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Market Wrap

ASX closes higher as Genesis Minerals, Greatland Resources lead gold rally

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The news: The Australian sharemarket closed higher after as gold miners rallied, tracking gains in the spot price of gold as it neared a new record high.

The benchmark ASX 200 rose 0.43% to end at 8,810.9 with six out of the 11 sectors finishing in green.

The materials sector (+2.6%) was the biggest gainer, as gold miners tracked gains in the spot price of gold in the previous session and throughout the day. Genesis Minerals (+13.9%) and Greatland Resources (+11.6%) were the best performing gold miners.

Regis Resources (+8.9%), Perseus Mining (+8.8%), Northern Star Resources (+8.2%), Bellevue Gold (+7.5%), Catalyst Metals (+6.8%) and Capricorn Metals (+6.6%) were also among the top 10 biggest gainers on the ASX 200.

Biggest movers:

  • Vection (+33.3%) – The small-cap augmented and virtual reality software provider signed a $22.3 million contract with a NATO-approved customer in the European defence sector.
  • Reece Group (+14.1%) – Announced plans for a $250 million share buyback with the option to extend it to $400 million.
  • Regis Healthcare (-26.3%) – Pricing changes to the Australian National Aged Care Classification (AN-ACC) made by the federal government this month were less than the company's expected funding increase.
  • Viva Energy (-8.1%) – The chief executive of Viva’s core convenience and mobility business Jevan Bouzo has resigned and will leave the company at the end of the year.

Other news:

  • HealthCo (+7.3%) – Announced an extension of its rent deferral agreement with tenant and troubled hospital operator Healthscope. Also provided an update on alternative tenant arrangements.
  • Betr (+4.3%) – The online bookmaker has secured a 27.12% interest in rival PointsBet (+3.2%) after it issued a fifth supplementary bidder’s statement that made its off-market all-scrip takeover offer unconditional.
  • Santos (+0.4%) – Its BW Opal floating production, storage and offloading unit in the offshore Barossa field in the Northern Territory achieved first gas.
  • Revolution Private Credit Income Trust (0%) - Revolution Asset Management floated its private credit fund on the ASX today at $2 under the ticker REV. It is the fifth private credit fund IPO this year.
  • Platinum Asset Management (-2%) – Shareholders have overwhelmingly backed the plan to merge with L1 Capital, creating an entity with about $16.7 billion in funds under management, and have also approved the renaming of the merged entity to L1 Group.

What’s ahead:

  • S&P Global will release September flash purchasing managers’ index data for Australia.
  • Japan will observe a public holiday tomorrow for Autumnal Equinox Day. The Tokyo Stock Exchange will not trade.

By Brandon How