Market Close: ASX closes down but real estate bulls push sector well into the green

The ASX200 has closed the day trading down, falling point one three of a per cent.

The real estate sector remained steady all day, up 1.34 per cent, Information Tech also closed up 0.9 per cent.

Health care and utilities lost the most ground, both sectors were down three quarters of a per cent.

Genex the winner of the day

Genex Power (ASX:GNX) shares surged 32.4 per cent, as Japanese utility company J-POWER sweetened its takeover offer.

J-POWER wants to acquire all outstanding Genex shares at a price of 27 cents per share.

The proposed transaction represents an almost fifty per cent premium to the closing price of Genex shares on Friday.

GNX closed the day at 24 cents.

Environmental technology company Calix (ASX:CXL) shares gained 11.2 per cent after the company announced the relocation of its Leilac-2 project to Heidelberg Materials’ cement plant in Germany.

The project aims to efficiently capture 100,000 tonnes per year of CO2 emissions from cement and lime production.

Construction is set to begin after with a focus on scalability and an economic approach to industrial decarbonisation.

CXL closed the day at $1.98

Spartan Resources (ASX:SPR) has gained 13 per cent on drilling assays from its Dalgaranga Gold Project (DGP) in Western Australia.

Geotechs interpret that one drillhole extends known mineralisation to almost 1 km below surface.

A highlight included an eleven and a half metre drill core at 36.77grams per tonne of gold.

SPR closed the day at 56.5 cents.

And as for the reds…

Global luxury online retailer, Cettire (ASX:CTT) has dropped 5 per cent after the company confirmed Founder and CEO Dean Mintz, has sold 27.5 million shares, equal to 7.2 per cent of the company’s issued capital.

Following the sale, Mr. Mintz will maintain a 30 per cent shareholding, still remaining the company’s largest shareholder.

Mr Mintz commented “share sale provides enhanced liquidity and free float, improving the likelihood of achieving further major index inclusion over time.”

Mintz did the same in the early 2020’s, triggering panic among shareholders at that time, too.

CTT closed the day at $4.53.

Articore Group (ASX:ATG) shares have dipped almost six per cent even as the federal court of Australia awarded Articore relief on damages owing to the Hells Angels Motorcycle Corporation.

Articore was sued by the biker group after merchandise boasting the Hells Angels logo was uploaded to the company’s e-store Redbubble.

ATG closed the day at 50 cents.

The current Lithium downturn has claimed another scalp with Lake Resources (ASX:LKE) down 7.5 per cent as it moves to cut up to half of staff.

The company anticipates a further 30 per cent reduction in expenditures for the quarter ending June 30, 2024, after recently posting a feasibility study.

LKE closed the day at 12.5 cents.

That’s market close for you Monday, I’m Keely Lynch and have a good evening.

arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.