Market Wrap / frozen asset

A ‘good foundation’ of US and Iran peace talks reported by US Vice President Vance set the stage for a choppy trading session on the local market. The S&P/ASX200 closed the day down 0.33% to 8,787 points as investors await further Middle East developments.

 Materials weighed across the index dragged down by Iluka Resources, which plunged 10.8% after entering into its first binding rare earths offtake agreement with a global automotive company.

 Elsewhere, gold miners tracked the price of bullion lower, led by Northern Star Resources and Evolution Mining, which both finished lower. 

 In company news, Wisetech Global dipped 4.4% despite a morning rally after executive chair, Richard White, said he is not aware of any investigation into his conduct by the Australian Federal Police.

 Reliance Worldwide followed suit, falling 3% after it announced it will close its brass casting, forging and machining operations at two Melbourne sites as part of a rationalisation of its global manufacturing footprint.

 Among the top performers, Temple & Webster rose 4.8% amid improved sentiment across the consumer discretionary sector.

 Tonight, US Flash Manufacturing PMI data is set to be released.