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Good Afternoon and welcome to Market Close for Wednesday 4th of June 2025, I’m Jon Davidson.
It was another good day for the bourse down under as we came within 9 points of the Valentine’s Day all time high of 8,555 points – but whether or not profit takers move in tomorrow remains to be seen. Also helping is that Commonwealth broke $180 a share, bringing its market cap to $300 billion.
Looking at sectors, energy won the day up nearly 2% as crude oil prices lifted back to $65 American per barrel on concerns of Canadian wildfires hitting supply; telecomms led the laggards, along with consumer staples. A low GDP read of 0.2% for Oz likely hurt sentiment there.
Companies in the green
Smallcap West Africa based gold explorer WIA Gold shook off recent geopolitical concerns in the region, climbing over 6% intraday as gold prices continue to remain compelling. While thinly traded, investors in that company are looking at year to date returns up 75%.
Elsewhere, another day, another defence stock benefitting from recent funding announcements. Electro Optic Systems popped up above $2 per share as investors look for companies likely to benefit at home and overseas from ramped up defence funding in the West.
And sticking to familiar thematics, SILEX Systems was among a basket of uranium stocks that jumped on Wednesday as nuclear stocks remain popular, especially after Facebook owner Meta announced it too wants to see nuclear ramped up in the States, though for its own benefit.
Companies in the red
Mayne Pharma group fell over -6% even after reassuring the market that a recent takeover offer falling through isn’t the final straw, and that its takeover partner might still buy the company. Clearly, many investors weren’t convinced.
Elsewhere, Strike Energy sunk after it announced a new leadership team. The company has been somewhat adrift since former chief Stuart Nicholls left on not-great terms; and despite a good handful of HotCopper users being bullish on the appointment, the stock ended the day in the red.
Finally, Brickworks sold off to make the days biggest fallers even after Wednesday’s ripper deal with Soul Pattison to form a $14B construction and real estate company, but that’s perhaps to be expected when you make money for nothing. Profit taking is, after all, the entire point.
That’s Market Close for Wednesday, I’m Jon Davidson, have a great night and we’ll see you on Thursday.
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