ASX Market Close: Unemployment dips as index climbs | 13 June, 2024

ASX News Market Summary
13 Jun 2024 16:27 (AEST)

The Australian unemployment rate has dipped back down to 4%, defying expectations of a rise to 4.2%.

Despite data suggesting the economy may not be cooling as quickly as the RBA is hoping, the market largely shrugged at the numbers, with the ASX200 closing up just over 0.5%.

Most sectors recovered throughout the day, with IT finishing on top, up 2.3%. Materials and energy were the only two sectors to close down, both around half a percent.

In the green

MRG Metals (ASX:MRG) shares surged 166% on news that the company has entered into a Binding Joint Venture Agreement (JVA) with Sinowin Lithium (HK) Co and SINOWIN Lithium Cobalt (SLC).

The venture is focused on the development of MRG’s Mozambique Corridor Sands projects and its other Mozambique Heavy Mineral Sands project.

MRG closed the day at .004 cents.

Baby food manufacturer, Bubs Australia (ASX:BUB) shot up 16% after providing its market update.

The company reported continued growth in the US market, with weekly scan revenue exceeding US$1m per week with over 24,000 tins sold.

Bubs has the number one best-selling infant formula product on Amazon US as of May 2024.

BUB closed the day at 14 cents.

Firebrick Pharma (ASX:FRE) gained 16.95% on the launch of its nasal spray product Nasodine in Singapore.

Nasodine is classified as a topical antiseptic and is available for customers to order through Firebrick’s new website.

FRE closed the day at 6.9 cents.

In the red

Sigma Healthcare (ASX:SIG) is down 4.16% due to ACCC concerns over its proposed acquisition of Chemist Warehouse Group Holdings.

The ACCC worries this deal could harm competition in pharmacy retailing by affecting pharmacies currently supplied by Sigma.

SIG closed at $1.15.

Lithium Australia (ASX:LIT) fell 4% on news its wholly-owned subsidiary Envirostream Australia Pty has signed a 3-year MMD off-take agreement with SungEel HiTech Co, starting on the 1st July, 2024.

Envirostream leads Australia’s onshore battery recycling sector. Under the agreement, SungEel will procure a minimum of 60% of Lithium Australia’s yearly MMD output.

Despite this development, the market reacted negatively.

LIT closed the day at 2.4 cents.

Aurum Resources (ASX:AUE) fell 15% on securing a A$17 million two-tranche placement priced at 33 cents a share.

The company will use funds to accelerate exploration activities at its Boundiali Gold Project in West Africa.

AUE closed the day at 34 cents.

Alara Resources (ASX: AUQ) provided an update on its joint venture project in Oman, called Al Wash-hi – Majaza, focused on copper-concentrate production. Alara holds a 51% stake in the joint venture entity, Al Hadeetha Resources LLC (AHRL).

In May, the first shipment of copper concentrate, totalling around 156 metric tonnes (MT) of copper and 6 kg of gold, was dispatched.

The second consignment of copper concentrate is scheduled to arrive at the port by June 22.

AUQ’s has been trading at 6.3 cents.

Infinity Lithium (ASX: INF) has announced that the permitting process for the San Jose lithium project is almost complete, with the submission of documents for the crucial stage 2 keystone permit.

To operate in the area, Infinity needs to obtain an Exploitation Concession Application (ECA) permit.

INF’s latest share price was 5.1 cps.

And, Infini Resources’ (ASX: I88) geotechnical team has uncovered two potential sizable uranium targets underground at its Des Herbiers project in Quebec.

The project, wholly owned by Infini, already hosts a resource of 162 metric tonnes of ore, containing 43.9 million pounds of uranium, without any previous drilling.

I88’s latest share price was 16 cents.

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