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Good Afternoon and welcome to Market Close for Tuesday 2nd of September, I’m Jon Davidson.
It could be another day of pain on Wednesday for those hoping to see the XJO climb back above 9,000pts with US futures for the Tuesday evening session (Australia time) pointing flattish red in the final hour of trades down under.
To make matters worse, NVIDIA shares on the NASDAQ remain subdued in aftermarket trades, given that’s the Mag7’s crown jewel, that too could be an indicator of a not-too-exciting Wednesday for the ASX.
Of course, things can change at a moment’s notice. But as September kicks in, it may be true that Week 36 is a bit of a nothingburger. At home tomorrow we get local GDP data but that probably won’t swing the needle one way or another, bar a shock result.
Looking at sectors, materials and financials carried the ASX for much of intraday trade with every other sector in the red; in the final half hour, materials was essentially flat with financials in the lead. CBA was up just over 1%, with week on week gains up +0.25%.
For the thrillseekers, at least, Invictus Energy remains for now a success story.
Looking at companies in the green,
Future Battery Minerals was firmly green intraday after hitting gold on-site its new key project of interest as the former lithium player looks elsewhere, the stock was one of the day’s most traded per ADVFN data.
Polynovo meanwhile green intraday after that company revealed proposed changes to the US medicare system when it comes to skin graft reimbursements for practicing physicians may put its skin graft products on the radar.
Finally, Metallium shares, formerly MTM Critical Metals, traded green as that company inked an early stage contract with the Department of Defence to investigate recovering gallium from e-waste.
Turning to the reds,
Black Cat Syndicate spent the day red up into the final half hour despite blasting open a portal at its Majestic underground mine, long story short, it looks like that was priced in and profit takers skimmed the top on Tuesday.
Telix Pharma continued to fall on Tuesday after the FDA recently knocked back a PET scan imaging agent, adding to a string of rejections from the agency through the calendar year.
Finally, Droneshield continued to fall back towards $3/sh in Tuesday trades as the market continues to assess whether its market cap is or is not, once again, maybe running a bit too hot.
That’s Market Close for Tuesday, I’m Jon Davidson, have a great night and we’ll see you on Wednesday.
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