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Good afternoon and welcome to HotCopper’s market close for Wednesday, I’m Jonathon Davidson.
Trump’s decision to tell the media overnight he won’t fire Fed chair Powell and that he will water down China’s tariffs had the effect of seeing the ASX crawl back towards 8,000points, leaving us all to wonder what the point of the last four weeks has been.
Looking at sectors, energy won the day up nearly 4.5%, and materials scraped through basically flat. However, everything was in the green.
As for companies in the green,
Paladin Energy led the gainers today as it bounced back from Tuesday blues up around 25% as investors digested the company’s quarterly. On Tuesday, shares sunk -12% as Deep Yellow spread jitters into uranium stocks. Paladin closed at $4.98.
James Hardie jumped just shy of 4% as the company enjoyed a broadly risk-on day, despite having become one of the top 10 most shorted stocks on the local bourse. Shares closed at $35.44 each.
Elsewhere, Telix Pharma came close to a 13% gain after its latest quarterly hit the market with Q1 revenues up 62% versus this time last year at $290M in Aussie dollars. Shares closed just shy of $28.40.
And as for companies in the red,
A basket of gold stocks including current darling Gorilla Gold Mines all fell as gold prices receded from record highs, but only slightly. Gold traders are thinking US stocks are a tasty option again, thus the sell-off. Gorilla ended down nearly -13% at 48 cents each.
Cettire continued to fall for a second day in a row as it released its quarterly and pointed to the fact tariffs are already hurting its bottom line, with more pain likely. Shares ended at $1 a pop.
Finally, while it wasn’t in the red, De Grey Mining officially went black on the ASX today as Northern Star’s takeover scheme went live and the shares were suspended from trading. The team behind the Hemi deposit will be remembered.
That’s Market Close, I’m Jon Davidson, have a great night and we’ll see you on Thursday.
