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ASX currently up 0.22%: Energy is best performing sector

PUBLISHED

2023-10-24

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The spotlight is on RBA Chief Michele Bullock's speech scheduled for 7pm AEDT at the Global Markets Conference hosted by CBA in Sydney.

At noon, the S&P/ASX 200 is 0.22 per cent higher at 6,859.30.

The SPI futures are pointing to a rise of 30 points.

Best and worst performers

The best-performing sector is Energy, up 0.47 per cent. The worst-performing sector is Health Care, down 0.61 per cent.

The best-performing large cap is Pilbara Minerals (ASX:PLS), trading 5.03 per cent higher at $3.76. It is followed by shares in Fortescue Metals Group (ASX:FMG) and IGO (ASX:IGO).

The worst-performing large cap is Allkem (ASX:AKE), trading 2.7 per cent lower at $10.08. It is followed by shares in ResMed (ASX:RMD) and Incitec Pivot (ASX:IPL).

Asian news

Asia-Pacific markets are mixed as investors see private surveys of business activity from Japan and Australia, as well as the October producer price index from South Korea.

Some markets also are poised to poised to recover slightly after Asia saw a broad sell-off in the last three sessions.

Japan’s Nikkei 225 also climbed 0.21%, but the Topix fell 0.14% ahead of its October purchasing managers index reading from S&P Global.

South Korea’s Kospi rose 0.33%, while the Kosdaq also gained 0.7% after the country’s producer price index climbed at a faster pace of 1.3% year-on-year in September, compared to 1% in August.

Hong Kong’s Hang Seng index comes back from a holiday with a weak open, with futures for the HSI at 17,044, compared to the index’s close of 17,172.13.

Company news

Immutep (ASX:IMM) has reported promising clinical data from the INSIGHT-003 trial at the ESMO Congress 2023. In response, Immutep CSO, commented, “the compelling data that our proprietary MHC Class II agonist has generated in combination with immune checkpoint inhibitors for NSCLC patients positions efti as one of the more promising clinical candidates in immuno-oncology today.” Shares currently trading 6.97% lower at 31 cents.

Empire Energy (ASX:EEG) has announced a $15.6 million R&D tax offset received in cash. EEG’s Managing Director Alex Underwood commented, “Empire’s focus is on funding the Pilot Project in a manner that minimises dilution of shareholder’s interests in the Company.” Shares currently trading 4.35% higher at 12 cents.

Lincoln Minerals (ASX:LML) completes $1.7M placement to accelerate exploration at its flagship Kookaburra Gully Graphite Project in South Australia. The forthcoming drilling campaign is expected to confirm the strong graphite grades and upgrade the Company’s mineral resource. Shares currently trading 21.4% higher at 0.9 cent.
 
Commodities and the dollar

Gold is trading at US$1985.00 an ounce.

Iron ore is 0.3 per cent higher at US$115.55 a tonne.

Iron ore futures are pointing to a 0.12 per cent rise.

One Australian dollar is buying 63.41 US cents.

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