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Good Afternoon and welcome to HotCopper’s Market Close for Thursday, I’m Jon Davidson. It was a bit of a nothing day, really, but a surprise unemployment rate of 4.3% has revitalised optimism that we’ll get a rate cut in August. We’re also back in the 8,600s.
I’m not too sure about an August rate cut, the labour market is still fairly strong and Australia’s jobs market just simply isn’t as important as what will or won’t happen from August 1 when the White House resumes sweeping tariffs. Uncertainty is still the name of the game.
Looking at sectors, real estate was in the lead in the final half hour spurred by rate cut hopes when it comes to mortgage demand; and every other sector was in the green with energy clocking the smallest gain.
Turning to companies,
Santos was in the green in the final half hour though not by much as the company reported Q2 results on Thursday, showing increased gas production and revenues of $1B dollars. A big number, yes, but far off COVID-era highs.
Betr meanwhile jumped nearly 10% on Thursday after lobbing an unsolicited offer at PointsBet; the latter in turn told its shareholders to take no action.
Finally, BHP inked a modest gain in the last half hour as iron ore prices returned to $100 a tonne on the SGX, on the same day Albo toured a Panda zoo in China, no less.
Turning to the reds,
Defence darling Droneshield sunk on Thursday after it hit an all time high of four dollars a share on Wednesday; some investors online noted it’s been a year and a day to date since the last time the price crashed after hitting a key ceiling.
Elsewhere, Brazilian Rare Earths, on a tear since the US government bought a 15% stake in an American rare earths miner last week, pared some gains as momentum there appears to have stalled.
Finally, Botanix Pharma in trouble again, down in the final half hour as traders keep volatility alive on a now significantly cheaper share price.
That’s Market Close for Thursday, I’m Jon Davidson, have a great night and we’ll see you tomorrow for Friday.
