Market Close: A green start for Week 48 – and the EU wants to invest in Aussie miners

Good Afternoon and welcome to Market Close for Monday 24 November kicking off Week 48, I’m Jon Davidson. It was a better mood in the room to start the week off as the local share market started off on a green note. Information Technology was up 2.5% intraday along with nearly every other sector in the green, except for energy, down point six percent in the final hour.

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One other thing to keep your eye on: the European Union is expected to begin investing in Australian critical mineral projects similar to America’s strategy earlier this year highlighted in the recent Trump-Albanese meeting. We don’t know when, exactly, we’ll know which companies are getting lucky, but that could be a catalyst that provides some excitement. One to watch. 

Let’s turn to companies in the green 

Gentrack Group made top gainer status throughout the day as the New Zealand utility company revealed earnings, with the market liking revenue growth up 8% to $230M. But profits after tax up 119% to $21M really locked in a double-digit jump. 

Elsewhere, Qube Holdings soared second in place up 18% to $4.81 a share intraday after receiving a takeover offer from Macquarie in a deal that values the company at $11.6B. What investors thought about the deal was evident in price action. 

Reece Limited, finally, jumped over +12% on no news but after it received a hold rating from investment house Morgans, the plumbing company recently released earnings that were better than expected, however, one year returns down -50% evidence ongoing macro troubles.

And as for the reds,

Dateline Resources fell -3.7% in a fairly familiar churning pattern week by week, I’m highlighting that stock because it was an early beneficiary of the Trump administration’s resources strategy; it will be interesting to see how it fairs when we hear more from the EU. 

Coronado Global fell another -4% intraday in the final half hour adding to pain for shareholders currently seeing 1Y returns down -75%; currently, according to public data, no broker rates the stock a buy. 

Finally, Cauldron Energy fell -22% in the final hour despite revealing expanded mineralisation at its Manyingee South project, the company also had to answer an ASX please explain before the opening bell. Uranium grades on Friday mightn’t have been enough to excite either. 

That’s Market Close, I’m Jon Davidson, have a great night and we’ll see you on Tuesday.