Market Open: Index to edge back to end the week

ASX News Market Summary
17 May 2024 09:04 (AEST)

The ASX200 is tipped to shed about half a per cent as profit taking’s expected on the back of yesterday’s strong rally.

US markets pulled back from record highs, the S&P500 and Nasdaq both dropping 0.2% and the Dow Jones 0.1% on the release of a range of data indicators. Jobless claims were lower, import and export costs were up, and while US construction numbers were down, building starts were up 5.7 per cent – a lot there for investors to digest.

In company news lodged with the ASX this morning:

Tambourah Metals (ASX:TMB) has been awarded Exploration Incentive Scheme funding of $150,000 for diamond drilling at its namesake project; RLF AgTech (ASX:RLF) has completed the acquisition of north Queensland company LiquaForce, with a $3 million upfront payment and share allocation. It’ll pay another $750,000 by the end of September.

AIC Mines (ASX:A1M) has been granted a mining lease for the Jericho Copper Mine in Queensland. The application has taken 16 months to approval, which will allow surface works to begin, and, Helix Resources (ASX:HLX) has announced its $2.3 million rights issue was oversubscribed. With that, it has taken an additional half a million dollars via a Placement.

Copper’s been trading around US$4.88 a pound, uranium’s been at US$90.90 for the same pound measure.

Gold’s been trading at US$2378.30 an ounce; iron ore’s around US$116.30 a tonne to end the week; Brent Crude’s been at US$83.41 and natural gas has been around US$2.50 a gigajoule.

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