The ASX200 is up around 0.7% following a strong rally in large tech stocks in the US overnight. Nvidia and Tesla rose around 5% whilst Crowdstrike was pummeled again, down another 13.5%.
The Australian dollar has hit a one month low as weak Chinese economic progress and lower commodity prices hit the currency. The Australian Dollar is largely seen as a bellwether of the Chinese economy’s overall health; it’s currently buying 66 US cents.
The Information Technology sector is leading, up 1.7%, followed by Industrials and Health Care, both up 1.4%.
The Energy Sector is in sharp decline, down 1.6% as investors seek refuge elsewhere. Commodity prices continue to drift lower, and Copper is at a 3-month low.
Company News
Spartan Resources Ltd (ASX:SPR) is up 21% after updating its Mineral Resource Estimate for its Dalgaranga Gold Project in WA.
The new amount is16.1 million tonnes at 4.79 grams per tonne of gold for 2.5 million ounces.
The company will be at the upcoming Diggers & Dealers SuperPITch event in Kalgoorlie.
Spartan Resources is trading at $1.20.
Rare earths miner Axel Ree (ASX:AXL) debuted on the ASX today after a $13 million capital raise.
In a difficult first day, the company is down 36% as it commences exploration of up to four rare earth tenements in Brazil. Rare earths prices have fallen over the last year.
Axel Ree is trading around 13 cents.
Finally, Gina Rinehart backed Arafura Rare Earths (ASX:ARU) is up 2.63% after announcing it’s hit major debt funding milestones. The company has secured over US$1B in funding from different sources.
Arafura Rare Earths is trading at 19.5 cents.