impact of potential defaults on lenders, as "Few borrowers are in negative equity on their mortgage."

Nevertheless, there is an increase in the number of individuals, including wage earners and mortgagors, seeking support from community organisations, as revealed by the RBA’s liaison program.

Five at five

Immuron to join exclusive list of ASX biotechs says Pitt Street Research

Having recently revealed interim topline results from its Phase 2 trial in Travelan, Immuron Ltd (NASDAQ:IMRN, ASX:IMC) is set to pursue a Phase 3 clinical trial of the over-the-counter immune supplement that helps in the reduction of travelers' diarrhea and minor gastrointestinal disorders.

Read more

Venture Minerals secures strategic acquisition adjacent to Jupiter rare earths discovery

Venture Minerals Limited (ASX:VMS, OTC:VTMLF) has acquired a key landholding adjacent to the Jupiter Rare Earths Discovery within the Brothers Project in the midwest region of Western Australia.

Read more

Sigma Healthcare lifts earnings and doubles net profit as ACCC begins Chemist Warehouse merger consultation

Sigma Healthcare Ltd has moved to allay fears that its proposed merger with Chemist Warehouse would stifle competition.

Read more

Genetic Technologies unveils pioneering genomic-based comprehensive risk assessment test

Genomics-based testing company Genetic Technologies Limited (ASX:GTG, NASDAQ:GENE, OTC:GNTLF) has made a breakthrough in risk assessment testing for serious diseases with the release of its Comprehensive Risk Assessment Test.

Read more

Auric Mining posts a maiden profit of $1.31 million, adjusted earnings of $2.85 million, in 2023 financials

Auric Mining Ltd (ASX:AWJ), in its 2023 full-year financial report, declared a maiden profit of A$1.31 million, with adjusted earnings reaching A$2.85 million after accounting for one-off write-downs.

Read more

On your six

US pledges $1.28 billion to bolster ASX rare earths sector

The United States government has earmarked $1.28 billion in support for ASX-listed rare earths companies, aiming to diversify the global supply chain and reduce dependence on China.

Read more

One to Watch

Lithium Australia webinar showcases battery recycling and lithium extraction tech

Lithium Australia Ltd (ASX:LIT, OTC:LMMFF) CEO and managing director Simon Linge has outlined the company’s ambition to ‘Energise a Better World’ during a recent investor webinar.

Watch more

Read more on Proactive Investors AU

Disclaimer

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.