Market Close: ASX ends week in a sea of red


The ASX200 has closed as futures predicted, down just over half a per cent.

The energy sector lead gains on Friday and closed up 2 per cent, followed by utilities up just over one per cent.

The Materials sector took the hardest hit, dropping nearly two per cent, while Discretionary also experienced a loss of 1.3 per cent.

In this bulletin we’ll discuss Iress, Black Rock Mining, EML Payments, Syrah Resources, Arafura Rare Earths and Litchfield Minerals.

Australian financial services giant Iress (ASX:IRE) gained almost two per cent after securing a binding agreement to divest its UK mortgages business to Bain Capital Tech Solutions.

Net proceeds from the sale are expected to lie between A$135 and 141 million.

IRE closed at $8.62.

Tanzanian graphite developer Black Rock Mining (ASX:BKT) shares gained more than 11 per cent on its debt progress for the Mahenge Graphite project.

The Industrial Development Corporation of South Africa greenlit a senior term loan of $81 million.

Black Rock also inked a MOU with South Korean engineering giant POSCO ahead of a 2026 production target.

BKT closed the day at 6.9 cents per share.

Financial services company EML Payments (ASX:EML) shares gained 10 per cent after the company sold off two businesses for $54 million.

The sale was driven by Sentenial’s projected losses and lack of alignment with EML’s core operations.

EML closed the day at $1.25

Syrah Resources (ASX:SYR) was down 21.4 per cent on its capital raising news of A$80 million at a fixed price of 55 cents per new share.

Shareholders responded in turn and shares in the heavily shorted stock fell to its offering price.

Syrah closed the day at 55 cents.

Arafura Rare Earths (ASX:ARU) shares dropped 10.6 per cent just one day after the company received nearly $1 billion dollars from Canberra to develop its NT-based rare earths project.

The sell off hasn’t stopped one week returns from reflecting an increase of 41 per cent.

ARU closed the day at 23.3 cents

And today’s ASX debutant company, Litchfield Minerals (ASX:LMS) saw its shares drop 7.5 per cent on its first day on the market.

The company is exploring for uranium in the Northern Territory under the code LMS.

LMS closed the day at 18.5 cents.

That’s Market close for your Friday, I’m Keely Lynch have a great weekend.


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