ASX Market Update: Telcos strong in weak market | 10 July 2024


The ASX is down 0.3% to 7,807 points heading into lunchtime trade.

Telecommunications is the only sector in the green up 0.9%. This is on the back of Telstra’s pricing announcement released yesterday. All other sectors are in the red with utilities and materials sector have fallen the most with both down around 1 percent.

The Reserve Bank of New Zealand (RBNZ) has kept rates on hold for the eighth consecutive time. The rates decision reflects an expectation inflation will return to the one to three percent target range in the second half of the year.

Company News

Infini Resources (ASX: I88) has surged 52% in morning trade on the release of soil assay results from its maiden field sampling campaign at its Portland Creek Uranium Project, in Newfoundland, Canada.

Re-assaying of 17 soil samples revealed outstanding surface geochemistry, with soil grades of up to 7.5% uranium.

I88 has been trading at 74.5 cents.

Catalyst Metal (ASX:CYL) this morning announced it has achieved annual group production of 110 thousand ounces (koz) at its Plutonic gold mine in Western Australia.

The mine produced 85koz for FY24 compared to 60koz in FY23 representing a 41% increase year over year.

The company ended the year with $37 million of cash and bullion on hand and $45 million of available liquidity.

CYL is up 13.5% on the news, trading at $1.30.

Imugene (ASX:IMU) has announced the treatment of the first patient at St Vincents Hospital in its trial for bile tract cancer. This is an expansion of the Phase 1 trial after positive responses were observed to the company’s cancer killing virus Vaxinia.

IMU is up around 9.8% on these results trading at 5.6 cents.


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