AU Evening Wrap: ASX Ends Flat; Torque Metals Soars 170%

The $S&P/ASX 200 (.XJO.AU)$ ended the session flat, just 4.5 points lower to 7.314.3, ahead of official GDP figures tomorrow. The All Ords fared worse closing 0.1 per cent lower.

Utilities stocks were among the worst performing across benchmark's mixed session, with sector heavyweight $Origin Energy Ltd (ORG.AU)$, which was trading ex-dividend as of Tuesday falling 2.9 per cent to $8.38.

$Link Administration Holdings Ltd (LNK.AU)$, $Northern Star Resources Ltd (NST.AU)$, $Pilbara Minerals Ltd (PLS.AU)$ and $Viva Energy Group Ltd (VEA.AU)$ also sank as they entered ex-dividend trading, weighing the benchmark down further.

Among small caps, $Torque Metals Ltd (TOR.AU)$ was the standout performer, up more than 170 per cent after the WA exploration company expanded its Paris Gold Camp, touting lithium and gold exposures in the new tenements.

$Tietto Minerals Ltd (TIE.AU)$ plunged 20.4 per cent. The gold miner cut its second 2023 gold production guidance from its newly opened Abujar gold mine in Côte d'Ivoire. The gold producer cited recent drilling results, a lack of stockpiles and an updated reserve model as reasons for the downgrade.

Shares in $Chalice Mining Ltd (CHN.AU)$ fell another 13.4 per cent after being downgraded to "underperform" by analysts at Jefferies. Shares now fallen 40 per cent since the WA mineral developer released the results of a long-awaited scoping study into its Gonneville project.

Despite gaining early in the session, $Qantas Airways Ltd (QAN.AU)$ shares closed 0.2 per cent lower after outgoing CEO Alan Joyce brought forward his retirement by two months. He will step down as of Wednesday as Vanessa Hudson steps into the group CEO and managing director roles.

$Orora Ltd (ORA.AU)$ unveiled plans to pay around $2.2 billion to acquire French glass bottles maker Saverglass from US private equity giant The Carlyle Group. The Australian glass bottle and aluminium can manufacturer is raising $1.345 billion to help pay for the acquisition. Shares remain in a trading halt.