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ASX closes flat; Silex Systems leads uranium rally

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The news: The Australian sharemarket finished flat as uranium enrichment technology provider Silex Systems led gains on the ASX 200 amid a rally for uranium producers.

The benchmark ASX 200 rose 0.01% to end at 8,728.6 despite nine of the 11 sectors finishing in the red.

The material sector (+1.7%) was the best performer as gold miners tracked gains in the spot price of the haven-asset in the wake of the Trump administration’s shock capture of Venezuelan President Nicolás Maduro on Saturday. West African Resources (+3.9%) and Genesis Minerals (+3.3%) both rallied.

Rare earths producers Iluka Resources (+6.1%) and Lynas Rare Earths (+6.1%) also surged. Titanium business IperionX (+6.9%), Capstone Copper (+4.3%), aluminium business Alcoa Corporation (+5.3%) and Nickel Industries (+5.6%) were among the biggest gainers.

The energy sector (-0.4%) finished lower as oil and gas giants Woodside (-1.4%) and Santos (-1.1%) slipped. Oil prices edged lower in the wake of Maduro’s capture. Venezuela has the world’s largest proven oil reserves.

Silex Systems (+9.4%) led gains on the ASX 200, followed by uranium producers NexGen Energy (+8.4%) and Paladin Energy (+7.1%).

Biggest movers:

  • Coronado Global Resources (-11.1%) – The coal producer confirmed the death of a worker at its Mammoth underground mine in Queensland.
  • Temple & Webster (-5.8%) – The furniture provider was the worst performer on the ASX 200 despite there being no company specific news.

Other news:

  • WiseTech Global (-3.2%) – The ACCC said the logistics software giant completed its acquisition of e2open despite being aware of significant concerns relating to the buyout of rival logistics software business Expedient, which WiseTech has agreed to divest.
  • Australian Agricultural Corporation (-2.1%) – The cattle farmer announced it will face a material earnings hit due to heavy rain and flooding at three properties in north western Queensland.

What’s ahead:

  • The Institute for Supply Management will release US manufacturing purchasing managers’ index and prices data for December on Tuesday at 2:00am AEDT.
  • S&P Global will release December purchasing managers’ index data for Spain, France, Italy, Germany and the US throughout Tuesday.

By Brandon How