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Good Afternoon and welcome to Market Close for Tuesday of Week 48, I’m Jon Davidson. The local share market started strong out the gate, but gains quickly pared off to such extent we traded flattish red through most of the intraday session, heading into the final hour, it appears that’ll remain the quo for the day.
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While gold prices are back above US$4,100 an ounce in a mixed response to raised hopes of a US Fed December rate cut – while the Fed has no economic data to rely on in the last month – strength in miners couldn’t battle past the fact big banks were all flashing red in the afternoon.
Back home, we get monthly CPI data tomorrow from the ABS, but given that’s month-on-month data, it’ll probably take a big shock for that data to move markets. Key word probably. Looking at sectors heading into the final hour, materials in the lead up around 1.5%, financials leading laggards down just over a percent.
Let’s turn to companies in the green!
WEB Travel Group shot up nearly 10% as the company’s latest earnings were in line with analyst expectations, Travel Group is the part of Webjet that handles hotel rooms on a B2B basis, and not the flight booking business.
Metallium Ltd meanwhile jumped up more than 15% intraday as the HotCopper forums darling revealed on Monday it intends to list ADRs on the NASDAQ; the company owns IP that allows for the extraction of metals from e-waste, and apparently, mining ore.
And finally, Droneshield – I’ll keep this short – in the green again on Tuesday after announcing a $5M contract that helped some shake off recent concerns around director share sales.
And as for the reds,
Bendigo Bank hit hard on Tuesday after it revealed a Deloitte report looking at money laundering risk assessment protocols were deficient; this adds to recent pain for the company which recently flagged higher costs.
Finally, Bougainville Copper sunk -50% as the company revealed that a partner in was in talks with earlier this year to restart the Paguna project ceased contact with BOC before approaching the Bougainville autonomous government with whom it’s now signed a separate MOU that appears to have blocked Bougainville Copper from being able to get involved.
That’s Market Close for Tuesday, I’m Jon Davidson, have a great night and we’ll see you on Wednesday.
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