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Well, I warned in the HotCopper Market Open recording this morning, it might be a tough day for bullish Australian traders, and here we are staring down the barrel of a near-400pt nosedive for the Australian bourse. Rough indeed.
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But, life goes on intraday, apparently — and that’s why semiconductor manufacturers, long-running biotech players, and a $215 million explorer are all hotter topics on the forums today than the bloodbath at the top.
With more than seven million users on the HotCopper forums, every discussion and speculation can move markets – which is why getting in front of those trends is so important for any trader worth their salt. In this daily HotCopper Trends column, we break down the top three Aussie stocks through each and every trading day, and why they’ve drawn a daily focus intraday.
First up today, it’s been BluGlass (ASX:BLG) that’s generated the most buzz, after landing a $560,000 order as part of its wider A$1.25M defence laser development program. Now, considering the whole war in Iran and the Middle East business, I think the fact that “defence” featured was enough here.
Markets didn’t like it enough to buy in (or hold), though, because BluGlass dumped as much as -10% through to lunchtime Monday. The nine-month run-in time might have been enough to scare a few investors.
There’s also just a good chance BluGlass reported at an unlucky time, considering how brutal the ASX sell-down has been. BLG last 29.5c/share.
Pro Medicus (ASX:PME) was the second most talked about stock on the HotCopper forums through this blood-red Monday. It scooped up two five-year contract renewals with a combined minimum value of $40M; another slice of news that wasn’t enough to spare the company from a larger retreat.
Overall, it seemed like investors were pretty happy with the news on the forums, and there are great expectations Pro Medicus can roll on here, but again — basically nothing has escaped unscathed in WK11.
“Renewing this contract [with Medstar], and adding the Cardiology product, confirms our belief that we have the preeminent and most scalable enterprise imaging solution, that is fully cloud native,” Pro Medicus chief Sam Hupert said on the deal after the news was released early Monday.
To time of writing, PME has dropped -2%, to $130.74.
And finally, Emmerson Resources (ASX:ERM) has shaped as an early Week 11 hot topic after entering a Scheme Implementation Deed with Pan African Resources, where PAN will be acquiring 100% of the explorer.
Emmerson shareholders will be handed 0.1493 PAN shares (in the form of PAN ASX CDIs) for each Emmerson share. That’s at ~45c each.
Unsurprisingly, ERM leapt on the news, adding +14% value.
As for the wider look, the ASX has been down -4.2%.
That’s Monday’s HotCopper Market Trends, I’m Isaac McIntyre – see you for close.
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The material provided in this article is for information only and should not be treated as investment advice. Viewers are encouraged to conduct their own research and consult with a certified financial advisor before making any investment decisions. For full disclaimer information, please click here.
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