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ASX closes 0.3% higher as China's GDP grows

PUBLISHED

2023-10-18

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The Australian sharemarket increased in value on Wednesday, as China's gross domestic product (GDP) for July-September grew by 4.9% compared to the previous year. 

At the closing bell, the S&P/ASX 200 was 0.3 per cent higher at 7,077.60.

Futures

The Dow Jones futures are pointing to a fall of 29 points.

The S&P 500 futures are pointing to a fall of 7 points.

The Nasdaq futures are pointing to a fall of 32.25 points.

The SPI futures are up 15 points.

Best and worst performers

The best-performing sector was Energy, up 2.47 per cent. The worst-performing sector was Utilities, down 0.95 per cent.

The best-performing large cap was Whitehaven Coal (ASX:WHC), closing 11.49 per cent higher at $7.57. It was followed by shares in Treasury Wine Estates (ASX:TWE) and Evolution Mining (ASX:EVN).

The worst-performing S&P/ASX 200 stock was Credit Corp Group (ASX:CCP), closing 30.53 per cent lower at $11.97. It was followed by shares in Bapcor (ASX:BAP) and Newcrest Mining (ASX:NCM).

Company news

Whitehaven Coal (ASX:WHC) has been placed in a trading halt following an announcement by BHP that Whitehaven Coal is the preferred bidder for BHP's Daunia and Blackwater coking coal mines in Queensland. This announcement was made in an unusual manner, with just a single reference in BHP's quarterly operations report. BHP confirmed Whitehaven Coal as the preferred bidder through a market filing. Shares closed 11.49 per cent higher at $7.57.

Paradigm Biopharmaceuticals (ASX:PAR) announces that their iPPS treatment, which focuses on the treatment of diseases where inflammation plays a major pathogenic role, increases cartilage thickness at 6 months in participants with knee osteoarthritis compared to cartilage loss in placebo group. Shares closed 10.32 per cent higher at 70 cents. 

In similar news, Noxopharm (ASX:NOX) announces that their mRNA vaccine enhancer shows significant inflammation reduction. In an animal study, inflammation was reduced by around 50% when comparing the inflammation induced by mRNA alone to mRNA plus SOF-VAC. Shares closed 19.79 per cent higher at 11.5 cents.

Liontown Resources (ASX:LTR) has requested an extension of a trading halt on the ASX as it seeks additional time to secure funding for its Kathleen Valley lithium project in Western Australia. The trading halt will continue until Friday's market opening. Shares are on trading halt, last traded at $2.79.

Asian markets

Japan's Nikkei has lost 0.13 per cent.

Hong Kong's Hang Seng has lost 0.16 per cent.

China's Shanghai Composite has lost 0.25 per cent.

Commodities and the dollar

Gold is trading at US$1,951.90 an ounce.

Iron ore is 0.2 per cent higher at US$120.35 a tonne.

Iron ore futures are pointing to a 0.17 per cent rise.

Light crude is trading $1.94 higher at US$88.60 a barrel.

One Australian dollar is buying 63.83 US cents.

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