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ASX closes 0.1% higher: August records loss of 1.4%

PUBLISHED

2023-08-31

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The sharemarket initially traded without much change, but later in the session, it made a small recovery, allowing it to finish the day with a slight gain for the fourth day in a row. The S&P/ASX 200 index increased by 7.6 points or 0.1%, reaching a closing value of 7305.3. The broader All Ordinaries index performed slightly better, showing a 0.15% increase. However, despite these gains, the overall performance for the month of August resulted in a decline of 1.4% for the benchmark index.

Futures

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The S&P 500 futures are pointing to a rise/fall of XXXX points.

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Best and worst performers

The best-performing sector was Communication Services, up 1.20 per cent. The worst-performing sector was Energy, down 2.67 per cent.

The best-performing large cap was IGO (ASX:IGO), closing 5.80 per cent higher at $13.965. It was followed by shares in Boral (ASX:BLD) and QBE Insurance Group (ASX:QBE).

The worst-performing large cap was Whitehaven Coal (ASX:WHC), closing 3.17 per cent lower at $6.10. It was followed by shares in Woodside Energy Group (ASX:WDS) and Qantas Airways (ASX:QAN).

Company news

Healthia (ASX:HLA) entered into a Scheme Implementation Deed with Pacific Equity Partners, to acquire 100% of the fully diluted share capital in Healthia for $1.80 per share. In response, Chairman, Dr Glen Richards, said: “In the Healthia Board’s view, the all-cash price at a significant premium to Healthia’s recent share price reflects the inherent value of Healthia’s business operations.”

Prominence Energy (ASX:PRM) has announced that their Big Apple Project in the Gulf of Mexico has total unrisked mean net prospective resources of 1.37 trillion cubic feet (tcf) of gas. In response, Managing Director Alex Parks commented: “[This] is a major milestone for the Company and another step towards a potential future farm-out of this prospect.”

Dreadnought Resources (ASX:DRE) announced that RC drilling has intersected significant visual Ni-Cu massive sulphides at the Mangaroon Project, located in Western Australia. In response Managing Director, Dean Tuck, commented: “the intersection of shallow, high tenor massive sulphides in the first hole of this program is truly exciting and a great way to set the tone for the remainder of 2023.”

Commodities and the dollar

Gold is trading at US$1,971.60 an ounce.

Iron ore is 2.1 per cent higher at US$116.45 a tonne.

Iron ore futures are pointing to a 3.35 per cent rise.

Light crude is trading $0.02 lower at US$81.61 a barrel.

One Australian dollar is buying 64.83 US cents.

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