the COB - 16.07.24

The big miners have weighed on the broader market in the wake of weak Chinese economic data. The S&P/ASX200 struggled to keep its head above the 8000 points level and finished down 0.23% at 7,999.
BHP (ASX: BHP) lost 2% and Rio Tinto (ASX: RIO) was down 2% after updating the market with softer half year production numbers, while also saying it had received approval from Guinean and Chinese authorities to invest in its Simandou high-grade iron ore project.
Elsewhere in the materials sector, Sandfire (ASX: SFR) fell 3% in response to the weaker copper price and IGO (ASX: IGO) said it would write down more than $250 million in impairments to its exploration assets. Bellevue Gold (ASX: BGL) fell 3% following its report on quarterly production which missed estimates, while the other gold miners were mostly stronger.
Wealth platform HUB24 (ASX: HUB) finished 0.06% lower after it drew a record $5 billion in inflows in the June quarter.
Shares in Genex Power (ASX: GNX) ended 0.93% ahead of a shareholder vote on a buyout bid from Japan’s J-Power.
Electric Optic Systems (ASX: EOS) jumped 6% on soaring revenue due to increased weapon systems orders from the Middle East. However, Droneshield (ASX: DRO) shares plummeted 22.7% on likely profit taking.
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