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Australian shares are headed towards the slimmest of +0.03% gains on Wednesday, with the Wall Street rally that has been putting wind in the sails stalling – though that equity wobble did help gold bust its $4,000 level.
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The ‘stalling’ (if we can call it that, considering it likely re-fires pretty quickly) came on the S&P 500 and Nasdaq composite both landing intraday highs.
Many are slowly beginning to heed warnings that the market is maybe “a little too overenthusiastic” about this late-CY25 equities rush.
With investors looking to bank their record profits, some seem to be turning to gold: The precious metal, often seen as a relatively safe haven for investing, finally surpassed US$4,000 an ounce before dipping back.
Expectations are it’ll be back above $4K before long, and basically confirms gold as Australia’s second most valuable export, behind iron ore.
And – with gold on a powerful run, every materials company on the ASX exposed to the sector shapes as a watch for the foreseeable future. Let’s head there now and have a look through upcoming company news.
ASX stocks to watch
With gold the theme today, companies like Bellevue Gold (ASX:BGL), Evolution Mining (ASX:EVN), and Northern Star Resources (ASX:NST) that have regularly trended on HotCopper forums become the focus.
Other emerging players in the space, like Caprice Resources (ASX:CRS) and New Murchison Gold (ASX:NMG) have both drawn attention in recent weeks.
Elsewhere, ASX Ltd (ASX:ASX) faces a major threat after ASIC signed off on rival exchange CBOE listing Australian companies on its stock platform. (More on this one specifically when Jonathon Davidson and I record HotCopper Wire.)
And, Green and Gold Minerals is due to become the latest ASX company today, with the explorer’s timely float inked in for 11am. The little miner is listing under ticker code “GG1” and is offering shares for 20c each.
Buck and ore
Now – in forex, the Oz dollar is buying 65.8 U.S. cents.
And looking at commodities, all in the greenback,
Iron Ore has stayed relatively flat, and is at $104.10 a tonne in Singapore,
Brent Crude is up +0.5%, selling at $65.77/bbl,
Gold is right now at $3,998 an ounce,
US natgas futures climbed +4.9%, to $3.52 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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