ASX Market Close: Bruised index nosedives | 11 June, 2024

ASX News Market Summary
11 Jun 2024 16:37 (AEST)

The ASX200 had a rough day, trading way lower than predicted, to close down 1.35%.

All sectors remained in the red, Materials felt it the most all day, closing down nearly 2.6%, real estate followed, down 2.3%.

In the green

Summit Minerals (ASX:SUM) saw an 11% increase following an update on its exploration activities from the recently acquired Ecuador Rare Earth Element Project in northeast Brazil.

The ongoing sampling program uncovered multiple new pegmatites, containing niobium, tantalum and other rare earth elements.

SUM closed the day at 33 cents.

Micro-cap company, Aurora Labs (ASX:A3D) rose by 5% after it secured a purchase order from the Australian Government’s Department of Defence for printing services.

The company over the coming months will supply experimental metal alloy 3D printed parts as requested. These parts will be produced at Aurora’s industrial print services facility in Canning Vale, Western Australia.

A3D closed the day at 0.79 cents.

Arizona Lithium (ASX: AZL) gained 9% after receiving approval for a Permit of Exploration from the US Bureau of Land Management for a drilling and bulk sampling program at the Big Sandy Project in Arizona.

The company is dedicated to the sustainable development of two major lithium projects.

AZL closed the day at 2.4 cents.

In the red

Woodside (ASX:WDS) fell nearly half a per cent, despite marking the completion of the country’s first offshore oil project, from the Sangomar field offshore in Senegal.

The deepwater project includes a stand-alone floating production storage and offloading facility with a capacity of 100,000 barrels per day.

WDS closed the day at $27.11.

ANZ (ASX:ANZ) has a tough day on the market after it changed its long-held call for an RBA rate cut this November to February next year.

Stocks are down around 1.4%

ANZ closed down $28.78.

And, Chalice Mining (ASX:CHN) experienced an 9.76% decrease following the release of an update on metallurgical test work and a pre-feasibility study (PFS).

The company noted the potential for increased metal recoveries based on the results, however, also pointed out the need for cleaner stage tests under locked-cycle conditions to accurately assess the impact.

Chalice remains focused on achieving a final investment decision by late 2026, with production expected to start in 2029.

CHN closed the day at $1.48.

That’s the market close, we’ll see you tomorrow.

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