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Good Afternoon and welcome to Market Close for the last trading day of September, I’m Jon Davidson. It was looking like it could have been a good day, then the RBA kept rates on hold. Despite almost nobody thinking anything else would happen, the XJO tanked – or, perhaps, smart money paying attention just knew when to sell. Probably both.
Looking at sectors in the early final hour, materials in the lead as gold and iron ore prices remain strong; energy leading laggards down nearly -2% and helping to drag down uranium stocks with it.
At any rate, let’s turn to companies in the green.
Seven West Media jumped firmly into the green alongside radio station owner Southern Cross Media after the latter made an agreed-upon $270M bid for the former, giving Southern the channel seven empire. If that feels cheap, consider that SWM’s 1Y returns are down -13%.
Restaurant Brands NZ meanwhile popping hard in a similar vein after it too received a takeover offer from Finaccess, an investment group ultimately headquartered in Miami but with Mexican roots. The offer came in at NZ$5.05/sh.
Finally, BHP in the green in the final hour up just south of 2% as the materials sector, typical for Australia, enjoys strength while shrugging off investor qualms around interest rates.
And what about the reds?
29Metals Ltd was down -20% in the final hour after an earthquake onsite at its Xantho Extended target of interest ultimately bungled the company’s plans to ramp up production in December.
Barton Gold meanwhile red in the final hour one day after updating investors on a plan to boost gold production; it’s likely that profit takers were to blame with the yellow metal still staying strong at record levels.
Botanix Pharma meanwhile staged a decline intraday on Tuesday based on no news but perhaps as investors continue to rotate into 4DX over BOT, which you could call the darling of yesteryear (or at least, a few months ago.)
That’s Market Close for Tuesday, I’m Jon Davidson, have a great night and we’ll see you on Wednesday.
