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The ASX started the week in negative territory, closing the day down 0.16% as insurance companies weighed on the key index today. Insurance Australia Group (ASX:IAG) and Suncorp (ASX:SUN) each fell over 3% due to catastrophic flooding in New Zealand increasing investor fears of high insurance claim numbers to come for providers.
Technology stocks surged ahead more than 2% today amid the ongoing rally for growth stocks in the US and locally as investors regain appetite for higher risk growth stocks amid renewed hopes for a slowdown in aggressive rate hike action by the Fed and RBA.
OZ Minerals (ASX:OZL) shares bounced today as investors digested the mining giant’s trading update including the warning that the cost of producing South Australian copper could incur higher electricity costs moving forward. During the fourth quarter though, the company reported its highest ever group quarterly copper production on record and met guidance for FY22. The report comes at the same time the company is recommending its shareholders accept BHP’s $9.6bn takeover offer when they vote on the bid in early April.
Pro Medicus (ASX:PME) shares rose more than 1.3% today after the leading health imaging provider announced it has signed an 8-year contact with US-based Samaritan Health Services worth $12m for Pro Medicus’ US-based subsidiary, Visage Imaging to replace legacy PACS throughout the Samaritan Health Services network.
The winning stocks today were led by Core Lithium (ASX:CXO) rallying 8.85% after the company released quarterly results including additional night shift by the company’s contractor Primero Group to ensure construction of the Dense Media Separation plant remains on schedule for production of first spodumene concentrate in the first half of 2023. Novonix (ASX:NVX) added 7.5% today and Lynas Rare Earths (ASX:LYC) rallied just under 7% today. And on the losing end Champion Iron (ASX:CIA) fell 7.1%, ResMed (ASX:RMD) lost 6.81% and Insurance Australia Group (ASX:IAG) ended the day down 3.74%.
On the commodities front this afternoon, oil is trading 0.4% lower at US$79.38/barrel, gold is up 0.26% at US$1932/ounce and iron ore is flat at US$124.50/tonne.
The Aussie dollar is buying US$0.71, 91.84 Japanese Yen, 57 British Pence and NZ$1.09.