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ASX down 0.15% at midday as iron ore prices dip

The Australian sharemarket experienced a noon decline with the S&P/ASX 200 index slipping 0.15% due to losses in commodity stocks, particularly in the materials sector, driven by lower iron ore prices, leading to drops in BHP, Fortescue Metals, and Rio Tinto. Investors are closely monitoring upcoming inflation data and the OPEC+ meeting’s outcomes for insights into Reserve Bank interest rate decisions.

The SPI futures are pointing to a fall of 12 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.75 per cent. The worst-performing sector is Materials, down 0.64 per cent.

The best-performing large cap is WiseTech Global (ASX:WTC), trading 1.44 per cent higher at $64.97. It is followed by shares in EBOS Group (ASX:EBO) and QBE Insurance Group (ASX:QBE).

The worst-performing large cap is Pilbara Minerals (ASX:PLS), trading 1.65 per cent lower at $3.58. It is followed by shares in Aristocrat Leisure (ASX:ALL) and Fortescue Metals Group (ASX:FMG).

Company news

Tamboran Resources (ASX:TBN) has commenced stimulation activities at the Shenandoah South 1H well pad within its 38.75 per cent owned and operated EP 117 permit. The program, which is planned to include 10 stimulation stages over a 500-metre (1,640-foot) horizontal section within the Mid-Velkerri B Shale, is expected to be completed in December 2023. Shares are trading 11.54 per cent higher at 14.5 cents.

RareX Limited (ASX:REE) has taken another important step towards de-risking the infrastructure supply and export pathway for its 100%-owned Cummins Range Rare Earths & Phosphate Project after securing a strategically located parcel of land at Wyndham Port for product storage and transfer. The deal is an agreed option fee of A$25k annually for up to five years with a purchase price of A$650k at RareX’s election. Shares are trading 3.33 per cent higher at 3.1 cents.

Black Canyon (ASX:BCA) has announced that there KR1 and KR2 mineral resource estimate now exceeds 100Mt. In response, Black Canyon Executive Director, Brendan Cummins, said, “To put this into perspective, in the two and half years since 1 ASX release 24/11/2022 Mineral Resource increases by 64% at Flanagan Bore 2 listing, Black Canyon has discovered more manganese than is held by any other company in Western Australia with a massive inventory of 28.4 Mt of contained manganese.” Shares are trading flat at 14 cents.

Commodities and the dollar

Gold is trading at US$2024.50 an ounce.

Iron ore is 0.6 per cent higher at US$135.60 a tonne.

Iron ore futures are pointing to a 0.3 per cent fall.

One Australian dollar is buying 65.77 US cents.

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