The ASX200 had a stellar run on Thursday, closing up more than one point ten per cent.
All sectors except healthcare and utilities finished in the green.
The financials sector led the pack at close, finishing one and three quarters per cent higher.
Looking at news from across the ditch, New Zealand has officially gone into a recession after confirming its economy contracted in the last 3 months of 2023.
In this bulletin we’ll discuss Australian Strategic Materials, Meteoric Resources, Washington H. Soul Pattinson, Recce Pharmaceuticals, Frontier Energy and Brickworks.
Looking at stocks in the green:
Australian Strategic Materials (ASX:ASM) was up nearly 19 per cent on news it could receive nearly a billion Australian dollars from the US.
A letter from the US export bank has proposed a debt funding package of up to $600 million American dollars for the company’s rare earths Dubbo project on the east coast.
The proposed funding, which isn’t yet guaranteed, falls under the allied Australia and US critical minerals strategy.
ASM closed at $1.42.
Meteoric Resources NL (ASX:MEI) gained more than 2 per cent intraday after initiating inquiries for debt funding to advance its rare earths project in Brazil.
With the support of Sprott Capital Partners, Meteoric has also partnered with Woodford Resources to kick off talks, with that firm based in Washington D.C.
Meteoric aims to have a financial Investment Decision (FID) by late 2025.
MEI closed at 24 cents.
And Recce Pharmaceuticals (ASX:RCE) spiked more than four point five per cent after announcing it’s been issued a new trademark in Canada.
This comes on the back off finishing dosing in the latest cohort of its UTI medicine trial.
Recce’s flagship anti-infective medicines have been showing promising results in early-stage trials to treat multiple conditions.
RCE closed at 46 cents.
Looking at stocks in the red:
Healthcare stocks struggled today as the sector lost .17 of a per cent with CSL (ASX:CSL) shedding nearly a per cent, bringing pain to the whole sector.
Elsewhere, Washington H. Soul Pattinson (ASX:SOL)was down nearly half a per cent on its half year results.
While its portfolio grew by $11.5 billion, the group’s statutory profit was down 33.2 per cent on the previous corresponding period to $302.5 million and its regular profit after tax was also down nearly 50 percent.
The company blames lower share of profit contributions from its emerging companies’ portfolio.
SOL closed at $35.19
Lucapa Diamond Company (ASX:LOM) was down nearly -5 per cent at market close today despite posting positive news on diamond exploration.
The company today reported finding a 203 carat diamond from its flagship Lulo play today on Thursday.
However, this apparently hasn’t been enough to rouse excitement, with the shares ending red on Thursday.
LOM closed at 10 cents.
That’s MC. I’m FH. We’ll see you again bright and early tomorrow.
