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Wednesday, October 4, 2023

ASX ends 0.14% higher after a hectic day of trading

Sectors were mixed today, with Information Technology and Materials leading the day, while at the opposite end, Energy and Consumer Staples were the day’s worst performers.

Information technology got a boost from large-cap WiseTech Global (ASX:WTC) and Altium (ASX:ALU)increasing 3.23 percent and 2.29 percent respectively.

Singapore’s iron futures price has risen on China’s decision to allow banks to reduce capital buffers to increase support for the economy. The expectation of the Fed to stop interest rate hikes has also boosted the price of iron ore.

As such, Rio Tinto (ASX:RIO)BHP and Fortescue (ASX:FMG) all have finished higher.

At the closing bell, the S&P/ASX 200 was up 0.14 percent, or 10 points, at 7,241.80.


Dow Jones futures point to a 38-point rise.
S&P 500 futures point to a 7.25 point rise.
Nasdaq futures point to a rise of 26.25 points.
SPI futures point to a 3 point gain when the market reopens.

asian news

Asian stocks have been advancing today. Leading property developers in Hong Kong, while mainland China is trading unchanged. Nikkei beating Korea and Taiwan the other notable winners.

Overall, Japan’s Nikkei was up 1.10 percent, Hong Kong’s Hang Seng was up 0.43 percent, while China’s Shanghai Composite was down 0.22 percent.

company news

Emerging lithium producer Sayona Mining (ASX:SYA; OTCQB:SYAXF) has made further progress in restarting production at its North American Lithium (NAL) operation in Québec, Canada, with acquisitions and permitting nearing completion. The NAL operation is on track to restart production in the first quarter of 2023, with 98% acquisitions complete and 96% permitting completed by the end of October 2022. Shares closed 2.33% higher at $0, 22.

Global developer of BluGlass semiconductors (ASX:BLG) has signed a collaboration agreement with Ganvix, Inc to develop state-of-the-art Gallium Nitride (GaN) Vertical Cavity Surface Emitting Lasers (VCSELs) for green wavelengths (515nm-525nm). Ganvix is ​​a leading developer of nanoporous GaN VCSELs, a type of laser diode. Surface emitting lasers (VCSELs) require distributed Bragg mirrors (DBRs) to enable their unique properties, and while they have been highly successful in other materials, they have been prohibitively difficult to fabricate in GaN. Jim Haden, President of BluGlass, said: “The advantages of BluGlass’ low-temperature RPCVD technology provide significant business benefits for longer-wavelength lasers, including green. Our unique low-temperature, low-growth hydrogen technology enables higher-throughput, brighter green quantum wells, the key light-emitting region in lasers.” The shares closed up 3.33 percent at $0.2031.

speed resources (ASX: AX8) has announced that maiden sampling work at its East Pilbara Lithium Project has confirmed the presence of significant outcrops of pegmatites with potential for lithium mineralization. Results from the current program will be used to prioritize targets for follow-up mapping and sampling in early 2023, and to advance to the drilling stage. The shares closed up 13.79 percent at $0.033.

aurochs ores (ASX:AOU) has announced the discovery of high-grade lithium mineralization at its Nepean Nickel Project in Western Australia. Follow-up work consisting of mapping, rock fragment sampling and drilling is scheduled to begin immediately. In response, Auroch exploration manager Robin Cox commented: “We can see significant potential for the high-grade LCT pegmatites at Nepean North and are excited to start the next phase of exploration.” The shares closed 21.15 percent higher at $0.063.

Australian Manganese Explorer, Black Canyon (ASX:BCA), has announced that its Flanagan Bore mineral resource estimate has increased by 64 percent. The updated measurements add 67 Mt of resource with an additional 7 Mt of contained manganese. Black Canyon CEO Brendan Cummins said: “This higher grade zone provides a solid platform for the first few years of mining, maximizing potential cash flow during the start-up phases of a mining operation.” The shares closed up 4.17 percent at $0.25.

Commodities and the dollar

Gold is trading at US$1,755.49 an ounce.
Iron ore is 1.1% higher at US$95.20 a tonne.
Iron ore futures point to a 1.52% rise.
Light crude is trading $0.22 lower at $77.72 a barrel.
One Australian dollar is buying 67.60 US cents.

pedro milios

Peter Milios is a recent graduate of the University of Technology, majoring in Finance and Accounting. Peter currently works with equity research analyst Di Brookman for Corporate Connect Research.

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