Daily Market Close: Green day on the market as CBA hits record high | 6 June, 2024

ASX News Market Summary
06 Jun 2024 16:16 (AEST)

The ASX200 closed the day up 0.68%.

All sectors remained in the green. IT found its way to the top, gaining 1.25%, industrials and healthcare were next, both up around 1.1%.

In this bulletin we’ll discuss Commonwealth Bank, Structural monitoring systems, Brazilian Rare Earths, SkyCity Entertainment, Ausgold and Iceni Gold.

In the green

The financials sector jostled for the top sector in the lead on Thursday as lending data helped enhance bullish sentiment.

New data from the ABS shows lending from banks has hit levels not seen since November 2021, with property investors leading the charge.

Commonwealth Bank of Australia (ASX:CBA) shares hit a record high in early afternoon trades just short of $126 dollars a share.

CBA closed the day up 1.26% at $125.02.

Structural Monitoring Systems (ASX:SMN) shares gained 23.5% after the company provided an update ahead of its July 2024 quarterly report.

The company reported FY2024 annual revenue of $28.3 million, representing year-on-year growth of 27% and building on revenue growth of 43% in FY2023.

SMN shares closed the day at 42 cents.

Brazilian Rare Earths (ASX:BRE) shares gained 10.5% after the company confirmed the discovery of high-grade rare earth mineralization through diamond drilling at its Sulista project in Northeast Brazil.

The company reported grades of up to 22.4% total rare earth oxide.

BRE shares closed the day at $3.60.

In the red

SkyCity Entertainment (ASX:SKC) had a rough day on the market, with shares falling 13% after releasing its updated FY2024 earnings guidance.

The company now expects EBITDA between $280 million and $285 million, and net profit between $120 million and $125 million, down $10 million to $25 million from previous guidance.

The challenging economic environment impacting customer spending was highlighted.

SKC shares are trading at $1.40.

Ausgold (ASX:AUC) shares fell 8.5% after the company announced it received binding commitments from investors to raise A$38 million through an institutional placement, with shares issued at three cents each.

The funds will support ongoing work programs at the KGP through to a Final Investment Decision (FID).

AUC shares closed the day at 3.2 cents.

Iceni Gold (ASX:ICL) dropped 15% after its recent exploration update failed to impress the market.

Further fieldwork at the Christmas Gift prospect in the Everleigh Well target area returned assay results of 158, 93.5, and 43.2 grams per tonne of gold from newly exposed sample trenches.

The company is in the process of securing additional diamond drilling contractors.

ICL shares closed the day at 7.2 cents.


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