Last Orders: ASX rebounds 1 per cent after yesterday’s plunge

Risk on sentiment returned to the ASX following yesterday’s 1.9 per cent drop.

The ASX 200 closed 1.27 per cent higher at 7,020 points while the ASX Emerging Companies Index closed 0.78 per cent higher at 2,101.

The rebound was led by tech stocks, which gained 4.31 per cent followed by financials which rose 1.92 per cent. The only sector in the red was resources which retreated 0.42 per cent.

The top stock was NuEnergy Gas (ASX:NGY), which anticipates the Indonesian government will grant it approval for the Plan of Development One for its Indonesian energy assets. After more than tripling in early trade it finished the day just under 70 per cent higher.

ANNOUNCEMENTS YOU MAY’VE MISSED

Digital bank BNK Bank (ASX:BBC) gave a trading update in which it estimated a profit of $6.7m to $7.0 million for FY21 – a 36 to 42 per cent increase on the prior year. Settlements in April were $53.4 million increasing its loan portfolio to $439 million.

Copper explorer Sunstone Metals (ASX:STM) has sold part of its stake in Copperstone Resources for $10.3 million in an off market transaction. The company says it will direct the proceeds to its projects in Ecuador.

Race Oncology (ASX:RAC) has hired University of Wollongong chemistry professor Michael Kelso as its Principal Scientist. He will formally join on July 12 and advise its Chief Scientific Officer Daniel Tillett and Chief Medical Offer David Fuller.

New Zealand based mobile engagement platform Plexure (ASX:PX1) unveiled financial results in which its revenue from existing customers rose 15 per cent to $29.15 million. However the company lost $7.93 million and noted it rate of growth for the year was slower than expected due to COVID-19.

Cannabis stock Cronos (ASX:CAU) provided a sales update on its medicinal cannabis products. It launched the range on July 1 and forecasts sales this quarter to reach $600,000 having grown by 200 per cent on average quarter to quarter since the launch.

Valor Resources (ASX:VAL) has commenced field work on its Picha copper and silver project in Peru. It has engaged Solimana Gold as geological consultant to carry out evaluation work on the potential for economic mineralisation as well as to conduct geochemical sampling, reviewing information on previous exploration and process historical geochemical information.