Market Close: ASX200 struggles for a fifth day as uncertainty reigns supreme

Good Afternoon and welcome to Market Close for Monday 17th of November, I’m Jon Davidson. It’s the start of Week 47 and the ASX200 struggled again today for the fifth day in a row, because right now, uncertainty reigns supreme. 

At home we’ve had hotter than expected inflation and then local unemployment fell in a unexpected move last week. Add that to an uncertain US economic data environment thanks to the shutdown, and it’s easy to see why Australian traders are holding back.

The question now becomes what catalyst could produce upward momentum at this time? We’re still waiting to see if fears of an AI bubble collapse manifest, and Wall Street’s fear gauge remains in ‘Extreme Fear.’ Not the kind of atmosphere that the Australian market likes. 

As for local sectors, energy by far led intraday up over 1% in the second half of afternoon trades, followed by Real Estate bouncing back after last week. Most other sectors in the red, financials leading in the afternoon as Commonwealth fell more than a percent. 

Let’s turn to companies in the green: 

Electro Optic Systems popped intraday after receiving a new $20M contract to supply a computer-controlled 30mm anti-drone cannon to a NATO customer; this comes after Droneshield CEO Oleg Vornik dumped all his shares last Thursday. 

4DX Medical meanwhile gained close to 7% in late afternoon trades, that was on no real news but an apparent revival of swing trader support for the volatile darling biotech.

Finally, green iron tech hopeful Calix Limited jumped 30% intraday after Rio Tinto agreed to throw $8M at a development plan in WA’s Kwinana industrial region; Calix however must match close to $50M of funding from Canberra. 

And so what about the reds? 

Bluescope Steel shares fell on Monday intraday after news emerged that a worker has died onsite its Kembla steelworks facility, it’s believed a crane malfunction led to the tragedy. Investigations are ongoing.

Titanium player IperionX fell over 6% intraday after it resumed trading following the release of a short sellers’ report that ultimately questioned the company’s ability to establish market dominance; despite reassurances, some investors exited the company. 

Finally, Guzman Gomez struggling to stay above A$23/sh on Monday as YTD returns for the Mexican fast food chain hopeful now sit close to negative -45% returns. 

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