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Good Afternoon and welcome to HotCopper’s Market Close for Tuesday 23rd of September, I’m Jon Davidson.
It looks like three straight record sessions in the US has been enough to wake some Aussie investors out of a September slumber. A majority of sectors in the green intraday with Financials in the lead up nine tenths in the final hour, staples the laggards down just shy of half a percent.
Whether things do or do not reverse remains to be seen; US futures were flattish red at 3.30pm Sydney time. In the US, there are mutterings beginning about a government shutdown, but that’s a common tactic of the Trump Administration, one utilised for unclear ends.
At any rate, let’s turn to companies in the green.
A sleepy biotech, Bio-Gene Technology, climbed as high as 60% to 5 cents per share intraday after revealing its insecticide product Flavocide has shown to be effective against ticks in lab tests, which left the company hopeful for hospital and livestock applications.
Elsewhere, cold weld specialists Titomic, a stock ultimately facing the US defence sector, jumped on Tuesday in line with other defence peers after it opened a new facility in the Netherlands. Droneshield and Electro Optic also posted healthy Tuesday gains.
Finally, the Betashares GEAR ETF, which effectively offers investors leveraged gains whenever the ASX starts rising, jumped over one percent in Tuesday trade, suggesting some investors may be expecting the last weeks of September to be more promising down under.
Looking at the reds,
Myer sunk on Tuesday as it posted a $210M dollar loss after buying Apparel Brands from Premier Investments earlier this year, however, with sales growth in the second half of FY25 uninspiring, it looks like some investors aren’t convinced the acquisition means a quick ROI. Premier Investments also fell.
Coronado Global Resources sunk over -11% in the final hour on no news but following a string of coal mine job cuts and closures down under in recent weeks as the coal sector faces oversupply, and zooming out, ongoing ESG related lack of conviction. At least for some.
Finally, Regis Healthcare continued to decline on Tuesday after Monday’s news Canberra will be ultimately changing the amount of funding support it offers the aged care sector, meaning the stock now has to hike prices while paying higher wages.
That’s Market Close for Tuesday 23 September, I’m Jon Davidson, have a great night and we’ll see you on Wednesday.
