Why is the market in red today?

Source: HNK, Shutterstock

The market traded lower today. The benchmark index ASX 200 steeply fell in the initial trade, and it continued to lose points towards lunchtime. It lost 27.40 points, a decline of 0.39% on Friday’s closure.

9 of 11 sectors traded lower, with A-REIT leading the losses, followed by Utilities, Energy, and others.

Some shares that have been put on hold today

Mineral Commodities Ltd (ASX: MRC) has paused trading temporarily due to a pending announcement related to a non-binding MOU with Superior Graphite Co.

Rafaella Resources Ltd (ASX:RFR) is on a trading halt pending an announcement related to capital raising. Theta Gold Mines Limited (ASX: TGM) is on a trading halt pending an announcement related to a pre-feasibility study on some underground mines. Mainstream Group Holdings Limited (ASX:MAI) is on a trading halt pending a market update.

Shares occupying news headlines today

Cooper Energy Ltd (ASX:COE) announced that the Transition Agreement with APA Group (ASX: APA) related to the Orbost Gas Processing Plant has been extended by one year to 1 May 2022. Both the companies are continuing to work jointly to enhance the plant's performance and achieve the objective of a nameplate capacity of 68 TJ/day. Shares remained constant at AUD 0.285.

Archer Materials Limited (ASX:AXE) has inked a legally binding share sale agreement to sell 3 wholly-owned subsidiary firms that hold the company's mineral tenements. The buyer party is the private firm iTech Minerals Pty Ltd. The strategic sale of subsidiary companies is in sync with the company's plan to monetize the non-core mineral exploration companies and continue growing its advanced materials business.

Once the sale process is complete, Archer will no longer hold any mineral tenement, exploration licenses or mining leases on these subsidiary companies. However, it will still hold the 2.0% NSR royalty it received on the divestment of Eyre Peninsula tenements. Shares rose by 3.932%.

Centuria Industrial REIT (ASX:CIP) announced the takeover of a top-quality modern distribution centre in Central West Sydney at the transaction price of AUD 27million. It was secured on a 2.2-year Weighted Average Lease Expiry. Shares declined by 0.295%.

SelfWealth Ltd (ASX:SWF) unveiled its robust Q3 FY21 report. It achieved record operating revenue of AUD 5.78 million, Up 178% year-over-year. Active traders increased to a record 18,645, up by 166% year-over-year. Furthermore, trade volume was increased by 220% year-over-year. SelfWealth achieved a positive quarterly cash flow of AUD 558,000 from operating activities. Shares were up by 1.724%.

The glass coating specialist, ClearVue Technologies Limited (ASX: CPV) shares jumped to their highest since 21 September 2018 and soared by 10.1% to A$0.6. The shares are flying high on the news of the company signing an exclusive distribution deal with Japan's Tomita Technologies. The deal is for the marketing and sale of ClearVue's product for protected cropping agriculture and use in greenhouses in Japan. Nearly 482,000 shares change hands as compared to a 30-day average volume of 440,000 shares. As of the last close, the stock was up 70.3% this year. Towards the afternoon, shares soared by 11.009%.

Allegiance Coal Limited (ASX: AHQ) shares climbed by 14.3% to A$0.120 on the announcement that Singapore-based coal explorer Golden Energy and Resources Ltd GOLD.SI is all set to invest A$15 million in the company through a private placement. Allegiance's unit for reconstruction at New Elk Mine will also receive GEAR's funding of AUD 27 million. Allegiance announced A$15.5 million placement at A$0.09 per share to accelerate production at the mine.  Towards lunchtime, shares soared by 14.285%.

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