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ASX closes 0.3% higher following strong performances from mining giants

PUBLISHED

2023-11-21

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The Australian sharemarket saw gains driven by mining stocks and rising iron ore prices due to China's additional stimulus measures. The S&P/ASX 200 index increased by 0.3%, with mining giants like BHP Group (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue Metals (ASX:FMG) performing well. Iron ore futures on the Singapore exchange also rose by 1.3% to $US132.85 per tonne on the December contract.

At the closing bell, the S&P/ASX 200 was 0.28 per cent higher at 7,078.20.

Futures

The Dow Jones futures are pointing to a rise of 4 points.

The S&P 500 futures are pointing to a rise of 1.75 points.

The Nasdaq futures are pointing to a rise of 22 points.

The SPI futures are up 26 points.

Best and worst performers

The best-performing sector was Materials, up 1.36 per cent. The worst-performing sector was Utilities, down 1.76 per cent.

The best-performing large cap was Allkem (ASX:AKE), closing 3.57 per cent higher at $9.29. It was followed by shares in Northern Star Resources (ASX:NST) and Mercury NZ (ASX:MCY).

The worst-performing large cap was Origin Energy (ASX:ORG), closing 2.93 per cent lower at $8.28. It was followed by shares in Incitec Pivot (ASX:IPL) and Technology One (ASX:TNE).

Asian markets

Japan's Nikkei has gained 0.03 per cent.

Hong Kong's Hang Seng has gained 1.00 per cent.

China's Shanghai Composite has gained 0.46 per cent.

Company news

Pure Resources (ASX:PR1) announced a LIBS results of 11.7% lithium at their project in Sweden. In response, Pure’s Executive Chairman, Patric Glovac, commented, “Three known spodumene pegmatite occurrences are described just a few hundred metres east of the perimeter boundary of the licence area, at least one of them showing considerable volume proven by drilling.” Shares closed 41.18 per cent higher at 24 cents.

CuFe Ltd (ASX:CUF) has entered a 12 month contract for port services at Geraldton Port with Fenix Port Services. In response, CuFe Executive Director, Mark Hancock, commented, “The agreements will facilitate the continued export of our high grade iron ore at a time where iron ore prices are performing strongly.” Shares closed 36.36 per cent higher at 1.5 cents.

WT Financial Group (ASX:WTL) has entered a Sale and Purchase Agreement (SPA) to acquire 100% of the issued capital of financial advice network Millennium3 Financial Services from Insignia Financial (ASX:IFL). Commenting on the Acquisition WTL CEO, Keith Cullen, said, “the Acquisition represents a significant opportunity to continue to leverage our robust and scalable infrastructure for the benefit of the advice practices we support. WTL presents as an ideal home for M3 advisers - one where we believe they can and will flourish.” Shares closed 7.69 per cent higher at 8.4 cents. 

Commodities and the dollar

Gold is trading at US$1,994.00 an ounce.

Iron ore is 1.7 per cent higher at US$131.90 a tonne.

Iron ore futures are pointing to a 1.92 per cent rise.

Light crude is trading $1.71 higher at US$77.60 a barrel.

One Australian dollar is buying 65.82 US cents.

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