ASX Market Close: IT & Bank stocks lead index lower | January 13, 2025

The Market Herald
01-13

The ASX200 closed down 1.23% at 8,191 points.

The big banks, the market darlings throughout 2024, were sold off today. CBA shed 2.1%, NAB fell 1.9%, ANZ gave up 1.3%, and Westpac closed down 2.24%.

Energy stocks ticked higher after Brent Crude oil hit a four-month high at US$81 per barrel on the back of further U.S. sanctions against Russia.

IT stocks were hammered, down 3.35%, followed by Financials, down 2.1%, and Discretionary, down 1.9%.

Energy was the best performing sector, climbing 1.8% higher.

In the Green

Vulcan Energy Resources (ASX:VUL) closed up 3.7% on the first production of battery-quality lithium hydroxide monohydrate at its Central Lithium Electrolysis Optimisation Plant in Frankfurt, Germany. This is the first fully integrated production of battery-quality lithium chemicals in Europe.

Vulcan Energy Resources closed at $6.15.

Insignia Financial (ASX:IFL) has been up 2.4% after Bain Capital increased its takeover offer. Bain has offered $4.30 per share; a 7% increase on its December offer that now matches the competing bid from CC Capital Partners.

Insignia has been $4.22.

WA1 Resources (ASX:WA1) closed up 0.15% after drilling revealed potential extensions to its famous Luni niobium discovery in WA. The company says the results continue to define the high-grade mineralisation at Luni and provide optionality for future development activities.

WA1 Resources closed at $13.32.

In the Red

St Barbara (ASX:SBM) closed down 10.7% on the release of a preliminary second quarter update. Gold production for the quarter totalled more than 10,200 ounces, which was lower than expected.

St Barbara wrapped up the session at 25 cents.

Myer (ASX:MYR) closed down 23.1% after a trading update. Total sales were down 0.8% for the 22 weeks ended December 28, group comparable sales were in line with the prior corresponding period, but total sales were down 0.8% to around $1.6B.

Myer closed at 88 cents.

Yandal Resources (ASX:YRL) closed down 19.4% after releasing all assay results from its 2024 reverse circulation drilling program at the Siona Gold Discovery within the New England Granite.

Yandal Resources closed at 14.5 cents.

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