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ASX down 0.18% at noon as consumer confidence dips

PUBLISHED

2023-09-12

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At noon, the S&P/ASX 200 is 0.18 per cent lower at 7,179.60.

While mining sector gains offered some support, they were offset by losses in the energy and banking sectors. Investor sentiment was also dampened by the results of a Westpac-Melbourne Institute survey, which revealed a decline in consumer confidence for September. This decline persisted even as concerns about potential interest rate hikes by the Reserve Bank lessened.

The SPI futures are pointing to a fall of 14 points.

Best and worst performers

The best-performing sector is Materials, up 0.47 per cent. The worst-performing sector is Energy, down 1.41 per cent.

The best-performing large cap is Pilbara Minerals (ASX:PLS), trading 1.59 per cent higher at $4.48. It is followed by shares in Rio Tinto Group (ASX:RIO) and Harvey Norman Holdings (ASX:HVN).

The worst-performing large cap is BlueScope Steel (ASX:BSL), trading 2.99 per cent lower at $20.45. It is followed by shares in Lynas Rare Earths (ASX:LYC) and Mercury NZ (ASX:MCY).

Company news

NOVONIX (NASDAQ: NVX, ASX: NVX) announces results of engineering study on proprietary all-dry, zero-waste cathode synthesis process. The study found that NOVONIX’s process may potentially reduce power consumption by an estimated 25% and practically eliminate waste byproduct generation over the conventional process. In response, NOVONIX CEO Dr. Chris Burns, stated, “the cathode active materials market is projected to be greater than $100 billion in 2030 and the opportunity to deploy this new process to the battery industry is significant.”

Icetana (ASX:ICE) receives new $1.5m AI hardware order for 16 Middle East shopping malls. In response, Chief Executive Officer Kevin Brown commented: “While icetana is primarily a software company, we are always focussed on supporting our customers, with hardware or otherwise, in implementing our software, and ultimately on keeping their people and assets safe.” 

Ionic Technologies (ASX:IXR) is partnering with Ford Technologies, Less Common Metals and British Geological Survey to anchor uk rare earth supply chain from magnet recycling. In response, Ionic Rare Earth’s Managing Director Tim Harrison commented; “We are harnessing our technology to accelerate mining, refining and recycling of magnet and heavy rare earths critical for energy transition, advanced manufacturing, and defence.” 

Commodities and the dollar

Gold is trading at US$1944.10 an ounce.

Iron ore is 0.8 per cent lower at US$116.80 a tonne.

Iron ore futures are pointing to a 1.24 per cent rise..

One Australian dollar is buying 64.21 US cents.

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