The ASX is moving higher on Monday (4 November) following a positive lead from US markets which are gearing up for the results of the US election this week.
the S&P/ASX 200 advanced 20.40 points, or 0.25%, to 8,139.20 points at 10.33am AEDT. Nine of the 11 sectors were in the green, but materials was not one of them.
The outlier was Lynas Rare Earths (ASX:LYC), which rose 2.83% to $8 in early trade. However, Mineral Resources (ASX:MIN), Boss Energy (ASX:BOE) and Deep Yellow (ASX:DYL) found themselves on the opposite end of the scale, sliding 3.74%, 3.20% and 2.17%, respectively.
Mineral Resources boss Chris Ellison will step down and incur board-imposed financial penalties of $8.8 million, and loss of remuneration of up to $9.6 million, following the allegations of tax evasion.
The company says the board “identified a range of issues and shortcomings that demanded a strong and comprehensive governance response, which included an acceleration of leadership succession”.
The S&P/ASX 200 Index is down 0.88% over the last five days, and sits 2.93% below its 52-week high.
Meanwhile, the US election race is close as voters prepare to head to the polls tomorrow (5 November).
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: Mineral Resources & ASX
