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Highlights
- ASX200 rises 0.05%, with materials leading gains.
- Major miners surge on strong iron prices, while energy stocks dip.
- Star Entertainment hits record lows after resuming trade.
The ASX200 has seen a slight uptick, rising 0.05% to reach 8,208 points. The materials sector has been the standout performer, with a 3% rise fueled by stronger iron prices. Major mining stocks BHP Group (ASX:BHP), Fortescue Metals Group (ASX:FMG), and Rio Tinto (ASX:RIO) have surged in response. In contrast, energy stocks like Woodside Energy (ASX:WDS) have taken a hit due to falling oil prices.
Gold remains at record levels, currently above US$2,670 per ounce, providing a solid foundation for the materials sector. Meanwhile, sectors such as real estate, healthcare, and discretionary have each experienced declines of around 0.9%.
Company News Highlights
Star Entertainment (ASX:SGR) has seen its stock plummet by 43% after resuming trade following a four-week suspension. The company's financial woes were laid bare, with a net loss of $1.68 billion and an impairment of $1.44 billion. This has resulted in Star Entertainment trading at record lows, currently at 25.5 cents.
De Grey Mining (ASX:DEG) saw a 3% rise in share price despite rumors about a potential takeover by Canadian gold producer Agnico Eagle. While De Grey Mining has denied any ongoing discussions, market speculation continues. Shares are currently trading at $1.38.
Douugh (ASX:DOU), a small Aussie fintech company, has surged by 83% on news of its acquisition of US-based fintech platform Radical DBX. As part of this strategic move, both companies will rebrand under the name "Stakk" to focus on B2B platform services. Douugh is currently trading at $0.006.
Meanwhile, Qantas (ASX:QAN) saw a 0.8% decline following a record high in previous sessions. In an interview, former Qantas Chairman Richard Goyder admitted the airline made mistakes but defended Alan Joyce's leadership during the pandemic as necessary.
