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Good Afternoon and welcome to HotCopper’s Market Close for Thursday 12 of June, I’m Jon Davidson.
It was a bit of a nothing day, if you ignored the energy sector. Brent Crude surged overnight on threats from Iran to bomb US bases in Iraq. Today we also learned Israel might be planning an operation in Iran, too. Alongside HotCopper editor Isaac McIntyre, I touched on Brent Crude prices, and looked at currently upward silver prices, in the latest HotCopper Wire podcast released today.
Let’s jump straight to companies in the green.
Antimony favourite Larvotto ended green as it unveiled fresh drill hits on-site its Hillgrove Project in NSW. While the company’s share price has fallen off its highs, it’s eyeing the 70cps mark once again.
Woodside was green intraday but suffered from profit taking in the last half hour of trades, something not too unusual. But given Brent prices fell only slightly intraday, the energy sector sell off was maybe surprisingly pronounced.
Finally, Meeka Metals was perhaps the most exciting stock claiming top gainer status as it launched commissioning works at its Murchison-based processing plant. The stock is posting nice returns year on year, and that’s because it expects to start processing ore in the September quarter.
And so what about companies in the red?
Vulcan Energy fell nearly -6% towards the end of day, perhaps as investors rotated out of the lithium and geothermal power company back into more conventional energy stocks. Or maybe it was shareholder impatience – the stock today released a dry announcement outlining it had extended a debt commitment period with a basket of banks.
Elsewhere, ever volatile Mineral Resources had sunk nearly -6% too, probably informed by an iron ore price under $95 American dollars per tonne persisting on the ASX. Still, if you’d bought MinRes shares at $16 each back in April, you’d probably not be bothered by today’s decline. Consider also BHP shrugged off its Wednesday gains.
Finally, talking of eternal volatility, the vicissitudes of fickle sentiment hit Pilbara Minerals again on Thursday with the still-holding-on lithium producer seeing shares close red down around -5% only one day after posting a boosted lithium resource on Wednesday. Not enough to make gains stick, clearly.
That’s HotCopper’s Market Close for Thursday, I’m Jon Davidson, have a great night and we’ll see you tomorrow.
