ASX Market Close: Index slumps 0.5% | 12 June, 2014

ASX News Market Summary
12 Jun 2024 16:08 (AEST)

The ASX200 continues its downward run for the week, closing down 0.56%

All sectors all had another rough day, utilities fell the most, down 1.1%. Energy was the only sector to remain in the green, up 0.7%.

China’s latest inflation figures have come out. On a monthly basis, the world’s second largest economy is back in deflationary territory.

This comes as multiple attempts by China’s government to stimulate its economy – mainly the property sector, have failed.

On a yearly basis, Chinese inflation has only increased 0.3% since May of 2023.

While disinflation is an agenda for most countries, Chinese deflationary pressure means that the country has less activity internally, which is bad news for Australian miners already grappling with low iron ore prices.

In the green

Reach Resources (ASX:RR1) has gained 41.7% after revealing that assay results from its latest field program at its Wabli Creek Project in Western Australia have identified a primary source of high-grade niobium and TREO mineralisation.

Results included up to 32% niobium and 2.57% of total rare earths.

RR1 has been trading at 1.7 cents.

Biome Australia (ASX: BIO), a leading company focused on microbiome health, is up 13.7% after it released a trading update for the fourth quarter of FY2024.

The company reports that it expects to surpass its recently revised revenue projection of $12.5 million for FY24, and a second consecutive quarter of favourable underlying operating cash flow and EBITDA.

It also scheduled the launch of its Biome Cholesterol Probiotic for the first quarter of FY25.

BIO’s closed the day at 37 cents.

Online employment marketplace, Seek (ASX:SEK) closed up nearly 1%, despite its job ads having fallen -17.9% Year on Year, shown in the latest data for May.

Month-on-month, between April and May, job ads decreased -0.6%.

SEK closed the day at $22.9.

In the red

Strike Energy (ASX:STX) shares are down 4.65% despite early-stage work commencing at the L7 Joint Venture with Triangle Energy Global (ASX:TEG) and New Zealand Oil and Gas (ASX: NZO).

The work is nearly complete, and drilling at the Ventia 106 rig is expected to begin between mid to late July.

STX closed the day at 20.4 cents.

Viridis Mining and Minerals (ASX:VMM) fell 2.15% after it released the eighth batch of assays from the Colossus Project, in Brazil.

Rare earth element mineralisation was found across multiple areas, including the Cupim South extension, the results failed to entirely impress the market.

VMM closed the day at $1.25.

Galileo Mining (ASX:GAL) is down 5.6% despite completing its MinRes Farm-in and Joint Venture Agreement.

However, the market didn’t respond positively to the results of recent drilling at the company’s 100% owned Norseman project in Western Australia.

GAL closed the day at 25 cents.

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