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ASX closes 0.71% higher: Michele Bullock is expected to speak tonight

PUBLISHED

2023-08-29

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At the closing bell, the S&P/ASX 200 was 0.71 per cent higher at 7,210.5.

The market is anticipating a speech from Michele Bullock, who is set to become the incoming Reserve Bank governor. This event is expected to impact market dynamics.

Futures

The Dow Jones futures are pointing to a rise of 40 points.

The S&P 500 futures are pointing to a rise of 6.75 points.

The Nasdaq futures are pointing to a rise of 40 points.

The SPI futures are up 48 points.

Best and worst performers

The best-performing sector was Materials, up 1.6 per cent. The worst-performing sector was Information Technology, down 0.31 per cent.

The best-performing large cap was Mineral Resources (ASX:MIN), closing 7.97 per cent higher at $69.48. It was followed by shares in Pilbara Minerals (ASX:PLS) and Ramsay Health Care (ASX:RHC).

The worst-performing large cap was Altium (ASX:ALU), closing 2.47 per cent lower at $47.02. It was followed by shares in Fisher & Paykel Healthcare Corporation (ASX:FPH) and Qantas Airways (ASX:QAN).

Asian markets

Japan's Nikkei has gained 0.18 per cent.

Hong Kong's Hang Seng has gained 2.24 per cent.

China's Shanghai Composite has gained 0.84 per cent.

Company news

Chimeric Therapeutics (ASX:CHM) announced the successful treatment of the third participant, required to complete the fourth and final planned dose escalation cohort, in the CHM 1101 Phase 1A clinical trial, has been completed at City of Hope. In response, Jennifer Chow, CEO and Managing Director commented, “We look forward to providing an update on the safety and efficacy from the trial before the end of the year.” Shares closed 11.43 per cent higher at 3.9 cents.

Apollo (ASX:AON) has acquired a high quality European Copper Project, containing the Belgrade Copper Project, in Serbia. In response, Managing Director, Mr Neil Inwood, commented: “Serbia is currently Europe's second-largest copper producer and I am convinced there are world class sedimentary-hosted copper discoveries to be made in the region.” Shares closed 21.4 per cent higher at 3.4 cents.

Morella Corporation (ASX:1MC) announced that announced that lithium mineralisation has been confirmed from their recent shallow drilling at Carvers Lithium Project at North Big Smoky. In response, Managing Director, James Brown said, “With the groundwork laid by these findings, we are well positioned to embark on further analysis of the deeper brine target at Cavers.” Shares closed flat at 0.65 cents.

Commodities and the dollar

Gold is trading at US$1,952.60 an ounce.

Iron ore is 2.3 per cent lower at US$113.95 a tonne.

Iron ore futures are pointing to a 0.2 per cent fall.

Light crude is trading $0.09 lower at US$80.01 a barrel.

One Australian dollar is buying 64.44 US cents.

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