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Good Afternoon and welcome to HotCopper’s Market Close for Wednesday, today we’ve only got the article.
The ASX ended flat midweek only just in the red with the market trying at one point to break green but not quite getting there. US futures were flattish green heading into close, though lately, that hasn’t been too reliable an indicator for what the XJO might do.
As for sectors in the final leg of trade:
The big news of the day is that Qantas has confirmed it’s the subject of a ransomware attempt from hackers unknown after a recent data breach but unlike Medibank back in the day – the prospect of sensitive health data leaking is always going to cause more of a fright than flight booking data – Qantas shareholders were largely unbothered.
With every defence company enjoying a pretty good run lately, Qantas probably wishes it had started developing body armour, given it seems to be invulnerable to anything that gets thrown at it.
Oh, and gold has hit US$4,000 – or over A$6,000/oz. Hold onto that old jewellery.
Looking at companies in the green:
Arafura Rare Earths up just south of +15% in the final hour as conviction in the stock continues to build with rare earth manufacturing supply still a trending thematic after the MP Materials deal earlier this year.
James Hardie bounced just shy of +10%, some relief for shareholders who have perhaps been refreshing the JHX stock page more than usual in recent history.
Mesoblast meanwhile popping again just over +10% in the final moments as that stock heads back towards $2.95/sh with sales of its stem cell drug in the US appearing to pick up.
As for the reds:
Dateline Resources, a momentum play, down nearly -30% in the final moments as investors scalp profits off the top of what has been an upward joyride for traders in recent memory.
Electro Optic meanwhile seeing the same as that stock heads back down towards $8/sh, well above where it started the year but now the subject of a market tug-of-warring over where its fair value really lies.
Challenger Gold meanwhile posting a perhaps surprising loss of nearly -6.5% on Wednesday with traders seemingly unbothered by the fact gold prices hit new record highs, a rare loser in what is currently an unmistakable bull market for the yellow metal.
That’s Market Close for Wednesday, have a great night and we’ll see you tomorrow.
