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Good Afternoon and welcome to HotCopper’s Market Close for Wednesday, I’m Jon Davidson. Yesterday I noted the energy sector led laggards despite higher oil prices, well today the market woke up. Prices are currently fetching US$65/bbl, and in line, the energy sector shot up 2.5%.
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Elsewhere, Trump’s proposal to cap credit card interest rates in the US is having quite significant knock-on effects when it comes to global finance stocks broadly. Despite a good day for energy, Commonwealth and other majors sold off.
All in all, Donald Trump’s move to take on the big banks is outweighing the impact of his move to arrest Jerome Powell. In between the lines, Donald needs to regain popularity in the polls ahead of this year’s midterm elections. If you’re wondering why he’s suddenly sounding like a lefty, that’s why. Interesting times.
As for sectors, as mentioned, energy in the lead, materials green but to a lesser extent; financials leading laggards in arvo trades.
Let’s turn to companies in the green.
Neuren Pharmaceuticals having a very good day as the market liked its projections that sales of Daybue, a drug that treats a rare childhood disease, could hit $700M USD in 2028. That’s two years away, but still.
Titan Minerals meanwhile jumping 15% in afternoon trades, the latest gold player to enjoy a historical two-year climb in gold prices; this one’s easy to gather, the market’s liking project geology.
Finally, a very similar vein, no pun intended, Gorilla Gold Mines making the top gainers in afternoon trades as that company benefits from the fact, perhaps, it has gold in its name.
And what of the reds?
Electro Optic selling off quite sharply on Wednesday as profit takers move in on the stock following yesterday’s return to $11 per share on the back of a counter drone company buyout earlier this week.
WA1 Resources falling in a similar fashion after recent gains got scalped; that company is sitting on one of the southern hemisphere’s largest niobium reserves – a critical mineral whose hype was superseded by antimony, perhaps.
Finally, another story of pullback, GreenX Metals calming down a little bit after a Singaporean trade court earlier this week determined the Polish government owes the company $400M.
That’s Market Close, I’m Jon Davdison, have a resplendent evening and we’ll see you on Thursday.
