Join our daily newsletter At The Bell to receive exclusive market insights
Good Afternoon and welcome to HotCopper’s Market Close for Monday of Week 37, I’m Jon Davidson. Another red day down under as Wall Street fell on its last session after weak jobs data; according to some counts, there are now more unemployed Americans than job openings.
While that means it’s time for the Fed to cut, it’s not necessarily evidence of a soft economic landing long taken for granted. It’ll be interesting to see what Wall Street does tonight, in the final hour of trade Sydney time, US futures flattish green.
At home, IT in the lead in the final hour; a majority of sectors red with Energy leading laggards down -1.8% intraday.
Looking at companies in the green,
4DX Medical continues to soar with two new deals inked after last week’s FDA clearance, the company will now see its lung imaging tech utilised in Australia’s national lung cancer screening program. The stock was up 250% in the last week, note I incorrectly claimed the company’s in wound healing for last week’s HotCopper Highlights, that’s wrong, 4DX is a lung imaging stock. Fridays!
Elsewhere, sperm separation tech fertility nanocap biotech Memphasys jumped into the green intraday after striking a $325K deal to supply ten of its FELIX separator consoles to a company in the Middle East and North Africa region under a 5 year deal.
Finally, 4DS Memory bouncing back some 25% intraday on Friday to 1.3cps after the stock briefly became a pennystock last Friday after it released a strategic review to deal with recent final stage testing failures that saw the stock declare it would conduct another strategic review.
Looking at the reds,
Mayne Pharma slammed on Monday as the company learns that a key takeover deal it’s facing mightn’t go through after South Australian lawmakers called foul to the foreign investment review board, all the drama there is over whether a local manufacturing site goes under, potentially decreasing market diversity.
Woodside meanwhile down as the price of Brent Crude takes a breather, in the background of that you’ve got another meeting coming up between the US and Eurozone countries to discuss peace in Ukraine, and finally,
Coles down nearly -1% in the final half hour of trade as that company was hit with an underpayments scandal today alongside duopoly competitor Woolworths; while share prices moves weren’t too pronounced at either rate, profit takers may have skimmed some of Coles’ 13% one month gains.
That’s Market Close for Monday, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
