Join our daily newsletter At The Bell to receive exclusive market insights
Good Afternoon and welcome to HotCopper’s Market Close for Thursday of Week 50, I’m Jon Davidson. The bourse struggled today despite a morning jog on the back of the US Fed Rate Cut, here’s a fun fact for you: the ASX200 is the worst performing stock market this year compared to a basket of its peers, though, we’re still beating Algeria and Malaysia, so there’s that.
Listen to the HotCopper podcast for in-depth discussions and insights on all the biggest headlines from throughout the week. On Spotify, Apple, and more.
Australian unemployment data today came in and we’re still sitting at 4.3%, which we consider tight, but a like-for-like rate in the US is considered evidence of economic weakness. The market didn’t really react either way, right now, it’s hard to imagine what could swing the needle into the upside, because not much appears to be working.
Looking at sectors, materials and real estate in the lead heading into late afternoon trades both point seven of a percent higher; health care and IT leading laggards, both down over 1%.
Looking at companies in the green!
FENIX Resources jumped to make top gainer intraday as the small iron ore player unveiled a 3Y production plan which saw it forecast up to 6 million ton es of production annually by FY28.
Myer meanwhile popped on the back of a well-received AGM that was all about strengthening the somewhat struggling Australian retailer; with YTD returns down -65%, the uptick was surely welcome for long-termers.
Finally, Andean Silver continued to run for a second day with prices still hovering just below US$62/ounce, though, it looks like momentum could have stalled for now. Time will tell.
And as for the reds?
Predictive Discovery fell over -12% heading into the final hour as Perseus Mining revealed its proposed takeover of the former is no longer superior in the face of a revised offer from Robex.
Elsewhere, PMET Resources, formerly Patriot Battery Metals, fell over -5% on no news and even despite the fact 3 brokers rate the stock a buy.
Finally, proof that a rising tide doesn’t lift all boats, at least not always, Silver Mines Limited down nearly -5% heading into the final leg as the market clearly decides it likes Andean more.
That’s Market Close, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
