Market Close: ASX inches up to win hard fought gains


The ASX200 closed the day trading up 0.35 of a per cent.

The sectors are fairly split with Energy leading the pack, up 1.86%, followed by Financials, up 0.7%. Industrials dipped the most, down. 0.15%

In the green

Liontown Resources (ASX:LTR) is up around a per cent, after it confirmed GR Engineering will build a cement plant on-site, at its flagship Kathleen Valley project.

GR Engineering will be responsible for both delivery of the plant and getting it online.

Liontown expects 160 metres cubed per hour of cement fill to be produced, with the plant designed to handle future expansion of underground mining works on-site.

LTR closed the day up 0.4% at $1.41.

State Gas (ASX:GAS) jumped 21% after it secured an exploration grant of $5.5 million from the Queensland Government’s Frontier Gas Exploration Program.

The company will use the funds at its Rolleston West coal seam gas (CSG) project with two wells to be drilled.

Success from this campaign is likely to accelerate State Gas’ application for a petroleum lease over a substantial portion of the project area.

GAS closed the day up 20.8% at 14.5cents.

After receiving a speeding ticket earlier this week, Aurum Resources (ASX:AUE) gained 8.5% after it reported Gold intercepts at its Boundiali project in the Ivory Coast.

The company reported a 59-metre-long core section at 1.42 grams per tonne of gold from 68m depth, and a 90 metres core grading at 1.16g/t gold from 14m depth.

AUE closed the day up 9.6% at 40 cents.

In the red

88Energy (ASX:88E) dropped 25% after it revealed it’s set to kick off a 2D seismic program for Petroleum Exploration over the Owambo Basin in Namibia.

The program is set to acquire a 200-line kilometre of 2D seismic, with data acquisition to commence mid-2024.

The exploration team are focusing on ten targets of interest to the company.

88E closed the day at a third of a cent.

Family tracking app developer Life360 (ASX:360) is down on 3.5%, on the release of its Quarter one earnings report, in which it reported a net loss of -$9.8 million.

The company also announced that it is now looking to enter the world’s largest equity market by nation – applying for a US IPO with the US Securities and Exchange Commission.

360 closed the day at $15.4 cents.

Mineral Commodities (ASX:MRC) fell 4.5% after the company announced it has entered intoa Process Deed with GMA Group.

The deal will allow for a potential sale and purchase agreement, that if successful, will result in GMA taking ownership of MRC’s interest in the Tormin Mineral Sands Operation, located in South Africa.

The Agreement also includes a standstill loan provided by GMA.

MRC closed the day down 4.2% at 2 cents.


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