Good Afternoon and welcome to Market Close for Monday of Week 40, I’m Jon Davidson. The XJO was flirting with 8,860pts in the final hour of trade; over the weekend we got reports that while ex-US stocks were outperforming Wall Street by 17% earlier this year, the gap is now 10%
That means FDI outflows are leaving Australia and heading back to the US where, despite a thousand storms, the stock market continues to remain exceptional. (I told you so!)
As at 3.50pm AEST, US futures show the S&P500 up +0.33%; the NASDAQ +0.4%. ASX futures green in the final hour.
What about companies in the green?
Invictus Energy traded green intraday even after telling the market its much-discussed deal with the Qatari royal family will now take place in December, and that it’s still ‘currently under negotiation.’ That didn’t bother investors, who are remarkably loyal when it comes to the forums.
Broken Hill Mines meanwhile jumped over 20% intraday after it unveiled a raft of promising silver hits that also included high grades of zinc and lead. With silver prices tracking gold, BHM’s looking at 1Y returns of 1,100%.
Droneshield meanwhile climbed another +20% to above $4.50/sh, a new all time high for the very popular defence stock which is definitely the beneficiary of momentum, more than fundamentals. Electro Optic also climbed above $9.00/sh.
And what about the reds?
Coronado Global fell once again on Monday, this time caught by a snapback of risk-off sentiment, after the coal stock has been sent up and down in recent weeks on the back of coal job cuts and closure on the east coast.
Brainchip Holdings, meanwhile, perhaps the best stock with which to measure general sentiment in the riskier side of the market, fell nearly -5% intraday, perhaps as continued records for gold prices keep junior explorers too tempting to resist.
Finally, the Digico Infrastructure REIT had fallen -3.65% in the final moments of trade, that’s based on no news but continued wavering in Wall Street and elsewhere around whether AI-facing data centres are quite the safe bet as was thought months ago.
That’s Close for Monday, I’m Jon Davidson, have a great day and we’ll see you tomorrow.