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ASX tumbles 0.35% as investors seek bonds and gold

On Monday, the Australian stock market experienced a decline as investors sought refuge in bonds and gold due to growing concerns about increasing tensions in the Middle East.

At the closing bell, the S&P/ASX 200 was 0.35 per cent lower at 7,026.50.


The Dow Jones futures are pointing to a rise of 28 points.

The S&P 500 futures are pointing to a rise of 8.25 points.

The Nasdaq futures are pointing to a rise of 40 points.

The SPI futures are down 30 points.

Best and worst performers

The best-performing sector was Energy, up 0.63 per cent. The worst-performing sector was Information Technology, down 2.79 per cent.

The best-performing large cap was Northern Star Resources (ASX:NST), closing 3.17 per cent higher at $11.40. It was followed by shares in Newcrest Mining (ASX:NCM) and ResMed (ASX:RMD).

The worst-performing large cap was Xero (ASX:XRO), closing 3.41 per cent lower at $114.00. It was followed by shares in Mercury NZ (ASX:MCY) and Allkem (ASX:AKE).

Asian markets

Japan’s Nikkei has lost 1.91 per cent.

Hong Kong’s Hang Seng has lost 0.46 per cent.

China’s Shanghai Composite has lost 1.23 per cent.

Company news

Tamboran Resources (ASX:TBN) announced that an operational update, in which the A3H well was drilled in record time of less than 18 days. In response, Managing Director and CEO, Joel Riddle, said, “the A3H well was drilled and cemented at approximately 30 per cent lower cost compared to the A2H well, demonstrating how lessons from previously drilled wells and modern drilling technology can result in operational improvements and cost reduction.” Shares closed 3.57 per cent higher at 14.5 cents.

Melodiol Global Health (ASX:ME1, FRA:1X8) announced that their 100%-owned subsidiary, Health House International, has generated a quarterly net profit of +$300,000 from Australian operations. In response, Chief Executive Officer Mr William Lay said, “As previously communicated to market, it’s a strategic priority of Melodiol to generate growth through strategic M&A and the acquisition of HHI marks successful execution in that regard.” Shares closed 9.09 per cent higher at 0.6 cents.

Superior Resources (ASX:SPQ) announced that their assay results from the Cockie Creek Prospect has extended porphyry copper and gold mineralisation with higher grades and broader intersection. In response, Superior’s Managing Director, Peter Hwang commented, “The work ahead of us now is to interpret all of the geological information contained in the core together with the assay results as they are received from the labs.” Shares closed 5 per cent higher at 2.1 cents.

Commodities and the dollar

Gold is trading at US$1,932.80 an ounce.

Light crude is trading $0.02 higher at US$87.71 a barrel.

One Australian dollar is buying 63.24 US cents.

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