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ASX today – With gold pushing past $4,000 and Wall Street restarting its October rally – just like I suggested it would only yesterday – it looks like we’ll be reporting on some all-time intraday and closing highs Down Under before long.
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Beyond gold’s highs and silver catching a high not seen since the 1980s, the Wall Street indexes have been enjoying strong rises: The S&P 500 has gained +0.59%, while the Nasdaq composite added +1.1%. Both claimed new highs.
The Dow Jones ended flat, while heavyweights elsewhere like the FTSE in London (up +0.7%) and Japan’s Nikkei (down -0.4%) couldn’t agree.
Oz can, though – after several languid days in Week 41, the ASX is back into the green, with futures pointing to a +0.57% rise when the bell rings this morning.
That opening push will eke Australian shares very close to our 9,054pt intraday record and even the 9,019 closing records we saw in late August before dour old September (temporarily) spoiled the equities party.
Now, let’s take a look at some early company news.
ASX stocks to watch
I said it yesterday, but now we have gold experts proclaiming it, too: The precious metal is set to be Australia’s second most valuable export after iron ore, and will be overtaking liquefied natural gas after these new highs.
Gold miners like Northern Star (ASX:NST) and Westgold (ASX:WGX) were down yesterday, but even they should join the winner’s circle that Evolution Mining (ASX:EVN), Genesis Minerals (ASX:GMD), and more stepped into yesterday.
Smallcap Marmota (ASX:MEU) has made sure its results are front and centre today: The little explorer’s maiden gold drilling at Greenewood hit “bonanza” grades.
Elsewhere, Altech Batteries (ASX:ATC) achieved 88.5% capacity retention on its proprietary alumina-coated spherical silicon anodes. This follows an already top month for the producer; it’s up +60% these last weeks.
And, Morgan Stanley has hiked Paladin Energy’s (ASX:PDN) target to $9.50.
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 a tonne in Singapore,
Brent Crude is up +0.9%, selling at $66.01/bbl,
Gold is holding at its new record, selling at $4,055 an ounce,
US natgas futures dumped -4.5%, to $3.33 per gigajoule.
That’s HotCopper’s ASX Market Open, I’m Isaac McIntyre – good luck, happy trading.
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