ASX Market Update: Materials drag shares deeper | 11 June, 2024

ASX News Market Summary
11 Jun 2024 13:14 (AEST)

Despite futures tipping a 0.25% decline on the bourse the market has tanked 1.10% in the first hour of trades.

The immediate catalysts at play aren’t obvious but are likely being driven in part by low iron ore prices, stronger than expected US jobs data last Friday evening, and a cautious appetite as the market braces for the latest US CPI data on Wednesday evening, when we also get a Fed interest rate decision.

All sectors are in the red. Materials has taken the biggest hit, down close to 2.5%. Real estate follows, down 1.7%.

ANZ (ASX:ANZ) has changed its long-held call for an RBA rate cut this November to February next year.

Stocks are down around one and a quarter per cent.

ANZ has been trading at $28.78.

Recce Pharmaceuticals (ASX:RCE) has confirmed its completion of the latest fast-infusion study using its R327 anti-infective as an IV drug.

Six patients took place in the latest fast-infusion trial with recipients being dosed with 4000mg via IV drip.

Results are expected back in 6 weeks.

RCE has been trading at 55 cents.

Mantle Minerals (ASX:MTL) completed its maiden drilling program at Mt Berghaus, WA, aiming to define geological features linked to De Grey Mining Ltd (ASX:DEG)‘s Hemi discovery.

The campaign drilled 126 holes totalling 7,357 meters, testing key structures and stratigraphy.

Assay results are expected in July.

MTL has been trading at .002 cents.

Summit Minerals (ASX:SUM) is up 12% on an exploration update from activities related to its recently acquired Ecuador Rare Earth Element Project in northeast Brazil.

The ongoing exploration sampling program discovered multiple new pegmatites, of Niobium, Tantalum, and other Rare Earths.

SUM has been trading up 10% at 33 cents

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