The benchmark ASX200 Index continued its losses today, closing down 0.5% with all 11 sectors closing in the red with the exception of Energy stocks which gained over 1%.
Despite fresh record highs on Wall Street, the local market has been dragged lower by the recent weakness in iron ore prices that has pushed ASX iron ore miners to multi-week lows, with BHP (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue (ASX:FMG) all feeling the pain.
Meanwhile, Woodside Energy helped lift energy stocks, with the company's shares jumping 2.7% today to $27.82 for its best day in two months after Macquarie Equities upgraded it to Outperform on the basis that Woodside shares now offer good value relative to its earnings outlook.
Macquarie said Woodside was trading on an estimated dividend yield of 6% with 18% upside to his price target, as the market was "excessively pricing commodity, project and climate risks."
On that topic, the ACCC reports that petrol prices rose to a record high in April after a drop in the March quarter.
ACCC commissioner Anna Brakey said, "Daily average retail petrol prices increased across the five major cities in April following increases in international refined petrol prices and as petrol price cycles in several cities moved towards the highest point of the cycles.”
Five at Five
Artemis Resources hits 6.93 g/t gold and 10.85% copper in West Pilbara samples; finds multiple nuggets
Artemis Resources Ltd (ASX:ARV, AIM:ARV, OTCQB:ARTTF) has completed a successful ground reconnaissance program testing gold targets on its West Pilbara Project tenements, confirming the presence of gold and copper mineralisation.
Read more
QMines readies for maiden drilling at high-grade Develin Creek Copper Project
QMines Ltd (ASX:QML) is readying for a large maiden drilling program at the high-grade Develin Creek Copper Project northwest of Rockhampton in central Queensland, which it expects to commence in coming months.
Read more
Arovella Therapeutics' cell therapies potential highlighted in Spark Plus note
A new desk note from Spark Plus analyst Cyprus Sia has provided a comprehensive look at Arovella Therapeutics Ltd (ASX:ALA) and the work the biotech company is doing towards developing invariant natural killer T (iNKT) cell therapies.
Read more
Galileo Mining completes MinRes lithium farm-in and joint venture at Norseman
Galileo Mining Ltd (ASX:GAL, OTC:GLMGF) has wrapped up a farm-in and joint venture agreement with Mineral Resources Ltd (ASX:MIN) and welcomed results from recent drilling at the Norseman Project in WA.
Read more
Aura Energy lifts Tiris uranium resource 55% presenting future expansion and scale opportunities; shares up
Aura Energy Ltd (ASX:AEE, AIM:AURA) is trading higher after delivering a major increase to the mineral resource estimate (MRE) for Tiris Uranium Project in Mauritania
Read more
On your six
Animoca Brands ranked third in top 50 blockchain companies for 2024
Animoca Brands Corporation Ltd has been ranked third in the list of the top 50 blockchain companies of 2024.
Read more
One to watch
Yandal Resources identifies new gold targets at IWB Project
Yandal Resources Ltd (ASX:YRL) technical director Chris Oorschot joins Jonathan Jackson in the Proactive studio to discuss the company’s ground gravity survey at its Ironstone Well-Barwidgee (IWB) Gold Project in Western Australia
Watch more