Australia Market ekes out modest gains

Australian share market eked out modest gains on Thursday, 23 June 2022, as investors assessed the risk of a global recession amid a string of rates hikes to stamp out inflation. ASX sectors closed mixed, with strength in financials and technology stocks helped to offset losses in materials and energy stocks

At closing bell, the benchmark S&P/ASX200 advanced 19.90 points, or 0.31%, to 6,528.45. The broader All Ordinaries index added 9.04 points, or 0.14%, to 6,691.37.

Financials advanced, with the Big Four banks climbing between 0.2% and 1.1%. Tech stocks gained, with Block rising 4.7%.

Materials and resources declined, as iron ore futures slipped on the back of rising steel inventories in top producer China. Mining behemoths BHP Group and Rio Tinto fell 1.3% and nearly 2% respectively.

Energy stocks slipped on weakness in oil prices, with Woodside Energy Group falling 2.6% and Santos 2%.

In company news, Pilbara Minerals (PLS) shed 0.5 per cent after it accepted a pre-auction offer price of US$6,350/dmt for a shipment of spodumene concentrate. PLS says that the sale equates to ~US$7,017/dmt after 'adjusting for lithia content on a pro rata basis and freight costs'. PLS shares are still down 30.5 per cent so far this month.

Gold miner Ramelius Resources (RMS) finished lower for a fourth straight day, sliding by another 9.2 per cent today, after it downgraded its production guidance. RMS announced that its gold production will fall marginally short of its guidance range of 260-265koz, due to persistent rain on some of its haulage routes, and ongoing staff shortages.

CURRENCY NEWS: The Australian dollar was at $0.6883 after falling from above $0.702 last week.

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