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ASX down 0.95% at noon after the US dissapoints overnight

PUBLISHED

2023-08-25

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At noon, the S&P/ASX 200 is 0.95 per cent lower at 7,113.90.

Overnight marked the worst day for the Dow since March. The S&P 500 and Nasdaq had their biggest one-day loss since Aug. 2.

The Dow Jones Industrial Average closed 373.56 points lower, or 1.08 per cent, at 34,099.42. The S&P 500 lost 1.35 per cent to end the day at 4,376.31. The tech-heavy Nasdaq Composite shed 1.87 per cent to 13,463.97.

The SPI futures are pointing to a fall of 72 points.

Best and worst performers

The best-performing sector is Consumer Staples, up 0.45 per cent. The worst-performing sector is Information Technology, down 2.95 per cent.

The best-performing large cap is Wesfarmers (ASX:WES), trading 3.01 per cent higher at $50.91. It is followed by shares in Medibank Private (ASX:MPL) and Qube Holdings (ASX:QUB).

The worst-performing large cap is Pilbara Minerals (ASX:PLS), trading 7.44 per cent lower at $4.73. It is followed by shares in Whitehaven Coal (ASX:WHC) and South32 (ASX:S32).

Company news

Tamboran Resources (ASX:TBN) completes Falcon farm-in carry commitments. In response, Managing Director and CEO, Joel Riddle, said: “Meeting the Falcon farm-in agreement cost cap is a major milestone for the Beetaloo Joint Venture (BJV).” Shares are trading flat at 13.5 cents.

Sabre Resources (ASX:SBR) announced that a major lithium target has been identified in new tenement at Andover East, west of outcropping pegmatites across a 140m wide corridor. Sabre Resources CEO, Jon Dugdale commented: “Sabre has now established a very large, more than 210 square kilometre, tenement holding, directly to the east and within the same structural-intrusive corridor as the Andover lithium pegmatite discovery of Azure Minerals.” Shares are trading 28.89 per cent higher 5.8 cents.

Mamba Exploration (ASX:M24) announced encouraging results from initial REE leaching testwork at their Hyden Project in WA. Non-Executive Chairman, Justin Boylson said: “While the metallurgical leach results are variable, from the initial tests it is clear the greenstone hosted mineralisation in the Southern area can be readily leached, with tests showing up to 70.6% recovery into solution with a relatively simple acid leach.” Shares are trading 8.33 per cent higher 6.5 cents.

Commodities and the dollar

Gold is trading at US$1945.20 an ounce.

Iron ore is 1.7 per cent lower at US$114.50 a tonne.

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

One Australian dollar is buying 64.15 US cents.

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